MakeMyTrip, a leading travel service provider, has announced impressive financial results for the fourth quarter (Q4) of the fiscal year 2024 (FY24). The company saw substantial 23% growth in both revenue and gross bookings, indicating a strong recovery from the COVID-19 pandemic.
In the January-March quarter of FY24, MakeMyTrip reported a 38.1% increase in revenue compared to the same period last year. The revenue growth highlights the company’s successful adaptation to the post-pandemic travel market.
Gross bookings for the quarter reached $2.03 billion, marking a 23% increase from $1.67 billion in Q4 of the previous fiscal year. This surge in bookings reflects the growing demand for travel services.
MakeMyTrip achieved a profit of $171.9 million for the quarter. This profit includes:
- A one-time credit of $126.1 million from the recognition of deferred tax assets.
- A one-time gain of $30.6 million due to a change in the carrying value of convertible notes due in 2028, measured at amortised cost.
These one-time financial adjustments significantly boosted the company’s overall profit for the quarter.
Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, emphasized the renewed enthusiasm for travel among Indians. He noted that both leisure and business travel demand in India has now surpassed pre-pandemic levels.
Magow attributed the company’s strong performance to its comprehensive range of travel and ancillary products, which offer personalized experiences to millions of customers, including first-time travelers.
Last month, MakeMyTrip announced its expansion to over 150 countries. This includes major travel markets such as the UK, Germany, Japan, Italy, and France. This expansion allows MakeMyTrip to reach a wider audience and tap into new customer bases, strengthening its global presence.
MakeMyTrip’s financial results for Q4 FY24 demonstrate its successful recovery and growth following the challenges posed by the COVID-19 pandemic. The significant increase in revenue, gross bookings, and profit reflects the company’s resilience and effective strategies.
Magow expressed confidence in MakeMyTrip’s ability to continue delivering exceptional value to its customers and stakeholders as the company moves forward.
