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MakeMyTrip logs highest-ever quarterly gross bookings at $1.75 bn
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IANS | 31 Jan, 2023
Global travel service provider MakeMyTrip on Tuesday reported a growth
of 64.4 per cent on gross bookings (year-on-year) that reached $1.75
billion -- its highest-ever -- for the company's fiscal third quarter
that ended on December 31.
The company earned adjusted
operating profit of $19.7 million in Q3 FY23, as compared to $13.2
million in Q3 FY22, over the revenue of $170.5 million (versus $115
million in 3Q22).
Profit for the period was $0.2 million as compared to a loss of $9 million during the same quarter last year.
Demand for leisure travel and tourism improved on the back of peak seasonality, according to the company.
"Positive
consumer sentiment and peak seasonality on the back of festivals and
holidays led to improved travel demand during this quarter," said Rajesh
Magow, Group CEO, MakeMyTrip.
As a result, "we recorded our
highest ever quarterly gross bookings and adjusted operating profit.
Strong growth across air, hotels and bus bookings reaffirms our position
as a trusted travel super-app in India," he said in a statement.
The
company posted good results as the travel and tourism industry has
sought assistance from the government in the Union Budget for FY24 in
enhancing the structural transformation that is needed to build a
stronger, more sustainable and resilient tourism industry.
Magow
had said that the Indian travel and tourism industry has shown great
resilience, domestic leisure travel has recovered well past pre-pandemic
levels, though the long-haul international travel still lags.
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