IANS | 16 May, 2024
Travel service provider MakeMyTrip on Wednesday announced 38.1 per
cent revenue growth (year-on-year) in the January-March quarter of FY24,
adding that gross bookings grew by 23 per cent to $2.03 billion from
$1.67 billion in the same quarter in the last fiscal year.
The
company clocked $171.9 million in profit for the quarter, which includes
a one-time credit of $126.1 million on recognition of deferred tax
assets and a one-time gain of $30.6 million "due to the change in
carrying value of our convertible notes due 2028 measured at amortised
cost".
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip,
said that Indians are embracing the call to travel with a newfound
enthusiasm, with both leisure and business-related travel demand in the
country having crossed pre-pandemic levels.
"Our strategy to
serve millions of our customers and first-time travellers through a
comprehensive portfolio of travel and ancillary products with
personalised experiences is yielding results," he said.
Last
month, the company announced it has expanded its reach to over 150
countries, including major travel markets like the UK, Germany, Japan,
Italy, France, and others.
"We are pleased that we have bounced
back stronger from the Covid-19 pandemic by posting our best-ever
financial performance during fiscal year 2024 in terms of both gross
bookings and profit," Magow said.
