7.8 C
London
Tuesday, February 27, 2024
HomeMakeMyTrip registers highest ever quarterly profit on back of pent-up travel demand,...
Array

MakeMyTrip registers highest ever quarterly profit on back of pent-up travel demand, ET TravelWorld

Date:

Related stories

spot_imgspot_img


<p>Picture used for representational purposes only.</p>
Picture used for representational purposes only.

Leading travel service provider MakeMyTrip announced its unaudited financial and operating results for its fiscal first quarter ended on June 30 and revealed that it has earned highest ever Quarterly Adjusted Operating Profit of USD 16.5 million.

In an earnings release, the company attributed the results to strong recovery amidst increased demand for travel during the summer holiday season, and pent‐up demand for leisure travel. In Q1 2023, MakeMyTrip’s gross bookings grew by 487.5 per cent YoY to approximately USD 1.6 billion. Even on QoQ basis, gross booking growth was 63.3 per cent indicating continued strong recovery momentum.

The company further added that the Adjusted Operating Profit (AOP) was USD 16.5 million in Q1 FY23, as compared to Adjusted Operating Loss (AOL) of USD 8.6 million in Q1 FY22. “This is primarily due to our long‐term cost rationalisation measures and the strong operating leverage of our business,” the release added.

Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “We witnessed strong recovery during the first quarter of fiscal year 2023, largely attributable to increased demand for travel during the summer holiday season and pent‐up demand for leisure travel. While consumer sentiment for travel remains extremely positive, high aviation fuel prices leading to increased air fares continue to impact the recovery of the travel market compared with pre‐pandemic levels, particularly with respect to international travel. Our comprehensive suite of travel offerings, along with the strength of our brands, makes us the preferred choice for customers in India, helping us to achieve our aim of profitable growth.”

  • Published On Apr 8, 2023 at 02:09 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETTravelWorld App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App




Source link

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here