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.”