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 had risen 23% to $2.03 billion from $1.67 billion in the same quarter in the last fiscal.
The company clocked $171.9 million in profit for the quarter, boosted by a one-time credit of $126.1 million stemming from the recognition of deferred tax assets. Additionally, there was 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 CEO, MakeMyTrip, exuded optimism over the resurgence of travel enthusiasm among Indians, as both leisure and business-related travel demand went past the pre-pandemic level. According to him, this has been made possible due to the company's strategy to cater to millions of its customers and first-time travelers through the range of travel and ancillary products and personalized experiences.
Last month, MakeMyTrip has expanded its presence across more than 150 countries, including key travel markets like the UK, Germany, Japan, Italy, and France, among 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.
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