MakeMyTrip, the leading travel services provider, announced a remarkable surge in its EBITDA, soaring by 105.6% to USD 29.4 million during the December quarter, compared to USD 14.3 million in the corresponding period of the previous fiscal year. The company, listed on NASDAQ, attributed this outstanding performance to a robust travel demand observed in the seasonally strong quarter, resulting in the highest-ever quarterly gross bookings, revenue, and profit.
In constant currency, gross bookings witnessed a substantial growth of 21.7%, reaching USD 2,088.3 million for the October-December period, compared to USD 1,738.2 million in the same quarter the previous year. Following the International Financial Reporting Standards (IFRS), the revenue exhibited a notable increase of 26.9% year-on-year in constant currency, escalating to USD 214.2 million in the third quarter of the ongoing fiscal year, up from USD 170.5 million a year ago.
MakeMyTrip reported a significant surge of 69.5% in adjusted operating profit, amounting to USD 33.4 million in the third quarter. EBITDA, which stands for earnings before interest, taxes, depreciation, and amortization, serves as an alternative metric for evaluating a company's overall financial performance.
Expressing optimism about the future, MakeMyTrip Group Chief Executive Officer Rajesh Magow highlighted the robust demand for leisure travel witnessed across both domestic and international destinations during the seasonally strong quarter. He further emphasized the company's excitement about the upcoming opportunities, particularly in light of the Indian government's focus on the travel and tourism sector, expecting it to benefit from increased investments in travel infrastructure.
(With Agency Inputs)