MakeMyTrip’s Q3 profit surges to $24.2 mn; revenue up 27% YoY

In Q3 FY24, online travel aggregator MakeMyTrip reported a profit of $24.2 million, up from $0.2 million in the same period the previous year. The adjusted operating profit grew by 69.5% year-on-year (YoY), reaching $33.4 million in Q3 FY24 compared to $19.7 million in Q3 FY23.

MakeMyTrip recorded its highest-ever quarterly gross bookings in the final quarter of the fiscal year 2024 on the back of the substantial demand witnessed during the seasonally strong quarter, the company says in a release.

Revenue experienced a substantial YoY increase of 26.9%, soaring to $214.2 million in Q3 FY24 from $170.5 million in Q3 FY23. Gross bookings also demonstrated a robust growth of 21.7% YoY, reaching $2,088.3 million in Q3 FY24 from $1,738.2 million.

The hotels and packages segment emerged as the top performer, exhibiting a remarkable adjusted margin growth from $72 million in Q3 FY23 to $98.8 million in Q3 FY24, a surge of 38.8%. In the air ticketing sector, the margin grew by 14.2% in the December quarter, reaching $79.2 million from $70.2 million in Q3 FY23. The Bus ticketing segment margin increased by 33.8% YoY  to $26.9 million in Q3FY24 from $20.3 million in Q3FY23.

The company’s EBIDTA grew by 105.6% YoY to $29.4 million in Q3FY24 compared to $14.3 million in Q3FY23.

Rajesh Magow, the Group Chief Executive Officer of MakeMyTrip says, “During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations leading to the highest-ever quarterly gross bookings, revenue, and profit for the Group. We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure. Additionally, from a consumer perspective, the growing disposable incomes of the middle class in India are expected to continue driving India’s travel and hospitality growth in the coming years. We remain committed to excellence and innovation, aiming to meet and exceed the diverse travel aspirations of Indian consumers.”

"During the last quarter, I talked about near term supply challenges particularly in the domestic market, due to the insolvency of Go First and other issues. The Indian carriers are taking various steps, including addition of a large number of planes in the coming years to fill the supply gap. Airlines are expected to add about 150 planes during next year, which will be the highest number of additions in a single year," Magow states.

In a recent announcement, Jasmeet Singh, Senior Vice President at MakeMyTrip, revealed the introduction of 'MakeMyTrip Pilgrimages,' debuting with their inaugural offering, the 'Ayodhya Darshan Express.'

During the quarter, the company expanded its portfolio with the introduction of a spiritual tourism product, unveiling the Ayodhya charter train package with a passenger count of 800. Future plans include elevating and extending such unique offerings in the upcoming quarters.