MakeMyTrip clocks adjusted operating profit of $ 70.3 million in FY23, up 203% YOY
iStock
Synopsis
MakeMyTrip's gross bookings for quarter four of financial year 2023 grew by 80.7% year on year to $1.7 billion. The company's adjusted operating profit was $19 million in quarter four of financial year 2023, compared to $12 million in quarter four of financial year 2022.
By Anumeha Chaturvedi, ET Bureau
India's biggest online travel platform MakeMyTrip said on Tuesday it clocked an adjusted operating profit of $ 70.3 million in financial year 2023, up 203% year on year, and the highest in the company's history. The company's gross bookings in financial year 2023 grew 122% year on year to $6.6 billion
The company said travel demand continues to be robust despite macroeconomic headwinds and quarter four being a seasonally slower quarter.
MakeMyTrip clocked a profit of $5.4 million in quarter four of financial year 2023, compared to a loss of $4.1 million in quarter four of financial year 2022.
It reported a reduction in losses to $11.2 million for financial year 2023 compared to losses of $45.6 million in financial year 2022.
Rajesh Magow, group chief executive officer for MakeMyTrip said the company witnessed a 'robust' recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023.
"We capitalized on this trend to deliver strong results with over 120% year on year constant currency growth in gross bookings. Our profitability expansion has also been significant, as we delivered a year on year increase of over 200% in adjusted operating profit for the reported fiscal year 2023," he said.
"We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience," he added.
Speaking at the earnings webinar hosted by the company, Magow said some of the categories such as the premium segment of hotels, domestic flights, homestays, and packages have already crossed pre pandemic levels.
"In the air ticketing business, we have been growing faster than the market on the back of our innovative product and brand strength. For two quarters in a row, our domestic passenger traffic is above pre-pandemic levels," he said.
"International air bookings have seen an expectedly slow recovery through the year. The recovery is now in the 90s and we expect to get back to pre-pandemic volumes in the new fiscal year," he added.
He said the accommodation business, which includes hotels, packages and homestays, continues to shape up well, and the company has surpassed the pre-covid supply with more than 71,000 sellable accommodations listed on the platform.
(You can now subscribe to our Economic Times WhatsApp channel)
ADVERTISEMENT
MakeMyTrip's gross bookings for quarter four of financial year 2023 grew by 80.7% year on year to $1.7 billion. The company's adjusted operating profit was $19 million in quarter four of financial year 2023, compared to $12 million in quarter four of financial year 2022.The company said travel demand continues to be robust despite macroeconomic headwinds and quarter four being a seasonally slower quarter.
MakeMyTrip clocked a profit of $5.4 million in quarter four of financial year 2023, compared to a loss of $4.1 million in quarter four of financial year 2022.
It reported a reduction in losses to $11.2 million for financial year 2023 compared to losses of $45.6 million in financial year 2022.
Rajesh Magow, group chief executive officer for MakeMyTrip said the company witnessed a 'robust' recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023.
ADVERTISEMENT
"We capitalized on this trend to deliver strong results with over 120% year on year constant currency growth in gross bookings. Our profitability expansion has also been significant, as we delivered a year on year increase of over 200% in adjusted operating profit for the reported fiscal year 2023," he said.
"We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience," he added.
ADVERTISEMENT
Speaking at the earnings webinar hosted by the company, Magow said some of the categories such as the premium segment of hotels, domestic flights, homestays, and packages have already crossed pre pandemic levels.
"In the air ticketing business, we have been growing faster than the market on the back of our innovative product and brand strength. For two quarters in a row, our domestic passenger traffic is above pre-pandemic levels," he said.
ADVERTISEMENT
"International air bookings have seen an expectedly slow recovery through the year. The recovery is now in the 90s and we expect to get back to pre-pandemic volumes in the new fiscal year," he added.
He said the accommodation business, which includes hotels, packages and homestays, continues to shape up well, and the company has surpassed the pre-covid supply with more than 71,000 sellable accommodations listed on the platform.
(You can now subscribe to our Economic Times WhatsApp channel)
