MakeMyTrip reports $5.4 million profit in Q4, narrows FY23 loss

MakeMyTrip on Tuesday reported US$ 5.4 million profit for January-March quarter (Q4) of financial year 2022-23 as against a net loss of US$ 4.1 million in the same period previous year.

New Delhi, May 16: Online travel service provider MakeMyTrip on Tuesday reported US$ 5.4 million profit for January-March quarter (Q4) of financial year 2022-23 as against a net loss of US$ 4.1 million in the same period previous year.

In a media statement, the company said that travel demand continued to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter.
“Gross bookings for Q4 FY23 grew by 80.7% YoY (year-on-year) in constant currency to $1.7 billion. FY23 gross bookings grew by 122% YoY in constant currency to $6.6 billion,” MakeMyTrip said.

Advertisement

The travel firm narrowed its yearly losses in FY23 to US$ 11.2 million as compared to US$ 45.6 million in FY22.
Commenting on the financial performance, MakeMyTrip CEO Rajesh Magow said that the company witnessed 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% YoY constant currency growth in Gross Bookings. Our profitability expansion has also been significant, as we delivered a YoY increase of over 200% in Adjusted Operating Profit for the reported fiscal year 2023,” he said.

Magow said that the company has a strong pipeline of product innovation to further enhance customer experience.