Nasdaq-listed Indian travel tech company MakeMyTrip returned in the black in Q3 of financial year 2022-23 (FY23), posting a profit of $0.2 Mn as against a loss of $9 Mn in the corresponding quarter last year on the back of increase in travel demand during the festival and holiday season.
The company had reported a net loss of $6.8 Mn in the preceding September quarter of 2022.
“Positive consumer sentiment and peak seasonality on the back of festivals and holidays led to improved travel demand during this quarter. As a result, we recorded our highest ever quarterly gross bookings and adjusted operating profit,” MakeMyTrip Group CEO Rajesh Magow said.
Led by the seasonal growth across air, hotels, and bus bookings, MakeMyTrip’s gross bookings rose to $1,738.2 Mn in Q3 FY23 from $1,155.7 Mn in the corresponding quarter last year. The company said it has recovered completely to over pre-pandemic levels in terms of gross bookings in Q3 FY23.
Meanwhile, adjusted operating profit rose to $19.7 Mn during the quarter under review from $15.1 Mn in the preceding September quarter and $13.2 Mn in Q3 FY22.
Revenue rose 48.3% to $170.5 Mn in Q3 FY23 from $115 Mn in the same quarter last year, beating the consensus Street estimate of $170.03 Mn marginally. On a sequential basis, revenue rose 30% from $131.2 Mn in Q2 FY23.
Air ticketing revenue grew to $38.4 Mn in Q3 FY23 from $27.4 Mn in Q3 FY22.
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