MakeMyTrip reports gains across air, hotels and buses
08/12/2023|10:45:25 AM|Phocuswire

Indian online travel company MakeMyTrip has hailed the three months ended June 30, it's first quarter of 2024 in its fiscal calendar, as its best ever.

Rajesh Magow, group chief executive, said the company had hit "all-time high gross bookings and profits."

Gross bookings were $1.98 billion, up 31% year over year while adjusted operating profit increased from $16.5 million in Q1 2023 to $30 million in Q1 of 2024.

Magow added: “Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel. The depth of travel-related offerings and quality customer experience that we deliver, powered by robust technology and product innovations, along with our strong brand are helping us cater to the evolving consumer preferences and stay ahead of the market.”

MakeMyTrip revenue was up almost 38% to $197 million driven by increases across air, hotels and packages and bus ticketing, which the company attributes to the "sustained elevated travel demand" in India.

Air ticketing revenue increased 48% to almost $46 million, hotels and packages increased 37% to $115 million and bus ticketing was up almost 23% to $25 million.

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