MakeMyTrip Posts $18.6-Million Profit In Q1

Travel services provider MakeMyTrip's profit rebounded to $18.6 million in the first quarter of fiscal 2024, compared to a loss of $10 million in the year-ago period.

"Demand for both leisure and business travel witnessed strong growth during the quarter, leading to all-time high gross bookings in our company’s history," the Nasdaq-listed company said in its earnings release on Tuesday.

Its gross bookings grew by 31% year-on-year in constant currency to $2 billion.

It also posted an Ebitda of $25.9 million in the first quarter, up 132%. The Ebitda margin was 13.2% for the current quarter, an expansion of about 530 basis points compared to the same quarter last year.

"We have started the new financial year on a positive note, delivering our strongest-ever quarter with all-time high gross bookings and profit," Chief Executive Officer Rajesh Magow said. "Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel."

MakeMyTrip is one of India's largest travel booking companies. It owns and operates brands like MakeMyTrip, Goibibo, and RedBus. It is headquartered in Gurugram but chose to list on the Nasdaq in 2018.