MakeMyTrip Q3 Results: Reports Highest-Ever Revenue, Profit
It witnessed robust demand for leisure travel across all domestic and international destinations, CEO Rajesh Magow says.
MakeMyTrip Pvt. posted its highest-ever quarterly gross bookings, revenue and profit on the back of robust demand during a seasonally strong quarter.
Revenue grew 27% to $214.2 million in the third quarter from $170.5 million over the year ago period. Its profit rebounded to $24.2 million in the October–December period, in comparison with $0.2 million over the same period last year, the Nasdaq-listed company said in a release on Tuesday.
The company's gross bookings grew 22% in constant currency terms to $2.1 billion in the December quarter. Gross bookings refer to the total value of services offered to customers before deductions.
"During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations, leading to the highest-ever quarterly gross bookings, revenue and profit for the group," Chief Executive Officer Rajesh Magow said.
"We are excited about the opportunities that lie ahead of us as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure," Magow said.
From a consumer perspective, the growing disposable income of the middle class in India are expected to continue driving travel and hospitality growth in the coming years, the CEO said.
