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Leading online travel agency, MakeMyTrip has announced its unaudited financial and operating results for its fiscal first quarter ended June 30, 2023. The company delivered the highest ever Quarterly Gross Bookings and profits in Q1 2024.
For Q1 FY24, Gross Bookings grew by 31.4 per cent YoY in constant currency to USD 2 billion as travel 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.
During the same period last year, the Gross Bookings stood at USD 1,612.5 million. Adjusted Operating Profit was USD 30.1 million in Q1 FY24, as compared to USD 16.5 million in Q1 FY23, registering a growth of 83.0 per cent YoY.
EBITDA was USD 25.9 million in Q1 FY24, witnessing a growth of 131.7 per cent YoY. EBITDA margin was at 13.2 per cent for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year.
Net profit for the period was USD 18.6 million in Q1 FY24 as compared to a loss of USD 10.0 million in Q1 FY23.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “We have started the new financial year on a positive note, delivering our strongest ever quarter with all-time high gross bookings and profits. 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.”
OYO marked its first full year of EBITDA profitability in the previous financial year, that is, FY2023, sources informed. Subsequently, during a company townhall presentation to employees earlier this year, the company’s founder Ritesh Agarwal shared that they expect to clock adjusted EBITDA of nearly INR 800 crore in FY2024.
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