NASDAQ-listed MakeMyTrip reports 25.6% growth in revenue to $214.2 million in Q3FY24

Traveltech giant MakeMyTrip (MMT) has reported a notable 25.6% year-on-year revenue growth in Q3 FY24, reaching $214.2 million. 

The growth is up from $170.5 million in the same quarter of the previous fiscal year. The company's gross bookings also saw a significant rise, reaching $2.08 billion, a 21.7% increase from the previous year.

Profit and earnings surge

MMT's profit for the quarter stood at an impressive $24.2 million, a substantial increase from just $0.2 million in Q3 FY23.

The company's EBITDA grew by 105.6% year-on-year to $29.4 million. Additionally, the adjusted operating profit showed a robust growth of 69.5%, reaching $33.4 million compared to $19.7 million in the same quarter of the previous fiscal year.

Segment-wise performance

The company witnessed growth across various segments. Air ticketing revenue increased by 34.8% to $51.7 million. Revenue from hotels and package holidays rose by 21.5% to $125.5 million.

The bus ticketing segment also reported a 23.7% increase, reaching $24.2 million. The hotels and packages segment, in particular, saw the highest growth in terms of adjusted margin, reaching $98.8 million, up 38.8%.

CEO express strong business growth

"Our accommodation business which includes hotels, homestays, and packages witnessed strong year on year and quarter on quarter growth in the seasonally strong quarter. During the quarter, we touched our highest ever single night check-ins of close to about 200,000 people on the back of strong holiday demand. We sold over 63,000 unique domestic hotels across 1,760 cities. On the supply side, we now offer over 78,000 domestic properties on the platform," said Rajesh Magow, Group Chief Executive Officer, MakeMyTrip during earnings call.

Expanding accommodation business

Looking forward, Magow expressed optimism about the travel and tourism sector, especially with the Indian government's focus on this area. He also said the strategic acquisition of a majority stake in Savaari Car Rentals Private Limited will enhance MMT's service offerings.

Notably, The company is focused on expanding its accommodation business, including hotels, homestays, and packages, to drive further growth.

Join our new WhatsApp Channel for the latest startup news updates