New Delhi, Nov 01 – MakeMyTrip, the online travel marketplace, reported a significant turnaround in its financial performance for the July-September quarter of the fiscal year 2023-24. The company announced a profit of US$ 2 million, a notable improvement from the loss of US$ 6.8 million during the same period in the previous year.
In the second quarter of the current fiscal, MakeMyTrip witnessed a robust growth in gross bookings, with a 23.8% year-on-year increase to $1.8 billion, compared to $1.5 billion in Q2 FY23. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q2 FY24 reached $13.5 million, marking an improvement from $10.7 million in Q2 FY23.
Despite the seasonally weaker quarter for leisure travel, MakeMyTrip highlighted the continued strong demand across travel categories, contributing to both increased gross bookings and profitability. Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, expressed satisfaction with the results, noting strong year-on-year revenue growth and expansion in adjusted operating profit.
MakeMyTrip reported an adjusted operating profit of $28.2 million in Q2 FY24, a significant growth of 86.8% year-on-year compared to $15.1 million in Q2 FY23. Magow attributed this success to the company’s innovative travel solutions, brand strength, and the ability to provide superior value to customers and partners, driving profitable growth.
