Online travel firm MakeMyTrip on Tuesday, May 16, reported a net profit of $5.4 million for the fourth quarter that ended March 31, 2023, compared to a loss of $4.1 million in the corresponding period of the preceding fiscal.
For the fiscal ended March 31, 2023, the loss has reduced significantly to $11.2 million compared to a loss of $45.6 million in FY22, the company said.
The gross bookings for the current quarter grew by 80.7 percent year-on-year in constant currency to $1.7 billion. The Nasdaq-listed firm delivered the highest ever-annual gross bookings in FY23, where it grew by 122 percent year-on-year in constant currency to $6.6 billion, it said.
Adjusted operating profit was $19.0 million in the current quarter compared to $12.0 million in the corresponding period of the preceding fiscal. FY23 adjusted operating profit was $70.3 million, the highest-ever in our company’s history compared to $23.2 million in FY22, with year-on-year growth of 203 percent, the company stated.
Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, said the company witnessed a robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year that ended March 31, 2023.
Travel demand continues to be robust despite macroeconomic headwinds, with Q4 being a seasonally slower quarter, the company added.
"We capitalised on this trend to deliver strong results with over 120 percent YoY constant currency growth in gross bookings. Our profitability expansion has also been significant, as we delivered a YoY increase of over 200 percent in adjusted operating profit for the reported fiscal year 2023," Magow said.
