by New Delhi, India – MakeMyTrip, India’s leading online travel company, has reported a record profit of $18.6 million in the first quarter of fiscal year 2024 (Q1 FY24). The company also reported its highest-ever gross bookings of $1.2 billion in Q1 FY24.
“We are delighted to report record results for Q1 FY24,” said Deep Kalra, Founder and Group CEO of MakeMyTrip. “Our strong performance was driven by a number of factors, including the continued recovery in travel demand, our focus on product innovation, and our strong execution.”
MakeMyTrip’s gross bookings grew 139% year-on-year in Q1 FY24. The company’s domestic gross bookings grew 148% year-on-year, while its international gross bookings grew 120% year-on-year.
MakeMyTrip’s profit was also boosted by its strong operating margin. The company’s operating margin was 14.3% in Q1 FY24, compared to 10.5% in Q1 FY23.
“We are confident that our strong momentum will continue in the coming quarters,” said Kalra. “We are focused on expanding our product offerings, growing our market share, and delivering long-term shareholder value.”
Key takeaways from the story:
- MakeMyTrip reported a record profit of $18.6 million in Q1 FY24.
- The company also reported its highest-ever gross bookings of $1.2 billion in Q1 FY24.
- MakeMyTrip’s gross bookings grew 139% year-on-year in Q1 FY24.
- The company’s operating margin was 14.3% in Q1 FY24, compared to 10.5% in Q1 FY23.
- MakeMyTrip is confident that its strong momentum will continue in the coming quarters.
Implications of the story:
MakeMyTrip’s strong results are a positive sign for the Indian travel industry. The company’s growth is being driven by the continued recovery in travel demand, as well as its focus on product innovation and strong execution.
MakeMyTrip’s strong results are also a sign of the growing importance of online travel in India. The Indian online travel market is expected to grow at a compound annual growth rate (CAGR) of 17% between 2022 and 2027.
MakeMyTrip is well-positioned to capitalize on the growth of the Indian online travel market. The company has a strong brand, a wide range of products, and a large customer base. MakeMyTrip is also investing in new technology and partnerships to further grow its business.
