Travel service provider MakeMyTrip Limited on Tuesday revealed that its EBITDA for Q2FY24 was $13.5 million, as compared to $10.7 million in Q2FY23. The firm also reported a profit of $2 million, compared with a loss of $6.8 million in Q2FY23, while its gross bookings increased by 23.8% YoY in Q2FY24 to $1.83 billion. Its revenue as per IFRS (International Financial Reporting Standards) stood at $168.7 million and grew by 32.8% in the same period.
“While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year-on-year revenue growth and expansion in adjusted operating profit. Our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth,” Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said.
He added that the increase in revenue was primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022.
The company saw revenue from its air ticketing business increased by 22.7% to $48.6 million in the quarter ended September 30, 2023, from $39.6 million in the quarter ended September 30, 2022. “The increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 16.4% (20.8% in constant currency) primarily driven by a 23.0% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment), primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022,” he said.
Company’s revenue from bus ticketing business increased by 23.0% to $19.8 million in the quarter ended September 30, 2023, from $16.1 million in the quarter ended September 30, 2022. “Our Adjusted Margin – Bus ticketing increased by 29.4% (34.0% in constant currency) to $21.8 million in the quarter ended September 30, 2023 from $16.9 million in the quarter ended September 30, 2022,” MakeMyTrip said.
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