Travel services provider MakeMyTrip on Tuesday reported a profit of USD 2 million for the September quarter, on the back of sustained elevated travel demand in India. The company, listed on Nasdaq, had reported a loss of USD 6.8 million in the year-ago period, it said in a regulatory filing.
It also reported an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of USD 13.5 million for the quarter under review, as against USD 10.7 million in the second quarter of FY23.
“We witnessed strong growth both in terms of Gross Bookings and profitability despite the second quarter of fiscal year being a seasonally weaker quarter for leisure travel. For Q2 FY24, Gross Bookings grew by 23.8 per cent YoY (Year-on-Year) in constant currency to USD 1.8 billion from USD 1.5 billion in Q2 FY23,” the company stated.
Adjusted Operating Profit was USD 28.2 million in Q2 FY24 as compared to USD 15.1 million in Q2 FY23, registering a growth of 86.8 per cent YoY, it added.
The company also informed that on October 31, 2023, its wholly-owned subsidiary MakeMyTrip (India) Private Ltd entered into an agreement to acquire a majority interest in Savaari Car Rentals Private Limited, a provider of inter-city car rental services in India.
The transaction is expected to be completed prior to December 31, 2023. This acquisition is intended to expand our presence in the inter-city car rental market in India, MakeMyTrip shared.
“While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report a 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 of MakeMyTrip, said.