Revenue rose more than 31% to $254 Mn in Q1 FY25 from $196 Mn in the same quarter last fiscal
MakeMyTrip attributed the growth to increasing government investments in travel infrastructure, rising disposable incomes and increasing propensity to travel
The surge also largely came on the back of broad-based growth across its three verticals – air ticketing, hotel packages, and bus ticketing
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Online travel aggregator MakeMyTrip’s net profit jumped 13.1% year-on-year (YoY) to $21 Mn in the quarter ended June 2024. The company’s net profit stood at $18.59 Mn in the year-ago quarter.
In a regulatory filing, the Nasdaq-listed startup said that its revenue rose more than 31% to $254 Mn in the first quarter (Q1) of the financial year 2024-25 (FY25) from $196 Mn during the same quarter last fiscal.
The surge largely came on the back of broad-based growth across three verticals – air ticketing, hotel packages, and bus ticketing.
“We are pleased to see a robust start to this fiscal year. We believe that the long-term growth story of India’s travel and tourism sector is fuelled by multiple macroeconomic drivers like increasing government investments in travel infrastructure, rising disposable incomes of the middle class, and increasing propensity to travel,” said MakeMyTrip cofounder and CEO Rajesh Magow.
He added that the company plans to drive its growth by “capitalising on the shift from offline to online buying and expanding customer base and wallet share”.
During the quarter under review, MakeMyTrip’s gross bookings rose 21.6% YoY to $2.38 Bn.
Meanwhile, revenue from the air ticketing vertical jumped 25.4% YoY to $57.5 Mn in Q1 FY25. The hotels and packages business contributed $146.8 Mn to the startup’s top line, up 27.5% YoY.
MakeMyTrip’s revenue from bus ticketing business also increased 17.2% to $29.2 Mn in the quarter ended June 2024 from $24.9 Mn in the year-ago quarter.
On the expenditure front, MakeMyTrip saw its employee benefit costs surge 12.9% to $38.2 Mn in Q1 FY25 from $33.8 Mn in the quarter ended June 2023. It also spent $40.1 Mn towards marketing and promotional activities during the period under review, up 31.0% from $30.6 Mn in Q1 FY24.
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