Travel booking website MakeMyTrip (MMT) reported record Q1 FY25 gross bookings at $2.38 billion—a 20.2% increase from $1.98 billion worth of bookings made in the previous fiscal.
The NASDAQ-listed company’s profit for the three months ended June 30, 2024 stood at $21 million, up by 12.9% from $18.6 million in Q1 FY24.
Revenue rose by 29.3% to $254.5 million in Q1 FY25, from $196.7 million earned in the same period of the previous financial year, as per consolidated financial statements filed with the United States Securities and Exchange Commission.
Of the $254.5 million total revenue, $57.5 million came from air ticketing, which grew 25.3% YoY. Hotel packages, which bring in the most revenues for MMT, contributed $146.8 million—a 27.4% YoY increase. Bus ticketing and other revenues contributed $29.3 million and $20.9 million, respectively.
The increase in revenue from the air ticketing business was mainly due to a 15.2% YoY rise in gross bookings. This was driven by a 14.1% YoY increase in the number of air ticketing flight segments (excluding segments booked as part of hotel and package deals), thanks to strong travel demand in India for both domestic and international trips in the quarter, the company said in filings.
The increase in revenue from the hotels and packages business was due to a 22.8% YoY rise in gross bookings. This was driven by a 15.6% YoY increase in the number of hotel room nights in the quarter ended June 30, 2024, again due to robust travel demand in India for both domestic and international travel.
“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,” Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said.
“These drivers indicate that India’s travel and tourism industry growth is expected to be higher than the country’s GDP growth rate. We aim to continue to drive our growth by capitalising on the shift from offline to online buying and expanding our customer base and wallet share,” Magow added.
