MakeMyTrip records a 23% increase in gross bookings and a $172 million profit in the fourth quarter

MakeMyTrip, a travel service provider, said on Wednesday that revenue increased by 38.1% (year over year) in the January–March quarter of FY24. Additionally, the company reported that gross bookings increased by 23% to $2.03 billion from $1.67 billion in the same period of the previous fiscal year.

A one-time gain of $30.6 million “due to the change in carrying value of our convertible notes due 2028 measured at amortized cost” and a one-time credit of $126.1 million on the recognition of deferred tax assets were included in the company’s $171.9 million profit for the quarter.

Indians are responding to the urge to travel with renewed zeal, according to Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, with demand for leisure and business travel in the nation having surpassed pre-pandemic levels.

“Our strategy to serve millions of our customers and first-time travellers through a comprehensive portfolio of travel and ancillary products with personalised experiences is yielding results,” he said.

The business said last month that it has extended its presence to more than 150 nations, including well-known tourist destinations like the UK, Germany, Japan, Italy, France, and others.

“We are pleased that we have bounced back stronger from the COVID-19 pandemic by posting our best-ever financial performance during fiscal year 2024 in terms of both gross bookings and profit,” Magow said.