Makemytrip has been recognized as the best travel agency according to the quarterly results
Indian online travel agency MakeMyTrip Group (MMT) has reported its highest quarterly gross bookings, revenue, and profit for the third quarter of fiscal year 2024.
The company, headquartered in Gurugram, India, reported a 20% increase in gross bookings to $2 billion, and revenue grew by 26% to $214 million. Adjusted net profit rose to just over $39 million, up from $16 million a year earlier. Such data was published by phocuswire.com.
Group CEO Rajesh Magow said it was a "seasonally strong quarter" for the OTA with strong demand for both domestic and international travel.
"We are excited about the opportunities ahead as the travel and tourism sector is a focus of the Indian government and is expected to benefit from increased investment in tourism infrastructure. Additionally, from a consumer perspective, the growth of middle-class disposable income in India is expected to continue driving travel and hospitality demand in India in the coming years. We remain committed to excellence and innovation, striving to meet and exceed the diverse travel desires of Indian consumers," he added.
Similar sentiments were recently expressed by analysts at Phocuswright, who predicted that India will become "one of the top source markets for many countries."
MMT reported that airline revenue increased by 35% to USD 52 million, and adjusted margin increased by 13% to USD 79 million for the quarter ended December 31. Both figures were achieved due to an 18% increase in gross bookings.
Revenue from the hotel and tourism business increased by 22% to USD 126 million, and adjusted margin increased by 37% to USD 99 million. At the same time, revenue from bus ticketing increased by 24% to $24 million, and adjusted margin increased by 32% to $27 million.
MMT's sales and marketing expenses increased by 25% in the quarter to $36 million compared to $29 million last year, which the operator explained by higher variable costs, as well as investments in events and brand building.