Country’s largest travel service provider MakeMyTrip (MMT) announced its unaudited financial and operating results for its fiscal fourth quarter and full year ended March 31, 2023 where it reported highest ever annual gross bookings and adjusted operating profit on back of robust demand and strong travel recovery.
In the earnings press statement, the company mentioned that Full Year Gross Bookings in the company grew by 122 per cent YoY to USD 6.6 billion while Adjusted Operating Profit stood at USD 70.3 million with growth of 203 per cent YoY.
Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter. Gross Bookings for Q4 FY23 grew by 80.7 per cent YoY in constant currency to USD 1.7 billion. FY23 Gross Bookings grew by 122 per cent YoY in constant currency to USD 6.6 billion, MMT added.
Adjusted Operating Profit was USD 19.0 million in Q4 FY23, as compared to USD 12.0 million in Q4 FY22. FY23 Adjusted Operating Profit was USD 70.3 million, being the highest ever in our company’s history, as compared to USD 23.2 million in FY22, with YoY growth of 203 per cent.
Profit for the period was USD 5.4 million in Q4 FY23, as compared to a loss of USD 4.1 million in Q4 FY22. Loss for the year has reduced significantly; loss for FY23 was USD 11.2 million as compared to a loss of USD 45.6 million in FY22, being a reduction of USD 34.4 million.Commenting on the results and comapny’s performance, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023. We capitalised on this trend to deliver strong results with over 120 per cent YoY constant currency growth in Gross Bookings. Our profitability expansion has also been significant, as we delivered a YoY increase of over 200 per cent in Adjusted Operating Profit for the reported fiscal year 2023. We are glad that our strategy of investing in the right areas coupled with our initiatives to optimise certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience.”