MakeMyTrip ends FY2024 with highest-ever Gross Bookings and Profit Q4 FY24 Revenue up 38.1% YoY in a seasonally slow quarter
Chennai: (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full year ended March 31, 2024 as attached herewith and available at www.sec.gov/ and on our website at http://investors.makemytrip.com.
Business & Financial Highlights | Q4 FY24 & Full Year FY24
| Q4 FY24($ Million) | Q4 FY23($ Million) | YoY Change (ConstantCurrency) | FY24($ Million) | FY23($ Million) | YoY Change (ConstantCurrency) | |
| Gross Bookings | 2,039.0 | 1,673.9 | 23.0% | 7,954.4 | 6,566.2 | 24.9% |
| Revenue as per IFRS | 202.9 | 148.5 | 38.1% | 782.5 | 593.0 | 35.7% |
| Adjusted Margin | ||||||
| Air Ticketing | 83.7 | 74.3 | 13.7% | 317.7 | 280.1 | 16.7% |
| Hotels and Packages | 88.9 | 63.5 | 41.3% | 348.9 | 259.8 | 38.4% |
| Bus Ticketing | 26.1 | 19.3 | 36.6% | 102.1 | 77.3 | 36.1% |
| Others | 13.8 | 9.0 | 55.1% | 48.8 | 34.1 | 47.2% |
| Results from Operating Activities | 16.7 | 8.0 | 65.2 | 23.6 | ||
| Adjusted Operating Profit (Loss)(also referred to as Adjusted EBIT) | 32.4 | 19.0 | 124.2 | 70.3 | ||
| Profit / (Loss) for the period | 171.9 | 5.4 | 216.7 | (11.2) |
· Strong growth across Gross Bookings, Revenue and Profit despite low seasonality in leisure travel in Q4.
· Gross Bookings grew by 23.0% YoY in constant currency to $2,039.0 million in Q4 FY24 from $1,673.9 million in Q4 FY23.
· Revenue as per IFRS grew by 38.1% YoY in constant currency to $202.9 million in Q4 FY24 from $148.5 million in Q4 FY23.
· Adjusted Operating Profit registered growth of 70.4% YoY and reached $32.4 million in Q4 FY24 compared to $19.0 million in Q4 FY23.
· Profit for the quarter was $171.9 million, this includes a one-time credit of $126.1 million on recognition of deferred tax assets and 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.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,
“Indians are embracing the call to travel with a newfound enthusiasm with both leisure and business-related travel demand in India having crossed 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. It has helped us deliver strong growth in a quarter that is typically a seasonally slower period for leisure travel. 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.”
