MakeMyTrip (MMT), a prominent travel booking website, reported its highest-ever Q1 FY25 gross bookings at $2.38 billion, reflecting a 20.2% increase from $1.98 billion in the previous fiscal year. The NASDAQ-listed company posted a profit of $21 million for the three months ending June 30, 2024, marking a 12.9% rise from $18.6 million in Q1 FY24.
Revenue surged by 29.3% to $254.5 million in Q1 FY25, compared to $196.7 million in the same period last year, according to the consolidated financial statements filed with the United States Securities and Exchange Commission.
The revenue breakdown reveals that $57.5 million came from air ticketing, a 25.3% year-over-year (YoY) growth. Hotel packages, MMT’s largest revenue segment, contributed $146.8 million, a 27.4% YoY increase. Bus ticketing and other services brought in $29.3 million and $20.9 million, respectively.
The growth in air ticketing revenue was driven by a 15.2% YoY increase in gross bookings, largely due to a 14.1% YoY rise in air ticketing flight segments, excluding those booked as part of hotel and package deals. This uptick was fueled by strong travel demand in India for both domestic and international trips.
Similarly, the rise in revenue from hotels and packages was attributed to a 22.8% YoY increase in gross bookings, driven by a 15.6% YoY growth in hotel room nights for the quarter ending June 30, 2024, again due to strong travel demand in India for both domestic and international travel.
Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, expressed optimism about the company’s performance. He highlighted that the long-term growth story of India’s travel and tourism sector is fueled by multiple macroeconomic drivers, such as increasing government investments in travel infrastructure, rising disposable incomes of the middle class, and increasing propensity to travel.
