MakeMyTrip Q1 profit at USD 16.5 mn

Online travel firm MakeMyTrip Ltd on Wednesday reported an adjusted operating profit of USD 16.5 million for the first quarter ended June 30, mainly due to strong demand for travel.

The Nasdaq-listed firm had posted an adjusted operating loss of USD 8.6 million in the April-June quarter of the previous fiscal.

During the period, its gross bookings went up five-fold to USD 1.61 billion year-on-year, helped by increased demand for travel during the summer holiday season and pent-up demand for leisure travel, MakeMyTrip said in a statement.

MakeMyTrip's gross bookings were at USD 286.7 million in the April-June quarter a year ago.

''Even on a Q-o-Q basis, Gross Booking growth was 63.3 per cent, indicating continued strong recovery momentum,'' it said. MakeMyTrip Group Chief Executive Officer Rajesh Magow said, ''We witnessed strong recovery during the first quarter of the fiscal year 2023, largely attributable to increased demand for travel during the summer holiday season and pent-up demand for leisure travel''.

While consumer sentiment for travel remains extremely positive, high aviation fuel prices leading to increased airfares continue to impact the recovery of the travel market compared with pre-pandemic levels, particularly with respect to international travel, he said.

''Our comprehensive suite of travel offerings, along with the strength of our brands, makes us the preferred choice for customers in India, helping us to achieve our aim of profitable growth,” Magow added.