MakeMyTrip’s Profit Skyrockets to $171.9 Million in March Quarter, Gross bookings stood at $2,039 million

MakeMyTrip Ltd., the Nasdaq-listed firm, on Wednesday reported a multi-fold jump in profit at USD 171.9 million in the March 2024 quarter, aided by gains on tax credit and convertible notes value.

The company had posted a profit of USD 5.4 million in the same quarter previous fiscal, MakeMyTrip said in a statement.

Profit for the fourth quarter included a one-time credit of USD 126.1 million on recognition of deferred tax assets and a one-time gain of USD 30.6 million due to the change in carrying value of the company’s convertible notes due 2028 measured at amortised cost, it added.

Gross bookings in the quarter stood at USD 2,039 million as compared to USD 1,673.9 million in the year-ago period, it added.

In FY24, profit was at USD 216.7 million. The company had posted a loss of USD 11.2 million in FY23.

Gross bookings for FY24 stood at USD 7,954.4 million as against USD 6,566.2 million in FY23, the company said.

“Our strategy to serve millions of our customers and…