MakeMyTrip, a leading travel service provider in India, has reported strong financial performance for fiscal year FY23, with gross bookings growing by 122% YoY to reach $6.6 billion and adjusted operating profit at $70.3 million, a growth of 203% YoY. The company also reported a Q4 gross bookings growth of 80.7% YoY in constant currency to $1.7 billion with an adjusted operating profit of $19 million. MakeMyTrip said it saw a robust recovery in travel demand and plans to enhance the customer experience with a strong pipeline of product innovation for FY24. The company also recently collaborated with Microsoft to introduce voice-assisted booking in Indian languages.
‘Explanation by MakeMyTrip’s Mohit Kabra on 20% TCS to be levied for Foreign Travel starting July 1st’
From July 1st, foreign travel is set to become more expensive as Tax Collected at Source (TCS) jumps from 5% to 20%. This means that the 20% TCS rule will apply to both foreign packages and credit cards on international transactions. Mohit Kabra, Group CFO at MakeMyTrip, explains that travellers will have to pay an...
