MakeMyTrip, a leading online travel agency, has reported a significant increase in gross bookings and adjusted operating profit for the second quarter of the fiscal year 2024. The gross bookings for this quarter were $1.8 billion, up from $1.5 billion in the same period last fiscal, representing a 24% increase. The adjusted operating profit also increased by 87% to $28.2 million. Domestic air travel has been growing rapidly, and international air ticketing has surpassed pre-Covid 2019 levels for the first time.
MakeMyTrip’s CEO, Rajesh Magow, stated that all short-haul destinations have either grown beyond or recovered to pre-pandemic levels, and travel to long-haul destinations is also rapidly recovering. The international room nights growth picked up strongly in this quarter, and the domestic accommodation business continued to perform well. MakeMyTrip has expanded its supply deeper into the country, with over 77,000 properties listed on its platform covering 2,075 cities across India.
The company’s holiday packages business has also scaled on the back of expanded offerings. MakeMyTrip sold holiday packages to 66 countries during the second quarter, the best number achieved so far. Additionally, the ground transport business is seen as a potential growth opportunity, and the company is making investments in expanding its user base via rail bookings and strengthening its inter-city cab business with an inorganic investment in the well-known inter-city cab company, Savaari.
MakeMyTrip has reported strong year-on-year revenue growth and expansion in adjusted operating profit, attributing its success to the strong demand for travel across all categories. The company has also entered into an agreement to acquire a majority interest in Savaari Car Rentals Private Limited, which is expected to be completed by the end of December 2023.
Overall, MakeMyTrip’s performance in the second quarter demonstrates its ability to drive profitable growth through innovative travel solutions, brand strength, and the delivery of superior value to its customers and partners. The company’s expansion into various segments such as accommodations, holiday packages, and ground transport positions it for continued success in the future.