MakeMyTrip Ltd announced a significant jump in profit for the quarter ending March 2024 to $171.9 million as compared to the same period last year ($5.4 million). However, this profit includes one-time gains from tax credits and changes in the value of convertible notes.
The company’s profit benefited from a one-time credit of $126.1 million on deferred tax assets and a one-time gain of $30.6 million due to adjustments in the carrying value of convertible notes due 2028.
Despite these one-time gains, MakeMyTrip’s core business saw positive growth. Gross bookings for the quarter reached $2.04 billion, a significant increase from $1.67 billion in the same quarter last year. This positive trend continued throughout the entire fiscal year (FY24), with gross bookings reaching $7.95 billion compared to $6.57 billion in FY23.
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “Indians…