India online travel agency MakeMyTrip Group (MMT) has reported its highest ever quarterly gross bookings, revenue and profit for its fiscal 2024 third quarter.
The Gurugram, India-based business reported a 20% increase in gross bookings to $2 billion while revenue increased 26% to $214 million. Adjusted net profit increased to just over $39 million compared with $16 million year over year.
Group chief executive Rajesh Magow said it was a “seasonally strong quarter” for the OTA with strong demand for both domestic and international leisure travel.
“We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure,” he said. “Additionally, from a consumer perspective, the growing disposable incomes of the middle class in India are expected to continue driving India’s travel and hospitality growth in the coming…