Nasdaq-listed Indian traveltech major MakeMyTrip reported a net profit of $24.2 Mn in the December quarter (Q3) of the financial year 2023-24 (FY24) up from $0.2 Mn profit posted in the corresponding period of last year on strong travel demand in India.
The company’s net profit also jumped more than 1,000% sequentially from $2 Mn in the prior quarter – Q2 FY24.
MakeMyTrip’s operating revenue rose 26.9% to $214.2 Mn in Q3 FY24 from $170.5 Mn in the year-ago period, with hotels and packages business contributing the highest.
The company’s revenue from hotels and packages business increased 21.5% to $125.5 Mn in the reported quarter from $103.3 Mn in Q3 FY23.
Meanwhile, its revenue from the air ticketing business increased 34.8% to $51.7 Mn in Q3 FY24 from $38.4 Mn in the last year’s quarter.
MakeMyTrip also earned $24.2 Mn from its bus ticketing business, which grew 23.7% year-on-year (YoY).
On the back of the rise in travel demand, the online travel aggregator’s gross…