MakeMyTrip Limited, one of India’s largest online travel companies, announced its financial results for the fourth quarter and full fiscal year 2023. The company reported a net loss of $31 million for the quarter, compared to a net loss of $39 million in the same quarter of the previous fiscal year. For the full fiscal year, the company reported a net loss of $129 million, compared to a net loss of $133 million in the previous fiscal year.
The company’s revenue for the quarter was $127 million, an increase of 38% compared to the same quarter in the previous year. For the full fiscal year, the company’s revenue was $474 million, an increase of 16% compared to the previous fiscal year. The increase in revenue for the quarter and full year was primarily driven by growth in the company’s air ticketing business.
MakeMyTrip’s air ticketing business saw an increase of 40% in gross bookings during the quarter compared to the same quarter in the previous year. The company’s standalone hotel booking business also saw growth, with gross bookings increasing by 17% year-over-year. However, the company’s bus ticketing business experienced a decline of 20% in gross bookings during the quarter.
In addition to the financial results, MakeMyTrip also announced a strategic partnership with OYO, another major player in India’s online travel industry. Under the partnership, MakeMyTrip will have access to OYO’s inventory of over 43,000 hotels in more than 800 cities in India, while OYO will benefit from MakeMyTrip’s customer base of over 45 million users.
The partnership aims to address a major challenge in the Indian travel industry, which is the lack of transparency in the quality of budget hotels. By partnering with OYO, MakeMyTrip can offer its customers a wider selection of budget hotels with consistent quality standards, while OYO can expand its reach to a larger customer base.
Overall, MakeMyTrip’s financial results for the fourth quarter and full fiscal year 2023 indicate growth in its air ticketing and standalone hotel booking businesses, despite challenges in its bus ticketing business. The strategic partnership with OYO is expected to further strengthen the company’s position in the Indian online travel industry by addressing the challenge of quality standards in budget hotels.