MakeMyTrip Reports 38.1% Revenue Growth In Q4 FY24 Amidst Travel Resurgence

MakeMyTrip revealed a remarkable 38.1 per cent surge in revenue in the January-March quarter of FY24 compared to the previous year. Gross bookings also saw a notable increase of 23 per cent, reaching USD 2.03 billion from USD 1.67 billion in the corresponding quarter of the previous fiscal year.

The company recorded a profit of USD 171.9 million for the quarter, which includes a one-time credit of USD 126.1 million due to the recognition of deferred tax assets and a one-time gain of USD 30.6 million attributed to the change in carrying value of convertible notes due 2028, measured at amortised cost.

Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, highlighted the resurgence of travel enthusiasm among Indians, with both leisure and business-related travel demand surpassing pre-pandemic levels. He credited the company's strategy of offering a diverse range of travel and ancillary products, along with personalised experiences, for yielding positive outcomes.

MakeMyTrip recently expanded its global footprint to over 150 countries, including key travel markets such as the UK, Germany, Japan, Italy and France.

Magow expressed satisfaction with the company's robust performance during fiscal year 2024, emphasising that they have rebounded strongly from the challenges posed by the Covid-19 pandemic, achieving their best-ever financial performance in terms of both gross bookings and profit.