India-based online travel agency MakeMyTrip has made revenue gains across air, hotels and bus ticketing in its fiscal 2024 second quarter that ended September 30.
Gross bookings for the company increased 24% year over year to $1.8 billion with adjusted operating profit hitting $28 million compared with $15 million in Q2 2023. Adjusted net profit came in at $28 million versus $8 million in the second quarter of 2023.
In an earnings release, the company also reported the acquisition of a majority holding in Car Savaari Rentals with the transaction expected to complete before the end of 2023. The acquisition will expand MakeMyTrip's inter-city car rental presence.
The company reported a 23% increase in air ticketing revenue to $49 million while revenue for the hotels and packages division increased 31% to $89 million.
Bus ticketing revenue was up 23% to $20 million while revenue for the remaining elements of the business increased 50% to $11 million.
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Rajesh Magow, group chief executive of MakeMyTrip said, “While the second quarter of the fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year-on-year revenue growth and expansion in adjusted operating profit. Our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth.”
Sales and marketing costs increased by just over 1% to $25 million in the quarter compared with $24.8 million year over year.