Earnings roundup: HomeToGo, MakeMyTrip

Vacation rental platform HomeToGo reports its first quarter of 2023 results while Indian online travel agency MakeMyTrip reports its Q4 2023 numbers.

HomeToGo

Germany-based HomeToGo reported booking revenue of €65 million for the first quarter of 2023, representing a 50% increase on the same period in 2022.

The vacation rental platform said it was its best quarter ever for booking revenue, driven by an increase in cost-per-acquisition take rate and a higher booking revenue on-site share.

Quarterly revenue increased 16% to almost €22 million year over year while the subscriptions and services business turned in revenue of almost €6 million, up 84% year over year.

Adjusted EBITDA for the quarter was a loss of €25 million compared with a loss of €22 million in the first quarter of 2022. HomeToGo remains confident of EBITDA break-even in 2023.

Patrick Andrae, co-founder and CEO, said: “Following our record-breaking 2022, HomeToGo is thrilled to have started the new year with such an impressive quarter, both in terms of our financial results and delivering on our strategic approach. We have once again surpassed previous financial records demonstrated by our highest ever booking revenues backlog, further representing the continued resilience of the travel industry and HomeToGo’s growth as the preferred accommodation choice for savvy travelers. ... Looking ahead, we will remain focused on our growth and strategic priorities as we head very confidently towards adjusted EBITDA break-even in 2023.”

Earlier this month HomeToGo unveiled its OpenAI-powered curated search. The artificial intelligence mode is the first in a series of search upgrades to be released. 

MakeMyTrip

MakeMyTrip reported gross bookings of $1.7 billion in its fiscal 2023 fourth quarter, an 81% increase over the same quarter in 2022.

Full-year gross bookings were $7 billion, up 122% year over year.

Air ticketing revenue increased 81% to $74 million in Q4 and by 94% to $260 million for the full year. Bus ticketing increased 71% to $19 million in Q4 and rose by 117% to $77 million for the full year.

Adjusted operating profit for the company increased to $19 million in Q4 2023 versus $12 million year over year. Full-year 2023 adjusted profit was $70 million compared with $23 million in 2022.

Rajesh Magow, group chief executive officer, said: "We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023. We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience."