MakeMyTrip has reported gains across all divisions for its fiscal first quarter of 2025 ended June 30, 2024.
Gross bookings increased almost 22% in the quarter to $2.4 billion while net profit improved to $45 million, up from $34 million year-over-year. The India-based online travel agency reported revenue of $255 million in same period, up 29% year-over-year.
Air ticketing revenue rose 25% to $58 million for the quarter, hotels and packages revenue increased 28% to
$147 million year-over year and bus ticketing revenue was up 17% to $29 million in the quarter.
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"We are pleased to see a robust start to this fiscal year. We believe that the long-term growth story of India's travel and tourism sector is fueled by multiple macroeconomic drivers like increasing government investments in travel infrastructure, rising disposable incomes of the middle class and increasing propensity to travel," said Rajesh Magow, group chief executive officer of MakeMyTrip.
"These drivers indicate that India's travel and tourism industry growth is expected to be higher than the country’s GDP growth rate. We aim to continue to drive our growth by capitalising on the shift from offline to online buying and expanding our customer base and wallet share."
Sales and marketing expenses for the quarter totaled $40 million, up 31% year-over-year. The company attributed the increase to a rise "in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the robust travel demand in India in the quarter."