MakeMyTrip is seeing “robust” quarter-on-quarter growth as it continues recovery from the pandemic, said a report in Phocuswire.
The India-based online travel agency reported gross bookings of $1.16 billion for its fiscal first quarter of 2023 compared with fiscal Q1 2022 when gross bookings were $287 million. The company’s air ticketing revenue increased to $31 million in the quarter ended June 30, 2022, more than doubling from the $15 million reported in MakeMyTrip’s Q1 2022.
Hotels and packages also saw significant improvement with revenue of $84 million for the quarter versus $11 million in Q1 2022. Adjusted operating profit for the company came in at $16.5 million for the quarter compared to an operating loss of $9 million year-on-year. The company’s loss for the quarter was $10 million versus an almost $25 million loss reported in the first quarter of 2022.
“We witnessed strong recovery during the first quarter of fiscal year 2023, largely attributable to increased demand for travel during the summer holiday season and pent-up demand for leisure travel,” says Rajesh Magow, group chief executive.
“While consumer sentiment for travel remains extremely positive, high aviation fuel prices leading to increased air fares continue to impact the recovery of the travel market compared with pre-pandemic levels, particularly with respect to international travel. Our comprehensive suite of travel offerings, along with the strength of our brands, makes us the preferred choice for customers in India, helping us to achieve our aim of profitable growth.”
He also said it was “heartening” to see the recovery in travel sentiment and behavior after two years of the pandemic.
The company highlighted the continued opportunity for growth in its homestays segment – although it has been adding hundreds of properties every quarter across property categories – and that bookings are also very encouraging.
Magow also said the company is seeing strong recovery in domestic leisure travel, but international recovery is lagging. Corporate travel is expected to continue to pick up in the coming quarters as work patterns return to normal.
