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New Delhi, Nov 1
Gurugram-based online travel agency MakeMyTrip (MMT) narrowed net loss to $6.7 million for the quarter ended September 30, 2022. Losses in the year ago period stood at $8.02 million.
The company, however, saw a sharp 95 per cent jump in total revenue to $131.2 million for the September quarter. Turnover in the year-ago-period was $67.4 million.
The Nasdaq-listed company in a filing said, gross bookings stood at $1,541.7 million in Q2; versus $734.1 million in the corresponding period last year.
The company’s air ticketing revenue stood at $39.6 million up 86 per cent YoY; while hotels and packages revenue improved to $68.2 million, up 103.5 per cent. The bus ticketing revenues improved to $16.1 million; up 92 per cent. Other revenue improved to $7.3 million, up 70 per cent.
Rebound in travel
According to Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, travel continues to rebound on the back of waning Covid-19 infections and positive consumer sentiment.
“We witnessed strong performance both in terms of revenue and profitability in a seasonally weak quarter. As a leading travel service provider, we continue to garner a major share of travel demand on the back of our robust multi-product platform and customer-first approach,” he said.
MakeMyTrip in its filing said, the company had acquired an additional equity interest in Simplotel Technologies Private Limited - a SaaS technology provider for hotels with e-commerce solutions that help hotels grow their direct bookings - for $3.9 million. It now holds an equity interest of 64.8% in the firm.
The company in its filing added that, personnel expenses increased by 12.3 per cent to $33.5 million in the quarter ended September 30, 2022 primarily due to annual wage increases effected in the quarter ended June 30. Marketing and sales promotion expenses increased by 113.5 per cent to $24.8 million during the quarter .
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