MakeMyTrip posted a net profit of $24.2 million in Q3 FY24 compared to the corresponding quarter last year, when the online travel aggregator reported a net profit of $0.2 million, in light of a “seasonally strong quarter” the company said in a regulatory filing on Tuesday.

For the third quarter that ended December 31, 2023, its total revenue increased 26.9 per cent to $214.2 million against $170.5 million compared to the same time last year. 

Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, said, “During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations, leading to the highest-ever quarterly gross bookings, revenue, and profit for the group. We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure.”

The gross bookings of the company grew by 21.7 per cent year-on-year in constant currency to $2,088.3 million in Q3 of FY24 from $1,738.2 million in Q3 of FY23. The adjusted operating profit registered a growth of 69.5 per cent year-on-year and reached $33.4 million in Q3 of FY24 compared to $19.7 million in Q3 of FY23.  The “revenue from our air ticketing business increased by 34.8 per cent (36.4 per cent in constant currency) to $51.7 million in the quarter ended December 31, 2023, from $38.4 million in the quarter ended December 31, 2022,” MMT said. 

Whereas revenue from its hotels and packages business increased by 21.5 per cent to $125.5 million in the quarter ended December 31, 2023, from $103.3 million in the quarter ended December 31, 2022. 

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