MakeMyTrip Achieves Unprecedented Quarterly Revenue

India's leading online travel aggregator, MakeMyTrip, has reported its highest ever quarterly revenue, driven by a surge in travel within the country. The Nasdaq-listed company announced a profit of $27.1 million for Q3, marking a significant increase from $24.2 million in the same period last year. Revenue saw a 26.2% year-on-year growth in constant currency, reaching $267.4 million, up from $214.2 million in the previous fiscal year.

Strong Performance Across All Segments

Rajesh Magow, CEO of MakeMyTrip Group, highlighted the company's strong performance across all business segments. The gross booking value (GBV) in constant currency grew by 26.8% year-on-year, outpacing the growth rate of 22.9% in the first half of the year. The international outbound business, in particular, showed remarkable growth, with international air ticketing revenue increasing by over 32% year-on-year and international hotels revenue by over 63% year-on-year.

Accommodation Business and Future Outlook

The accommodation business also witnessed significant growth, with a notable uptick in demand across all price points and consumer segments. The last 10 days of December saw record check-ins, driven by the holiday season and demand related to MICE (Meetings, Incentives, Conferences, and Exhibitions) and weddings. Spiritual tourism is emerging as a key growth driver, with inbound bookings surpassing the 1,000+ room per day milestone during the quarter. Magow expressed optimism about the future, citing the robust growth of the Indian travel and tourism sector and the increasing proportion of international hotel business.