Startup
MakeMyTrip reports 9X jump in Q2 profit as travel continues to boom
MakeMyTrip on Wednesday reported a 9X jump in its second-quarter profit to $17.9 million led by a sharp rise in its air ticketing and hotels and packages business.
The travel service provider’s gross bookings jumped 24.3% to $2.26 billion in Q2 FY25, while revenue rose to $211 million from $168.7 million compared to a year ago.
“We are pleased to have achieved sustained growth in a seasonally slow quarter,” said Rajesh Magow, Group Chief Executive Officer (CEO) at .
In recent times, India has seen a stark increase in the number of passengers flying abroad and going on more domestic trips. According to a study by Phocuswright, a travel, tourism, and hospitality market research company, India’s total travel gross bookings increased by 72% to $33.2 billion in 2022, and the trend is expected to sustain.
For 2023, the company forecasts a similar double-digit increase in bookings.
The expansion of the middle class and youngsters on their first or second jobs, especially those who grew up consuming inspirational travel content, have contributed to the expansion of the travel and tourism industry in India, the report highlighted.
According to media reports, besides international travel, including countries like Vietnam that witnessed over a 100% increase in the number of Indian tourists over the last year, domestic tourism has revived from pandemic lows as well, the report stated.
“We continue to be positive about the long-term outlook of India’s travel and tourism market, and stay committed to further accelerating efforts to expand our supply partnerships and deepen engagement with our customers,” MakeMyTrips’ Magow added.