NASDAQ-listed travel booking platform MakeMyTrip on Wednesday reported a net profit of $29.2 million during the March quarter.
The company reported a net profit of $171.9 million in the January-March quarter of the previous financial year. However, last year’s profit included a one-time net credit of $126.1 million on recognition of deferred tax assets and a one-time gain of $30.6 million due to the change in carrying value of its convertible notes due 2028 measured at amortised cost.
Excluding these one-time gains, profit during the fourth quarter of FY24 was $15.2 million, said.
Gross bookings grew 30.4 per cent in constant currency to $2,553.1 million from $2,039.0 million a year earlier, MakeMyTrip said.
Revenue as per IFRS (International Financial Reporting Standards) grew 25.6 per cent year-on-year in constant currency to $245.5 million from $202.9 million.
Besides, adjusted operating profit registered a growth of 37.9 per cent and reached $44.7 million during the quarter under review compared to $32.4 million a year ago.
MakeMyTrip Group Chief Executive Officer Rajesh Magow said: “We delivered record gross bookings and revenue this fiscal year with robust growth and expanding margins underscoring the strength of our platform, the popularity of our brands, and the sustained momentum in both domestic and international travel demand.
“Our investments in new demand segments and personalized customer experiences across our platform have helped us grow our customer base as well as drive high repeat bookings.”
