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MakeMyTrip's Q3 EBITDA Grows By 106 Per Cent YoY To $29.4 Million

Its gross bookings reached $2,088.3 million in Q3 FY24, up from $1,738.2 million in Q3 FY23

MakeMyTrip's Q3 EBITDA Grows By 106 Per Cent YoY To $29.4 Million
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Outlook Start-Up Desk

POSTED ON January 23, 2024 9:17 PM

Announcing its Q3 unaudited financial results for FY2023-24, travel aggregating platform MakeMyTrip Limited witnessed a substantial growth of 21.7 per cent Year-over-Year (YoY) in constant currency. Its gross bookings reached $2,088.3 million in Q3 FY24, up from $1,738.2 million in Q3 FY23.

The company claimed that this was its highest-ever quarterly gross bookings, revenue and profit, showcasing remarkable success in key performance indicators. It attributed this performance to robust travel demand during the seasonal quarter. 

MakeMyTrip's adjusted operating profit demonstrated a substantial YoY growth of 69.5 per cent, reaching $33.4 million in Q3 FY24 compared to $19.7 million in Q3 FY23. According to International Financial Reporting Standards (IFRS), the company's revenue experienced a significant YoY growth of 26.9 per cent in constant currency, amounting to $214.2 million in Q3 FY24 compared to $170.5 million in Q3 FY23. Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) showcased a YoY growth of 105.6 per cent, reaching $29.4 million in Q3 FY24, surpassing the $14.3 million reported in Q3 FY23.

Talking about these results, 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."

He further emphasised the promising outlook for India's travel and tourism sector, citing increased government investments in travel infrastructure and the growing disposable incomes of the middle class as driving forces for continued growth in the industry.

"We remain committed to excellence and innovation, aiming to meet and exceed the diverse travel aspirations of Indian consumers," added Magow, outlining the travel services provider's dedication to delivering exceptional services and staying at the forefront of the evolving travel industry.

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