Friday, April 19, 2024
Outlook.com
Outlook India
Outlook Business

MakeMyTrip Posts $5.4 Million Profit For January-March Quarter

Gross bookings in the fourth quarter were at $1,673.9 million as compared to $1,012.3 million

MakeMyTrip Posts $5.4 Million Profit For January-March Quarter

Press Trust Of India

POSTED ON May 17, 2023 10:05 AM

Online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of $5.4 million in the fourth quarter ended March 31, 2023.
    
The NASDAQ-listed firm had posted a loss of $4.1 million in the same quarter of the previous fiscal, MakeMyTrip Ltd said in a statement.
    
Gross bookings in the fourth quarter were at $1,673.9 million as compared to $1,012.3 million, it added.
    
Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter, the company said.
    
For the fiscal ended March 31, 2023, the loss has reduced significantly to $11.2 million as compared to a loss of $45.6 million in FY22, it said.
    
FY23 gross bookings stood at $6.6 billion as compared to $3.19 billion in FY22.
    
"We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023," MakeMyTrip Group CEO Rajesh Magow said.
    
He further said, "We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat."
    
On the outlook,  Magow said, "We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience."
 

  • Related Articles

    The cloud-based customer enterprise resource planning (ERP) software has helped BigBasket to enhance its operational efficiency, streamline the processes, and significantly cut costs thereby saving...

    BigBasket Secures Capex Procurement ERP Software From Zoho Corp

    Livspace and HomeLane both help their customers to furnish and install fixtures in their apartments

    Livspace Is In Talks To Acquire HomeLane: Report

    In an exchange filing, the company said that Gupta will be responsible to lead verticals of lending, insurance, payments

    Paytm Elevates Bhavesh Gupta As Chief Operating Officer And President