City
Epaper

MakeMyTrip logs $70.3 mn operating profit in FY23, highest-ever in its history

By IANS | Published: May 16, 2023 6:39 PM

New Delhi, May 16 Leading travel service provider MakeMyTrip on Tuesday said the gross bookings for fiscal year ...

Open in App

New Delhi, May 16 Leading travel service provider MakeMyTrip on Tuesday said the gross bookings for fiscal year FY23 grew by 122 per cent (year-on-year) to reach $6.6 billion with adjusted operating profit at $70.3 million, a growth of 203 per cent (YoY) and highest-ever for the company.

The gross Bookings for Q4 grew by 80.7 per cent YoY in constant currency to $1.7 billion. Adjusted operating profit was $19 million in Q4, as compared to $12 million in Q4 FY22.

The company registered $5.4 million profit in Q4 FY23, as compared to a loss of $4.1 million in Q4 FY22.

MakeMyTrip said that the loss for FY23 was $11.2 million as compared to $45.6 million in FY22, being a reduction of $34.4 million.

"We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023. We capitalized on this trend to deliver strong results with over 120 per cent YoY constant currency growth in gross bookings," said Rajesh Magow, Group CEO, MakeMyTrip.

He said that the strategy of investing in the right areas coupled with "our initiatives to optimise certain costs has helped us to preserve and strengthen our moat".

"We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience," Magow added.

The online travel company last week collaborated with Microsoft to make travel planning more inclusive and accessible by introducing voice assisted booking in Indian languages.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: MakeMyTripRajesh magowmicrosoftMicrosoft TheaterMicrosoft IndiaMicrosoft HololensMicrosoft TeamsMicrosoft OfficeMicrosoft ResearchMicrosoft AzureMicrosoft Azure CloudMicrosoft Research India
Open in App

Related Stories

TechnologyMicrosoft 365 Service Down: Thousands Affected, According to Down detector

TechnologyMicrosoft Layoffs: Windows Maker Sacks 650 Xbox Employees in Latest Round of Job Cuts

TechnologyTech Layoffs in July 2024: Microsoft, Intel, Dyson Among Others Sack Over 1 Lakh Employees

InternationalUS Issues Warning on Microsoft Outage, Nadella Says Working To Bring Systems Back Online

InternationalGlobal Microsoft IT Issue Causes Major Disruptions at German Airports Including BER

Technology Realted Stories

TechnologyCzech antitrust agency denies Westinghouse, EDF complaints over KHNP's nuclear deal

TechnologyNow filter chats with customised lists on WhatsApp

TechnologyGoogle expands split-screen Gemini functionality to more devices

TechnologyBPL Group Chairman T.P.G. Nambiar Passes Away, Top Leaders Express Condolences

TechnologyS. Korea conducts 1st interagency field training against space debris risks