MakeMyTrip logs $70.3 mn operating profit in FY23

NEW DELHI: 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.

The new, in-platform tech stack powered by Microsoft Azure OpenAI Service and Azure Cognitive Services, will converse with the user to offer personalised travel recommendations based on their preferences and curate holiday packages.