Leading online travel agency in India MakeMyTrip registers highest ever quarterly profits, boosted by a 31 pc rise in its gross bookings during the period.

As it released the financials for the first quarter of the current fiscal, MakeMyTrip, a leading online travel agency in India, has reported its best ever performance.

In a press statement, the travel agency says that in the period April 1-June 30, 2023, it recorded gross bookings of USD 1987.5 million, a spike of 31.4 pc over the USD 1612.5 million recorded in Q1 FY23.

It registered an EBITDA of USD 25.9 million in Q1 FY24, up from USD 11.2 million recorded in the corresponding period last year. In terms of net profit, the company says it recorded quarterly profits of USD 18.6 million, as against a net loss of USD 10 million last year.

The company says that travel demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high gross bookings in the company’s history.

“We have started the new financial year on a positive note, delivering our strongest ever quarter with all- time high gross bookings and profits. Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel. The depth of travel-related offerings and quality customer experience that we deliver, powered by robust technology and product innovations, along with our strong brand are helping us cater to the evolving consumer preferences and stay ahead of the market,” says Rajesh Magow, Group Chief Executive Officer, MakeMyTrip.