MakeMyTrip logs record quarterly gross bookings in Q3 FY24, net profit at $24.2 mn

New Delhi: Online travel company MakeMyTrip on Tuesday announced its highest-ever quarterly gross bookings in the third quarter (Q3) of FY24, with net profit reaching $24.2 million, from 0.2 million in the same quarter in last fiscal year.

Gross bookings grew by 21.7 per cent (year-on-year) to $2,088.3 million in Q3 FY24 from $1,738.2 million in Q3 FY23.

EBITDA grew by 105.6 per cent (YoY) to $29.4 million in Q3 FY24 compared to $14.3 million in Q3 FY23, said the company in a statement.

“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,” said Rajesh Magow, Group Chief Executive Officer, MakeMyTrip.

“From a consumer perspective, the growing disposable incomes of the middle class in India are expected to continue driving India’s travel and hospitality growth in the coming years. We remain committed to excellence and innovation, aiming to meet and exceed the diverse travel aspirations of the Indian consumers,” he added.

Adjusted operating profit registered growth of 69.5 per cent (YoY) and reached $33.4 million in Q3 FY24 compared to $19.7 million in Q3 FY23.

The online travel company saw a 1,806 per cent increase in searches for Ayodhya on the platform since the announcement of the inauguration.

The company recorded a 97 per cent growth in searches for spiritual destinations in the last two years.