MMT reports quarterly adjusted operating profit of $16.5 million for quarter ended June 30

MakeMyTrip has reported an adjusted operating profit of $ 16.5 million for the quarter ended June 30, compared to an adjusted operating loss of $8.6 million in quarter one of financial year 2022 . The company reported gross bookings of $ 1.6 billion that grew by 487.5% year on year and 63.3% quarter on quarter.

The company said its ‘strong’ recovery is attributable to increased demand for travel during the summer holiday season, and pent‐up demand for leisure travel.

“Even on a quarter on quarter basis, gross booking growth was 63.3% indicating continued strong recovery momentum,” the company said in a statement.

MakeMyTrip said its adjusted operating profit of $16.5 million in quarter one of financial year 2023 compared to an adjusted operating loss of $8.6 million in quarter one of financial year 2022 is primarily due to its long‐term cost rationalisation measures and the ‘strong operating leverage’ of its business.

Rajesh Magow, group CEO, MakeMyTrip, said the company witnessed strong recovery during the first quarter of fiscal year 2023, largely attributable to increased demand for travel during the summer holiday season and pent‐up demand for leisure travel.

“While consumer sentiment for travel remains extremely positive, high aviation fuel prices leading to increased air fares continue to impact the recovery of the travel market compared with pre‐pandemic levels, particularly with

respect to international travel,” he added.

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