MakeMyTrip Limited, India’s leading travel service provider, announced its unaudited financial and operating results for its fiscal fourth quarter and full year ended March 31, 2023 as attached herewith and available at www.sec.gov/ and on their website at
Business & Financial Highlights | Q4 FY2023 & Full Year FY2023
- Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter. Gross Bookings for Q4 FY23 grew by 80.7% YoY in constant currency to $1.7 billion. FY23 Gross Bookings grew by 122% YoY in constant currency to $6.6 billion.
- Adjusted Operating Profit was $19.0 million in Q4 FY23, as compared to $12.0 million in Q4 FY22. FY23 Adjusted Operating Profit was $70.3 million, being the highest ever in our company’s history, as compared to $23.2 million in FY22, with YoY growth of 203.0%.
- Profit for the period was $5.4 million in Q4 FY23, as compared to a loss of $4.1 million in Q4 FY22. Loss for the year has reduced significantly; loss for FY23 was $11.2 million as compared to a loss of $45.6 million in FY22, being a reduction of $34.4 million.
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,
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% YoY constant currency growth in Gross Bookings. Our profitability expansion has also been significant, as we delivered a YoY increase of over 200% in Adjusted Operating Profit for the reported fiscal year 2023.
We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize 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.