MakeMyTrip's Adjusted Operating Profit More Than Doubles To $15 Million In Second Quarter

Online travel service provider MakeMyTrip Ltd on Tuesday reported an over two-fold rise in adjusted operating profit at USD 15.1 million for the second quarter ended September 30, 2022.
     
The NASDAQ-listed firm had posted an adjusted operating profit of USD 6.6 million in the same quarter a year ago.
     
Gross bookings also increased over two-fold to USD 1.5 billion from USD 734.1 million in the year-ago period.
     
Improving domestic travel demand helped in achieving strong growth even in a seasonally weak quarter, MakeMyTrip said in a statement.
     
"Travel continues to rebound on the back of waning COVID-19 infections and positive consumer sentiment. We witnessed strong performance both in terms of revenue and profitability in a seasonally weak quarter," MakeMyTrip Group CEO Rajesh Magow said.
     
Revenue from the air ticketing business was at USD 75 million as against USD 38.6 million in the second quarter last fiscal, the company said.
     
Similarly, hotels and packages clocked revenue of USD 57.4 million, up from USD 35.5 million in the same period a year ago, while bus ticketing also also saw higher revenue at USD 16.9 million as compared to USD 7.9 million, it added.