MakeMyTrip beats on strong demand for air tickets, packages
MakeMyTrip , the largest online travel booking company in India, posted quarterly results that beat market expectations on higher demand for air tickets and hotel and holiday packages
Air ticketing revenue grew by more than half to USD 20.9 million, while revenue from its hotels and packages business increased 48 percent to USD 25 million. Overall revenue rose 50% in the fourth quarter to USD 47 million.
Net income jumped to USD 6.2 million, or 16 cents per share, from USD 3.7 million, or 10 cents a share, a year earlier.
Excluding items, the company earned 8 cents a share. Analysts on average were expecting earnings of 6 cents a share, according to Thomson Reuters I/B/E/S.
Revenue, less service costs, grew about 29% to USD 22.1 million, beating Street estimate of USD 20.8 million.
Shares of the company closed at USD 16.89 on Wednesday on Nasdaq.