MakeMyTrip Q1 results: Net profit soars to 18.6 million, EBITDA at $25.9 million

The company had reported a loss of USD 10 million in Q1FY23

NASDAQ-listed travel services platform MakeMyTrip on Tuesday reported an EBITDA of USD 25.9 million in the first quarter of FY24 ended June.

The company had reported an EBITDA of USD 11.2 million in the year-ago period.

In a statement, the company said that demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high gross bookings in the company's history.

For Q1FY24, gross bookings grew by 31.4 per cent YoY in constant currency to USD 2 billion, the company added.

It stated that the adjusted operating profit was USD 30.1 million in Q1 FY24, as compared to USD 16.5 million in Q1 FY23, registering a growth of 83 per cent YoY.

"EBITDA was USD 25.9 million in Q1 FY24, witnessing a growth of 131.7 per cent YoY. EBITDA margin was at 13.2 per cent for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year," MakeMyTrip stated.

Profit for the period was USD 18.6 million in Q1 FY24 as compared to a loss of USD 10 million in Q1 FY23, it added.

EBITDA, a measurement of a company's earnings, stands for earnings before interest, taxes, depreciation and amortization. PTI RSN HVA