- Date : 18/05/2023
- Read: 3 mins
Breaking records: How did MakeMyTrip generate a staggering $5.4 million net profit in the fourth quarter? To know more, read this article.
- Record-breaking annual gross bookings with 122% YoY growth.
- Q4 net profit of $5.4 million, turnaround from last year's loss.
- Impressive 80.7% YoY growth in gross bookings.
- Highest-ever adjusted operating profit of $70.3 million in FY2023.
Prepare for an exhilarating journey through the financial triumphs of MakeMyTrip! In a remarkable turn of events, the online travel giant has shattered records, achieving the highest-ever annual gross bookings, showcasing a staggering growth rate of 122 percent year-on-year. Brace yourself for even more astounding news as MakeMyTrip reveals its fourth-quarter results, including an extraordinary net profit of $5.4 million. With such impressive numbers, the burning question arises: Will this strong surge in bookings growth push MakeMyTrip's share price to new heights? Join us as we unravel the thrilling tale of MakeMyTrip's Q4 results and explore the exciting possibilities that lie ahead.
Some highlights from the recently declared results are given below:
How has the company performed in terms of profit and loss?
MakeMyTrip, the online travel firm, announced its financial results for the fourth quarter, which concluded on March 31, 2023. The company reported a notable turnaround, with a net profit of $5.4 million in Q4 compared to a loss of $4.1 million in the same period last year. Additionally, MakeMyTrip shared that for the entire fiscal year ending March 31, 2023, their losses significantly decreased to $11.2 million compared to $45.6 million in the previous fiscal year (FY22).
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What is the position of the company with respect to gross bookings?
MakeMyTrip, a Nasdaq-listed firm, has achieved impressive growth in gross bookings for the current quarter and the entire fiscal year. In the current quarter, gross bookings increased by 80.7 percent year-on-year in constant currency, reaching $1.7 billion. Moreover, MakeMyTrip reported the highest-ever annual gross bookings in FY23, with a remarkable 122 per cent year-on-year growth in constant currency, totalling $6.6 billion.
What is the position of the company with respect to adjusted operating profit?
The company reported an adjusted operating profit of $19.0 million in the current quarter, a notable increase from the $12.0 million achieved in the same period last year. Moreover, their fiscal year 2023 recorded an impressive adjusted operating profit of $70.3 million, marking the highest-ever in the company's history. This figure demonstrates a remarkable growth rate of 203 per cent compared to the $23.2 million recorded in fiscal year 2022.
Expectations of Group CEO about the future
Mr. Rajesh Magow, CEO, expressed satisfaction with their strategy of investing in the appropriate sectors and their efforts to streamline expenses, stating that it has enabled them to maintain and reinforce their competitive advantage. He further emphasised that they are in a favourable position for the upcoming fiscal year, as they have a robust lineup of innovative products aimed at enhancing the overall customer experience.
Based on MakeMyTrip's impressive financial results, including significant improvements in profit, gross bookings, and adjusted operating profit, coupled with the positive outlook from the Group CEO regarding their strategy and product innovation, it appears that MakeMyTrip could be a promising investment option.
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice.