MakeMyTrip Reports Profit Surge in June Quarter

Nasdaq-listed online travel service provider MakeMyTrip Ltd recorded a profit of USD 21 million for the June quarter, a rise from USD 18.6 million in the prior year's quarter. Revenues increased by 31.4% year-on-year, driven by macroeconomic factors that indicate strong growth in India's travel and tourism sector.

Nasdaq-listed online travel service provider MakeMyTrip Ltd on Tuesday announced a profit of USD 21 million for the June quarter, showing an improvement from USD 18.6 million in the same quarter last year.

The profit figure includes income tax expenses of USD 8.5 million due to a reversal of deferred tax assets. The company's revenue, calculated in constant currency under IFRS, surged by 31.4% year-on-year to USD 254.5 million compared to USD 196.7 million in the corresponding period a year earlier.

Rajesh Magow, the Group CEO of MakeMyTrip, emphasized the strong start to the fiscal year, attributing long-term growth to increased government investment in travel infrastructure, rising disposable incomes, and a higher propensity to travel among the middle class. He suggested that these factors would lead India's travel and tourism sector to outpace the national GDP growth rate.

(With inputs from agencies.)