NEW DELHI: India’s largest
online travel agency
, MakeMyTrip, has reported its higher-ever
quarterly profit
at Rs 1,423 crore in
Q4
FY 24, up 3,062% from Rs 45 crore in the same period in the previous fiscal. MMT reported a
profit
of Rs 1,794 crore last fiscal year, as opposed to a loss of Rs 93 crore in the previous fiscal year.
MMT co-founder & group CEO
Rajesh Magow
said: “Our international air ticketing business registered a growth of 33% YoY in this quarter (Q4, FY 24), while we continue to maintain our market share of over 30% in the domestic air business… we expect the domestic supply situation to gradually start improving from the second half of the upcoming financial year.”
He added that the OTA’s accommodation business witnessed 41% YoY growth.
“The outlook for hospitality in India continues to be strong with most global and local chains have shared ambitious targets of signing more properties, especially in Tier 2 / 3 cities. In the last couple of quarters, large domestic and international chains have announced plans to add over 650 properties in India on a current base of over 1,000 properties, we expect strong additions in hotel inventory across categories in the future. We continue to increase our supply; we now have 84,000+ sellable properties on our platform with an unmatched penetration covering over 2,000+ cities in India. Our International outbound business continues to scale, during the quarter, we sold room nights spread across about 25K hotels in over 156 countries outside India. We will continue to dial up direct contracting in international geographies frequented by Indians in the new financial year,” he said.
