MakeMyTrip Tops Q4 On Gradual Recovery Of Domestic Travel

Indian online travel company MakeMyTrip Limited MMYT reported fourth-quarter FY22 revenue growth of 15.1% year-on-year (CC) to $88.6 million beating the consensus of $83.6 million.
Revenue from the air ticketing business grew by 7.6% (CC) to $25.3 million, the hotels and packages business rose 22.0% (CC) to $45.1 million, bus ticketing business increased by 10.2% (CC) to $12.6 million, and others business climbed 10% (CC) to $5.5 million.
The increase in revenue was primarily due to the gradual recovery in domestic travel demand due to the diminishing impact of the COVID-19 pandemic in India.
Gross bookings surged 33.3% Y/Y to $1 billion.
Adjusted operating profit improved to $12.0 million from $11.1 million a year ago.
Adjusted EPS of $0.08 beat the consensus loss of $(0.14).
MakeMyTrip held $477.5 million in cash and equivalents.
CEO Rajesh Magow said, “Consumer sentiment remains strong, especially for leisure travel, and we hope to observe demand momentum for domestic travel by the first half of fiscal year 2023 and for international travel by the second half of fiscal year 2023.”
Price Action: MMYT shares closed lower by 3.3% at $25.18 on Tuesday.