MakeMyTrip Posts Strong Q4 Earnings Beat On Increased Travels

Indian online travel company MakeMyTrip Limited MMYT reported Q4 FY23 adjusted revenue of $166.1 million, up from $105.1 million a year ago, beating the consensus of $163.6 million.
Revenues benefited from a strong recovery in travel demand on the diminishing impact of the COVID-19 pandemic in India.
In constant currencies, revenue from the air ticketing business grew by 67.6% Y/Y in CC to $38.9 million, the hotels and packages business rose 98.1% in CC to $82.1 million, bus ticketing business increased by 63.3% Y/Y in CC to $18.9 million, and others business climbed 72.3% in CC to $8.6 million.
Gross bookings surged 65.4% Y/Y to $1.67 billion.
Adjusted operating profit improved significantly to $19.0 million from $12.0 million a year ago.
Adjusted EPS of $0.21 beat the consensus of $0.05.
MakeMyTrip held $486.7 million in cash and cash equivalents at the end of the year.
CEO Rajesh Magow said, "We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience."
Price Action: MMYT shares are trading lower by 2.65% at $25.86 on the last check Tuesday.

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