MakeMyTrip announced Strong year on year Revenue and Operating Performance in its fiscal second quarter

October 31, 2023 (NASDAQ: MMYT) ? MakeMyTrip Limited, India?s leading travel service provider, announced its unaudited financial and operating results for its fiscal second quarter ended September 30, 2023.

? Travel demand continues to be robust across categories. We witnessed strong growth both in terms of Gross Bookings and profitability despite the second quarter of fiscal year being a seasonally weaker quarter for leisure travel. For Q2 FY24, Gross Bookings grew by 23.8% YoY in constant currency to $1.8 billion from $1.5 billion in Q2 FY23.
? Adjusted Operating Profit was $28.2 million in Q2 FY24, as compared to $15.1 million in Q2 FY23 registering growth of 86.8% YoY.
? EBITDA for Q2 FY24 was $13.5 million, as compared to $10.7 million for Q2 FY23. Profit in Q2 FY24 was $2.0 million, as compared to a loss of $6.8 million in Q2 FY23.
? On October 31, 2023, our wholly-owned subsidiary, MakeMyTrip (India) Private Limited, entered into an
agreement to acquire a majority interest in Savaari Car Rentals Private Limited, provider of inter-city car rental services in India. The transaction is expected to be completed prior to December 31, 2023. This acquisition is intended to expand our presence in the inter-city car rental market in India.

Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, ?While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year-on-year revenue growth and expansion in Adjusted Operating Profit. Our
innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth.

Company :-Avian WE

User :- Suhani Bakshi

Email :-suhanib@avianwe.com