MakeMyTrip Q1: Profit Slides 65% YoY To $9.1 Mn
As its India IPO plans take shape, travel tech major MakeMyTrip’s (MMT) consolidated net profit for the three months ended…
MakeMyTrip's net profit contracted by 65% year-over-year to $9.1 Mn in the first quarter of FY27, as the travel technology company grappled with macroeconomic headwinds. Revenue, however, climbed 6% to $285.6 Mn, with domestic travel activity partially offsetting the impact of a weaker rupee and conflicts in West Asia. CEO Rajesh Magow credited the diversified range of products and services on the company's platform for delivering strong results despite the challenges.
The air ticketing segment saw a 7.5% YoY decline, driven by weaker international demand, while the hotels and packages segment, the company's main revenue earner, expanded 6.7% to $151.2 Mn. Bus ticketing revenue surged 15.9% to $44.9 Mn. Despite the revenue growth slowdown, MakeMyTrip's gross bookings surged 19.9% year-over-year in constant currency to $2.85 Bn, buoyed by gains across its key business units.
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