MakeMyTrip Q1 FY2024 Earnings: All-time-high bookings and profits due to strong travel demand
Robust earnings, strong bookings, and soaring air ticket sales have pushed MakeMyTrip’s stock up by 4.15% on Aug 2, 2023, at $32.91 per share. The company reported its revenue results for the first quarter of FY 2024, which was its strongest on record.
For a more in-depth view of MakeMyTrip’s earnings and share price performance, click here
MakeMyTrip Q1 FY 2024: Total Revenue
MakeMyTrip announced on Aug 1, 2023, its total revenue of $ 196,731 million, up by 38% YoY. The increase in total revenue was primarily due to elevated travel demand in India in the quarter ending June 2023, as compared to the last quarter ending June 2022. India’s travel demand rose as domestic air travel and outbound travel has recovered to pre-pandemic levels.
Subsequently, the total revenue growth was also a result of the 48% increase in the Air Ticketing segment and the 37% increase in the Hotel and Packages segment.
| Q1 FY 2023 | Q1 FY 2024 | YoY % change | |
| Total Revenue | $142,773 million | $196,731 million | 37.8% |
MakeMyTripQ1 FY 2024: Gross Bookings
MakeMyTrip delivered its strongest-ever quarter with all-time high gross bookings of $1,987.5 million, driven mainly by the Hotel&Packages and Airline Tickets segment indicating a positive financial year. This was mainly due to increased travel demand across consumer segments and a seasonally strong quarter for leisure travel. This success is a testament to the pent-up travel demand and the appeal of leisure travel during the summer season due to traditional summer holidays and family-planning trips, as seen in the surge in bookings.
| Q1 FY 2023 | Q1 FY 2024 | YoY % change | |
| Gross Bookings | $ 1,612.5 million | $1,987.5 million | 23.3% |
MakeMyTrip Q1 FY 2024: Segment Revenue Overview
The company’s Hotel and Packages segment delivered the highest revenue which was $115,215 million. This segment saw an increase of 37% YoY. This was primarily due to an increase in gross hotel bookings by 28.2% driven by a 20% increase in the number of hotel-room nights in the quarter ended June 30, 2023.
Air Ticketing was next in line when it came to contributing to the increase in total revenue. This segment generated $45,878 million and was up by 48% YoY. The surge in air ticketing is primarily attributed to a 22.8% rise in gross bookings which was mainly fueled by the 31.7% year-over-year increase in the volume of individual flight segments.
Bus Ticketing made $249,927 million this quarter and saw a 23% increase YoY. This was due to an increase in gross bookings by 17.0% driven by an 18.7% increase in the number of bus tickets traveled year over year, again primarily due to the sustained elevated travel demand in India in the quarter of June 2023 as compared to the last quarter.
More importantly, MakeMyTrip owns the bus travel platform RedBus and the travel platform Goibibo, which also add to the firm’s total bus ticketing and overall revenue respectively.
| Segments: | Q1 FY 2022 | Q1 FY 2023 | YoY % change |
| Hotel and Packages | $84,045 million | $115,215 million | 37.1% |
| Air Ticketing | $30,941 million | $45,878 million | 48.3% |
| Bus Ticketing | $20,307 million | $24,927 million | 22.8% |
| Others | $7,440 million | $10,711 million | 44.0% |
MakeMyTrip Q1 FY 2024: Net Profit
The company’s net profit increased to $18.6 million in Q1 FY24 versus a net loss of $10 million in Q1 FY23, reflecting strong improvement. This was also the strongest ever quarter with all-time-high profits.
| Q1 FY 2023 | Q1 FY 2024 | |
| Net Profit | -$10,009 million | $18,598 million |
MakeMyTrip Q1 FY 2024: Historical Share Price Performance
| 1 month | 6 months | 1-year | 5-years |
| 21.84% | 19.72% | 3.46% | -2.49% |
(As on Aug 2, 2023)