Online travel aggregator MakeMyTrip’s net profit has surged by 13.1% YoY to $21 million in Q1 FY25 as compared to $18.59 million in the year-ago quarter.
The Gurugram-based business’ revenue surged by 31% YoY to $254 million in Q1 FY25 from $196 million in the quarter ended June 2023 as per the company’s filing.
MakeMyTrip cofounder and CEO Rajesh Magow said that the company’s growth will be spearheaded by “capitalizing on the shift from offline to online buying and expanding customer base and wallet share”.
He also commented, “We believe that the long-term growth story of India’s travel and tourism sector is fuelled by multiple macroeconomic drivers like increasing government investments in travel infrastructure, rising disposable incomes of the middle class, and increasing propensity to travel.”
$57.5 million in revenue came from air ticketing in Q1 FY25 which is 25.4% more than $45.8 million in Q1 FY24 while the revenue from hotels and packages vertical grew by 27.5% YoY from $115.1 million and accounted for $146.8 million in Q1 FY25.
The travel aggregator’s employee benefit costs jumped 12.9% from $33.8 million in Q1 FY24 to $38.2 million in Q1 FY25. Marketing and promotional cost also went up by 31.0% from $30.6 million to $40.1 million in the same period.
Revenue sourced from bus ticketing vertical grew by 17.2% from $24.9 million in the quarter ended June 2023 to $29.2 million in the quarter under review.
The Nasdaq-listed company’s gross bookings also widened by 21.6% YoY to $2.38 billion. The platform offers properties in more than 2,100 cities in India.
