MakeMyTrip Posts USD 21 Million Profit in Q1 - Travel Industry News

New Delhi, Jul 23 (PTI) Nasdaq-listed online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of USD 21 million for the June quarter.

The company said its June quarter profit included income tax expenses of USD 8.5 million due to a reversal of the deferred tax assets.

In the first quarter of the last fiscal, the company had posted a profit of USD 18.6 million.

Revenue as per IFRS grew 31.4 per cent year-on-year in constant currency to USD 254.5 million during the first quarter of the current fiscal from USD 196.7 million a year earlier, MakeMyTrip said in a statement.

MakeMyTrip Group CEO Rajesh Magow said the company has witnessed a robust start to this fiscal year.

"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," he said, adding that these drivers indicate that India's travel and tourism industry growth is expected to be higher than the country's GDP growth rate.