MakeMyTrip Reports USD 171.9 mn Q4 Profit

New Delhi, May 15 (PTI) Nasdaq-listed MakeMyTrip Ltd on Wednesday reported a multi-fold jump in profit at USD 171.9 million in the March 2024 quarter, aided by gains on tax credit and convertible notes value.

The company had posted a profit of USD 5.4 million in the same quarter previous fiscal, MakeMyTrip said in a statement.

Profit for the fourth quarter included a one-time credit of USD 126.1 million on recognition of deferred tax assets and a one-time gain of USD 30.6 million due to the change in carrying value of the company's convertible notes due 2028 measured at amortised cost, it added.

Gross bookings in the quarter stood at USD 2,039 million as compared to USD 1,673.9 million in the year-ago period, it added.

In FY24, profit was at USD 216.7 million. The company had posted a loss of USD 11.2 million in FY23.

Gross bookings for FY24 stood at USD 7,954.4 million as against USD 6,566.2 million in FY23, the company said.

"Our strategy to serve millions of our customers and first-time travellers through a comprehensive portfolio of travel and ancillary products with personalised experiences is yielding results.

"It has helped us deliver strong growth in a quarter that is typically a seasonally slower period for leisure travel," MakeMyTrip Group Chief Executive Officer Rajesh Magow said.

Indians are embracing the call to travel with a newfound enthusiasm with both leisure and business-related travel demand in the country having crossed pre-pandemic levels, he added.

"...we have bounced back stronger from the COVID-19 pandemic by posting our best-ever financial performance during fiscal year 2024 in terms of both gross bookings and profit," Magow said.