Online travel services provider MakeMyTrip on Tuesday (August 1) reported a net profit of $18.6 million for the first quarter that ended June 30, 2023. In the corresponding quarter last year, MakeMyTrip posted a net loss of $10 million, the company said in a press release.

The total revenue stood at $196.7 million during the period under review, up 37.8 percent against $142.7 million in the corresponding period of the preceding fiscal.

At the operating level, EBITDA stood at $25.9 million in the first quarter of this fiscal over $11.2 million in the corresponding period in the previous fiscal, the company said.

The EBITDA margin was at 13.2 percent for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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In the first quarter of FY24, gross bookings grew by 23.3 percent year-on-year to $1.98 billion against $1.61 billion as travel demand for both leisure and business travel witnessed strong growth, leading to all-time high gross bookings.

During the first quarter, gross bookings grew by 31.4 percent year-on-year in constant currency to $2.0 billion. Adjusted operating profit was $30.1 million in the first quarter of FY24, as compared to $16.5 million in Q1 of FY23 registering a growth of 83.0 percent year-on-year.

Rajesh Magow, group chief executive officer of MakeMyTrip, said, "We have started the new financial year on a positive note, delivering our strongest ever quarter with all-time high gross bookings and profits. Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel."

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