Online travel company MakeMyTrip on Tuesday reported a lower adjusted operating loss of Rs 78 crore ($11 million) for the third quarter. The company also announced elevation of Rajesh Magow as the group chief executive officer while founder Deep Kalra will take up the role of executive Chairman.

For the corresponding period in the previous financial year, MakeMyTrip had reported a loss of $22.2 million, the company said in a statement.

MakeMyTrip Group; which owns and operates popular travel brands MakeMyTrip, Goibibo and redBus; achieved record quarterly gross bookings of over $1.7 billion, a constant currency growth of nearly 19 percent.

This represents nearly $4.9 billion in gross bookings and constant currency growth of over 21 percent for the nine months of financial year 2020.

Third quarter adjusted revenue also reached a new quarterly high of $206.7 million. For the nine months of this financial year, adjusted revenue reached $586.2 million, with a constant currency growth of over 16 percent year-on-year.

The company recorded bookings of nearly 8.3 million room nights in its standalone online hotels business during Q3. This represents a year-on-year growth of more than 21 percent and a reacceleration in volume growth from the previous two quarter.

MakeMyTrip founder Deep Kalra said: “We believe that separating the roles of Group CEO and executive chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market leading position in our existing businesses.”

“Over the last six years, Rajesh has been credited with navigating our India business through varied competitive dynamics and championing the growth of our diversified revenue streams.”

Magow has successfully integrated the Ibibo Group and helped to capitalise on significant synergies across the brands and teams, said Kalra.

The company said that the transition will also help Deep Kalra devote full time and focus to strategic initiatives for the company, which would include product innovation and expansion, geographic growth, business model innovation and corporate development.

According to the company, separating the roles of Group CEO and executive chairman will allow it to focus on long-term strategic opportunities within and outside India, while maintaining its market leading position in its existing businesses.

First Published:Feb 11, 2020 8:48 PM IST