Leading online travel company MakeMyTrip (MMT) has announced its unaudited financial and operating results for Q4, and the full fiscal year ended March 31, 2022. It revealed that the gross bookings in FY22 grew by 95.9 per cent Year-on-Year (YoY) to approximately USD 3.2 billion, Q4 gross bookings exceeded USD 1 billion and grew by 37 per cent YoY despite headwinds from the Omicron variant and inflationary pressures.
In the earnings release, MMT highlighted that the long-term cost rationalisation helped it deliver significant improvement in Adjusted Operating Profit (AOP) despite lower gross bookings in FY22 as compared with FY20 (pre-pandemic year). AOP in FY22 was recorded at USD 23.2 million compared to Adjusted Operating Loss of USD 18.0 million in FY21 and to Adjusted Operating Loss of USD 69.9 million in FY20 (pre-pandemic year).
It further mentioned that gross bookings from the corporate travel business during FY22 grew by 266.7 per cent YoY, driving contribution from the company’s non-B2C businesses to high single-digit. Last month, MMT acquired a majority stake in foreign exchange service provider BookMyForex.Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “Our long-term cost rationalisation helped us post full-year Adjusted Operating Profit of USD 23.2 million and Q4 Adjusted Operating Profit of USD 12.0 million in a year where business was impacted particularly due to both the Delta and Omicron variants of Covid-19. Consumer sentiment remains strong, especially for leisure travel and we hope to observe demand momentum for domestic travel by the first half of the fiscal year 2023 and for international travel by the second half of the fiscal year 2023.”