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Ahead of the Union Budget, MakeMyTrip co-founder and Group CEO Rajesh Magow on Monday said the hospitality sector's long-pending demand for an "industry status and continued focus on infrastructure development to ensure last-mile connectivity are crucial to realising its full potential. In an interview with PTI, Magow shared his wishlist for the Union Budget for 2025-26, to be presented on February 1. "The hope is that it should be growth-oriented budget, which effectively should set the tone for pretty much every sector, including travel and tourism sector for us as well. And within that, you know, the long pending demand of the hospitality sector, on getting the industry status continues to remain, and I think, and it's an important one, for the overall industry," Magow said. Asserting that the government has been doing a "great job" of allocating more funds towards infrastructure development, he said it is important to keep up with the pace of allocation as well as ...
The number of Indians travelling abroad in a year twice or more has gone up 32 per cent, according to a report released on Tuesday. Maharashtra, Karnataka, and Delhi lead the charts for international travel searches, as per the 'How India Travels Abroad' Report by travel booking platform MakeMyTrip. The report covered the period between June 2023 and May 2024. Popular destinations such as the UAE, Thailand, and the US, top the chart of the destinations that Indians love to travelling to, with Kazakhstan, Azerbaijan, and Bhutan leading the emerging destinations chart. A key finding from the report suggests that international travel search volumes remain relatively steady across all seasons, with December being the most active month for international travel searches. Rajesh Magow, Co-founder and Group CEO, MakeMyTrip, said, "With rising disposable incomes, greater exposure to global cultures, and the increasing ease of travel, more Indians are exploring both domestic and internationa
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 th