MakeMyTrip's Q4 profit jumps multifold to $172 mn on tax credit gains

Nasdaq-listed MakeMyTrip Ltd on Wednesday reported a multi-fold jump in profit at $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 $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 $126.1 million on recognition of deferred tax assets and a one-time gain of $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 $2,039 million as compared to $1,673.9 million in the year-ago period, it added.

 

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

Gross bookings for FY24 stood at $7,954.4 million as against $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.