MakeMyTrip (MMYT) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly and annual gross bookings, with Q1FY25 gross bookings at $2.4 billion (up 22% YoY in constant currency) and FY24 gross bookings at $7,954 million, reflecting strong business recovery and growth post-pandemic.

• Adjusted operating profit reached $39.1 million in Q1FY25 (up 30% YoY), and FY24 adjusted operating profit was $124.2 million, a threefold increase over FY23.

• Lifetime transacted user base exceeded 75 million, with loyalty program enhancements and improved operating metrics.

• Maintains leading market share in India's online travel sector, with diversified offerings and robust brand awareness.

• Revenue grew 29.4% YoY to $254.5 million in Q1FY25, driven by strong domestic and international travel demand.

Financial highlights

• Q1FY25 revenue reached $254.5 million (up 31.5% YoY in constant currency), with gross bookings at $2,380.4 million (up 21.6% YoY).

• Adjusted operating profit for Q1FY25 was $39.1 million, and adjusted net profit rose 32.6% YoY to $44.5 million.

• FY24 gross bookings were $7,954 million, and cash and cash equivalents stood at $676 million as of June 30, 2024.

• Air ticketing revenue in Q1FY25 was $89.1 million (+21.2% YoY), hotels & packages $107.3 million (+27.3% YoY), and bus ticketing $32.4 million (+20.7% YoY).

• Net cash from operating activities was $72.3 million in Q1FY25.

Outlook and guidance

• Margins expected to remain stable for FY25, with gradual improvement to 1.8%-2% over the next 3-5 years.

• Expects continued growth driven by India's digital expansion, rising incomes, and government infrastructure investments.

• Online travel market projected to grow 5x from $12 billion in 2022 to $60 billion by 2030.

• Focus on leveraging technology, expanding international presence, and increasing share in corporate travel.

• Domestic air supply expected to improve in the second half of the year as new aircraft deliveries ramp up.