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Indian online travel company MakeMyTrip Limited (NASDAQ:MMYT) reported fiscal fourth-quarter 2024 adjusted revenue of $212.53 million, up from $166.11 million a year ago, beating the analyst consensus estimate of $197.42 million.
Adjusted EPS of $0.38 beat the analyst consensus estimate of $0.20.
Revenues benefited from sustained elevated travel demand in India for domestic and international outbound travel.
In constant currencies, revenue from the air ticketing business grew by 42.9% Y/Y in CC to $55.08 million, the hotels and packages business rose 30.0% in CC to $105.48 million, bus ticketing business increased by 27.1% Y/Y in CC to $23.8 million, and others business climbed 117.6% in CC to $18.53 million.
Gross bookings surged 23.0% Y/Y to $2.04 billion. Adjusted operating profit improved 70.4% Y/Y to $32.43 million.
MakeMyTrip held $607.8 million in cash and equivalents as of March-end.
CEO Rajesh Magow said, “Indians are embracing the call to travel with a newfound enthusiasm with both leisure and business-related travel demand in India having crossed pre-pandemic levels."
Makemytrip stock gained 194% in the last 12 months. Investors can gain exposure to the stock via Exchange Traded Concepts Trust India Internet & Ecommerce ETF (NYSE:INQQ) and Amplify ETF Trust Amplify Travel Tech ETF (NYSE:AWAY).
Price Action: MMYT shares are trading higher by 1.6% at $78.27 at the last check Wednesday.
Image Via Shutterstock
