MakeMyTrip (MMT) FY22 Gross Bookings grew by 95.9% YoY to approximately $3.2 billion, Q4 Gross Bookings exceeded $1 billion and grew by 37.0% YoY despite headwinds from the Omicron variant and inflationary pressures.
Long-term cost rationalization helped deliver significant improvement in Adjusted Operating Profit despite lower Gross Bookings in FY22 as compared with FY20 (pre-pandemic year). Adjusted Operating Profit was $23.2 million in FY22 compared to Adjusted Operating Loss of $18.0 million in FY21 and to Adjusted Operating Loss of $69.9 million in FY20 (pre-pandemic year).
Gross Bookings from our corporate travel business during FY22 grew by 266.7% YoY, driving contribution from our non-B2C businesses to high single digit.
Acquired majority stake in India’s leading online foreign exchange player Book My Forex Private Limited in April’22.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “Our long-term cost rationalization helped us post full year Adjusted Operating Profit of $23.2 million and Q4 Adjusted Operating Profit of $12.0 million in a year where business was impacted particularly due to both the Delta and Omicron variants. “Consumer sentiment remains strong especially for leisure travel and we hope to observe demand momentum for domestic travel by the first half of fiscal year 2023 and for international travel by the second half of fiscal year 2023.”
