MakeMyTrip has announced the elevation of Rajesh Magow as the Group CEO of the company. Announcing the elevation during the earnings call MakeMyTrip founder Deep Kalra said, “We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market leading position in our existing businesses. Over the last six years, Rajesh has been credited with navigating our India business through varied competitive dynamics and championing the growth of our diversified revenue streams. He has successfully integrated the Ibibo Group and helped to capitalize on significant synergies across the brands and teams. The board and I have utmost confidence in Rajesh’s capabilities in his elevated role to drive the next phase of growth for the Group through its three strong brands, MakeMyTrip, Goibibo and Redbus. In this role, he will continue to work closely with me.”
The company said that the transition will also help Deep Kalra devote full time and focus to strategic initiatives for MakeMyTrip which would include product innovation and expansion, geographic growth, business model innovation and corporate development.
Additionally, the company sees that separating the roles of Group CEO and Executive Chairman will allow it to focus on long-term strategic opportunities within and outside India, while maintaining its market leading position in its existing businesses.
Even as travel sector experienced a period of weak consumer sentiment, MakeMyTrip reported growth in domestic hotels, outbound hotels and flights as well as in the bus booking business, while its mainstay domestic flights business continued to deliver growth.
According to the release, MakeMyTrip Group achieved record quarterly Gross Bookings of over 1.7 billion dollars, a constant currency growth of nearly 19 per cent. This represents nearly 4.9 billion dollars in gross bookings and constant currency growth of over 21 per cent for the nine months of fiscal 2020.
Q3 Adjusted Revenue also reached a new quarterly high of 206.7 million dollars. For the nine months of this fiscal year, adjusted revenue reached 586.2 million dollars, with a constant currency growth of over 16 per cent year on year. Moreover, significantly reduced Adjusted Operating Losses, which came in at $11 million compared to a loss of $22.2 million during same quarter of the last fiscal year and a $19.3 million loss in the previous quarter.
MakeMyTrip achieved a new record of nearly 8.3 million room nights in its standalone online hotels business during Q3. This represents a year on year growth of over 21 per cent and a reacceleration in volume growth from the previous two quarter. The company expanded its selection to over 72 thousand accommodation properties bookable within India, which included 19 thousand alternative accommodation properties.