MakeMyTrip narrowed its operating loss in the fourth quarter of its financial year.
The Indian online travel agency reported a full-year loss of $30 million for the year ending March 31, 2022, compared to $68 million for 2021.
Gross bookings hit $1 billion in the fourth quarter compared to $759 million year-on-year and $3.2 billion for full-year 2022 versus $1.6 billion for full-year 2021.
Operating profit for the quarter rose to $3.4 million versus $300,000 for Q4, 2021.
Rajesh Magow, group CEO, says: “Our long-term cost rationalization helped us post full year adjusted operating profit of $23.2 million and Q4 adjusted operating profit of $12 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.”
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MMT’s results were impacted by COVID-19 with a second wave in India affecting the first quarter of its 2022 fiscal year and a third wave at the end of 2021 hitting its Q4 revenue.
The OTA's air ticketing revenue increased 5% to $25 million for the quarter ended March 31, 2022, versus $24 million year-on-year.
Revenue from hotels and packages increased by 19% to $45 million for Q4 2022 compared to $38 million for the same quarter in its 2021 fiscal year.