Indian online travel agency giant MakeMyTrip reduced losses and saw a significant jump in revenue in last quarter of 2017.

Figures released this week as part of its third quarter fiscal year 2018 earnings report indicated a 36% climb year over year in revenue to $172.5 million.

This was primarily on the back of 166.3% increase in room nights booked for hotels and 64.9% boost to its flight segments between the third quarter periods in 2016 and 2017.

Losses across the group fell to $33.9 million in the quarter, down from $45 million in the previous quarter. However, the company made a profit of $1.3 million in the Q3 fiscal period in 2016.

Income from air tickets increased by 76% to $689 million year over year, with a 96% boost in hotels and packages to $368 million over the same period.

Part of the increase in air ticket volumes came as a result of the impact from the integration of Ibibo Group into the business during 2017.

The acquisition did come with a massive increase in staffing costs to the tune of 97% to $26.9 million.

Chairman and CEO, Deep Kalra, says a number of factors are in play that greatly encourage the group's forecast over the next few years.

The International Monetary Fund has identified India as likely to be the fastest growing economy in both 2018 and 2019.

Alongside the existing market forces, such as growing middle class in the country, India is currently in the midst of a major infrastructure program to improve airports and rail facilities - both of which are likely to increase the mobility of people to explore new destinations domestically and internationally.

Some 900 new aircraft are currently on order to help service the routes on the improved air network, Kalra says.

* Watch Kalra's appearance at The Phocuswright Conference 2017 in the US (and his interview with PhocusWire):