India’s largest online travel company, MakeMyTrip, closed
its fiscal year at the end of March with a 26.2% increase of revenue on a
constant currency basis to $673.4 million.
It also experienced a 28.1% increase in gross
bookings to more than $5.4 billion compared to fiscal year 2018.
Bus ticketing showed the most traction, with a 55.6% jump
year-over-year in gross bookings and more than 61,000 tickets sold.
revenue from bus ticketing increased by nearly 43% on a constant currency basis
to $58.8 million for the year ended March 31.
Air tickets jumped nearly 29% in gross bookings and hotels
and packages were up more than 17% compared to 2018.
“MakeMyTrip has continued to improve its online experience
on all three brands and expand its service commitment,” says Deep Kalra, group chairman
and group CEO.
“The execution of our strategies has allowed us to improve
on our market share and drive strong growth rates across gross bookings,
adjusted revenue and standalone hotels online room nights.
"We also improved
marketing and promotional spend efficiencies to reduce our operating losses
meaningfully for the full fiscal year.”
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Adjusted operating loss was $98.8 million for fiscal year
2019 versus $154.8 million a year earlier, a drop of more than 36%.
During that period, MakeMyTrip decreased its marketing and
sales promotion expenses by 57.5% to $192.1 million, in part due to the adoption
of a new reporting standard.
Through its three brands – MakeMyTrip, Goibibo and Redbus –
MakeMyTrip providing ticketing for more than 61,500 accommodations in India and
500,000 outside the country, all domestic full-service and low-cost airlines in
India, Indian Railways and major bus operators in the country.
Earlier this month, the company acquired a majority stake in
Quest2Travel, a corporate travel management company based in Mumbai.
And in late April, Ctrip gained a 49% stake in MakeMyTrip following
a share exchange agreement with Naspers.