MakeMyTrip has seen improvement in gross bookings and revenue across its business units for its third quarter 2021 financial earnings.
The Indian online travel agency saw gross bookings climb to $599 million for the third quarter, up 182% on Q2’s figure of $213 million.
Air ticketing revenue was $18 million versus $11 million in the second quarter while hotels and packages revenue was $24 million compared with $4 million in Q2.
Bus ticketing revenue increased to $10 million compared with $3 million in Q2, 2021. MakeMyTrip says revenue for the quarter was $57 million, down 61% year-on-year.
MakeMyTrip says revenue for the quarter was $57 million, down 61% year-on-year.
Marketing and sales expenses decreased by 82.7% to $8 million in the quarter ended December 31, 2020, versus $45 million year-on-year.
During an earnings call, Deep Kalra, founder and group executive chairman, says that while the pandemic had been disruptive, it will “transform the way commerce is conducted in India.”
He adds: "With social distancing needs greater than ever, the use of e-commerce has also been rapidly adopted by a country's half a billion plus digital citizens. In fact, some analysts are forecasting a three X increase in online e-commerce transaction values to reach over $180 billion by fiscal year 2025.
"While online travel as a category is still on its journey of recovery, we believe it's only a matter of time before we also start to accrue the benefits of such structural changes in booking behavior."
In its domestic businesses, MakeMyTrip says air has recovered 65% of its capacity year-on-year while recovery in room nights is near 59%.
The interstate bus market is also recovering with seats available for sale at more than 75% of pre-pandemic levels.
Kalra says that traffic to its brands has recovered to 65% of pre-pandemic levels.
The company’s Middle East business, launched during the pandemic, is “ramping up gradually” according to Rajesh Magow, co-founder and group CEO, with Arabic language for flight searches launched in Q3 2021.