MakeMyTrip’s FY23 net loss narrows
1 min read 16 May 2023, 05:48 PM ISTGlobally, the brand competes with companies like Booking.com, Expedia, Agoda, and Airbnb and in India, companies like Yatra and Ixigo and Cleartrip are its competitors.
PremiumNew Delhi: Online travel agency MakeMyTrip reported a net loss of $11.2 million for FY23, down from $45.6 million a year ago. Revenue for air ticketing during the year surged to $280.1 million from $155.5 million in FY22. Total revenues revenue rose to $593 million from $303.9 million in the previous fiscal.
The New York Stock Exchange-listed company said that its gross bookings accounted for a little over $6,566.2 million compared with $3,188.9 million in the previous fiscal.
Marketing and sales promotion expenses nearly doubled (99.1%) to $101.6 million in FY23, primarily due to an increase in variable costs and discretionary expenditure like events and brand building initiatives. Additionally, it incurred customer inducement costs as a reduction of revenue of $235.8 million versus $111.2 million in FY22.
its hotels and packages business touched $3,37,686, growing 114.7% over FY22, while bus ticketing business grew 87.7% on year to reach $74,873 million.
Rajesh Magow, group chief executive officer of the company, said, “We saw recovery in travel demand with significant improvement in consumer sentiment during the fiscal year. There was a 120% year-on-year constant currency growth in gross bookings. Our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat."
Globally, the brand competes with companies like Booking.com, Expedia, Agoda, and Airbnb and in India, companies like Yatra and Ixigo and Cleartrip are its competitors.
