MakeMyTrip Q1: Profit Slides 65% YoY To $9.1 Mn
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As its India IPO plans take shape, travel tech major MakeMyTrip’s (MMT) consolidated net profit for the three months ended June 30, 2026 (Q1 FY27) plunged 65% to $9.1 Mn from $25.8 Mn in the year-ago period.
The Nasdaq-listed company’s revenue grew 6% YoY to $285.6 Mn. On a QoQ basis, the top line increased 6% from $268.9 Mn.
Including other income of $269K, total income for the quarter stood at $285.9 Mn.
The company attributed its performance to multiple macroeconomic headwinds. It said the depreciation of the Indian rupee against the US dollar by more than 10% YoY weighed on its reported revenue growth, while the ongoing West Asia conflict dampened international outbound travel demand from India. However, strong seasonal demand and healthy domestic travel activity partially offset these pressures.
“Despite macroeconomic disruptions, particularly in international travel, travelers made alternative choices for their leisure travel this quarter. As a result, we delivered a strong performance, underscoring the strength of our diversified range of travel products and services available on our platform,” CEO Rajesh Magow said.
On the cost front, service costs increased 10.4% YoY to $82.7 Mn, while marketing and sales promotion expenses rose 11.1% to $48.8 Mn. Personnel expenses, however, declined 3.4% to $38.8 Mn. Net finance costs surged to $28.3 Mn from $4 Mn a year earlier, primarily due to higher interest expenses on the company’s convertible senior notes due 2030.
Segment-wise, revenue from the air ticketing business declined 7.5% YoY to $55.6 Mn amid weaker international travel demand. Hotels and packages – the company’s largest revenue contributor – grew 6.7% to $151.2 Mn, while bus ticketing revenue jumped 15.9% to $44.9 Mn. Revenue from the “others” segment rose 19.6% to $33.9 Mn.
Despite the subdued reported revenue growth, MakeMyTrip’s gross bookings increased 19.9% YoY in constant currency to $2.85 Bn, led by growth across air ticketing, hotels and packages, and bus ticketing.
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