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MakeMyTrip has narrowed its adjusted operating loss for the first quarter of 2020 by $3.6 million to $29.2 million. The Gurugram, India-based company reported gross bookings up 24% to $1.7 billion for the quarter ended June 30, 2019, and adjusted revenue up 21% to $198.5 million. Group chairman and chief executive Deep Kalra hails “strong business growth” in the “peak travel quarter” despite softer domestic demand. MakeMyTrip’s adjusted revenue growth for the quarter is attributed to a 19.6% increase to adjusted revenue of $65 million in air ticketing and an 8% increase to $101.4 million in adjusted revenue for hotels and packages. Revenue from bus ticketing increased by a third to $21.4 million. The online travel agency’s adjusted revenue takes into account promotion expenses of $105.3 million for the quarter, up from $92.4 million for the same period in 2019. These expenses are recorded as a revenue reduction under IFRS regulations. Back in April, Ctrip gained a 49% stake in MakeMyTrip in a deal which saw the China-based OTA give up almost 6% of its shares. Kalra highlighted the company's business travel strategy, revealing the pilot during the quarter of an "online end-to-end enterprise grade solution" for large corporates. The pilot follows MMT's acquisition of Quest2Travel in May, which marked its entrance into the corporate travel space. The company says it has signed up several large corporates in India to use the technology. |
