The travel platform MakeMyTrip, whose shares are listed on Nasdaq, reported consolidated net profit of $1.8 million in the second quarter of fiscal year 2027. This figure contrasts with a net loss of $5.7 million for the same period last year, according to the quarterly results published by the company on Monday.
Company management disclosed during the earnings call that the flight ticketing business continues to suffer from macroeconomic difficulties, including high fares and limited capacity. It was noted that market supply was constrained, and domestic flights showed a decline of 4 percentage points year-over-year.
Mohit Kabra, Group Chief Operating Officer, stated that both high fares and limited capacity affected demand, leading to an overall decrease in passenger numbers. Regarding the Initial Public Offering (IPO) of the subsidiary MakeMyTrip India Limited, Dipak Bohra, Group CFO, reported that a confidential application has been filed, and the company continues to work with the capital market regulator and stock exchanges to obtain necessary approvals. He specified that the timing of the IPO depends on market conditions and regulatory approvals.
Furthermore, the company intends to continue investing in its hotel offerings. Kabra noted that despite geopolitical challenges affecting international demand in the short term, the company sees significant long-term growth potential in overseas travel and therefore continues to invest in developing the international hotel portfolio.
According to the presented quarterly data, the gross booking value reached $2.7247 billion, which is 20.9% higher in constant currency compared to $2.4473 billion for the same period last year, despite the challenging macroeconomic environment.
MakeMyTrip's revenue under IFRS amounted to $235.2 million in the second quarter of fiscal year 2026-27 (Q2 FY27), an increase of 11.2% in constant currency compared to $229.3 million in the same period last year.
Commenting on the results, Rajesh Magow, CEO of MakeMyTrip, emphasized that the company demonstrated steady growth despite the difficult conditions in the travel sector, noting a 20.9% year-over-year increase in gross booking value in constant currency to $2.7 billion. He added that growth in the hotel and ground transport segments indicates the resilience of the diversified portfolio and the ability to meet changing customer needs.
Nevertheless, adjusted net profit before tax stood at $46.2 million compared to $36.4 million the previous year. The company reported significant growth in adjusted profits across all segments: flight tickets grew by 14.3%, hotels and package tours by 20.2%, bus tickets by 29.0%, and other segments by 29.8% year-over-year.