Q1 2025 MakeMyTrip Ltd Earnings Call Transcript
Key Points
- MakeMyTrip Ltd (MMYT) reported the highest ever quarterly gross bookings, revenue, and adjusted operating profit.
- Gross booking value for Q1 was over $2.4 billion, showing a 22% year-on-year growth in constant currency terms.
- Adjusted operating profit grew by about 30% year-on-year to $39.1 million.
- The company relaunched its flagship loyalty program, MMT Black, which has shown improved operating metrics.
- Strong growth in international outbound travel, with a 25% year-on-year increase in international segments.
- Domestic air market growth remains muted, with only a 4.5% year-on-year increase.
- Increased marketing and sales promotion expenses, which rose to 4.8% of gross bookings from 4.6% in the same quarter last year.
- The supply situation in the domestic air market is expected to improve only in the second half of the financial year.
- Some margin dilution in international hotels due to reliance on affiliate partners for a portion of the inventory.
- Potential downside risk in the timing of domestic air market recovery due to possible delays in aircraft deliveries.
Welcome to our fiscal '25 first quarter earnings webinar. Today's event will be hosted by companies' leadership team comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; and Mohit Kabra, our Group Chief Financial Officer.
As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session.
Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantee of future performance are subject to inherent uncertainties, and actual results may differ materially.
Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances.
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