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[Travel News]: MakeMyTrip posts a 61.3% drop in revenue but is on track of recovery

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The following is the [Travel News]: MakeMyTrip posts a 61.3% drop in revenue but is on track of recovery from [ChinaTravelNews] recommended by TheTourAttraction.com:

Gross bookings improved to $598.8 million in 3Q21 versus $213.0 million in 2Q21, reflecting an increase of 181.5% QoQ.

MakeMyTrip Limited, India’s leading online travel company, today announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2020.

MakeMyTrip generated revenue of USD 56.8 million in the quarter ended December 31, 2020, a decrease of 61.3% over revenue of USD 146.9 million in the quarter ended December 31, 2019, primarily as a result of a decrease in air ticketing, hotels and packages and bus ticketing.

The business volumes for 3Q21 when compared to the same quarter for the prior year have continued to be significantly and negatively impacted by the economic and business conditions caused by the COVID-19 pandemic. With nationwide government-imposed lockdown orders being gradually lifted since late May 2020, the company has seen continued recovery in domestic travel demand, with significant sequential quarter on quarter improvements across all lines of businesses.

Gross bookings improved to USD 598.8 million in 3Q21 versus USD 213.0 million in 2Q21, reflecting an increase of 181.5% QoQ. 

Air ticketing revenue improved to USD 18.2 million in 3Q21 versus USD 10.9 million in 2Q21. 

Hotels and packages revenue improved to USD 24.4 million in 3Q21 versus USD 4.4 million in 2Q21. 

Bus ticketing revenue improved to USD 10.1 million in 3Q21 versus USD 2.7 million in 2Q21. 

“MakeMyTrip continues to stay focused on business revival led by gradual recovery in India’s domestic travel demand, although revival of international travel demand is likely to take much longer” said Deep Kalra, Group Executive Chairman. “In addition, our cost optimization initiatives have helped us to deliver on our strategic goal of achieving Adjusted Operating Profitability during the reported quarter.”

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