Online travel agency MakeMyTrip reported a sharp 94.5% jump in its total revenue for the quarter ended September to $131.2 million from about $67.4 million a year ago. Net loss for the period at $6.7 million narrowed, compared to $8 million in July-September 2021, it said in its filings.
The company reported a near doubling of income in its three major verticals: air ticketing, hotels and packages business as well as its bus ticketing.
In September, the company had said it acquired an additional equity interest in Simplotel Technologies Private Limited, a SaaS technology provider for hotels with e-commerce solutions that help hotels grow their direct bookings, for $3.9 million. It now holds an equity interest of 64.8% in the firm.
Rajesh Magow, group chief executive officer, MakeMyTrip, said, “Travel continues to rebound on the back of waning Covid-19 infections and positive consumer sentiment. We witnessed strong performance both in terms of revenue and profitability in a seasonally weak quarter. As a leading travel service provider, we continue to garner a major share of travel demand on the back of our robust multi-product platform and customer-first approach."
In October, an order was passed by the Competition Commission of India (CCI) in relation to anti-competitive conduct under the Competition Act 2002 of India by wholly-owned Indian subsidiaries, being MakeMyTrip India and Ibibo Group, or Ibibo India where it imposed an aggregate penalty of ₹2,234.8 million, or $27.0 million, on MMT India and Ibibo India, as well as certain behavioural sanctions in respect of their agreements with hotels and disclosure of properties on their platforms.
The company said it was assessing the findings set forth in the CCI order and plans to obtain advice from external legal counsel in determining our future course of action.