MakeMyTrip Ltd
NASDAQ:MMYT
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MakeMyTrip Ltd
Amid the technological surge of the early 2000s, MakeMyTrip Ltd. emerged as a digital disruptor in the Indian travel industry, founded in 2000 by Deep Kalra. The company's vision was clear: to make travel simpler, more accessible, and affordable for millions of internet users in India and abroad. By harnessing the burgeoning internet penetration, MakeMyTrip carved a niche as a comprehensive platform facilitating everything from flight bookings and hotel reservations to holiday packages. It expanded into bus and rail bookings and international travel, positioning itself as a one-stop hub for travel needs. The blend of a user-friendly interface with competitive pricing created a loyal customer base and transformed the company into India's leading online travel agency.
At its core, MakeMyTrip operates on a commission-based model, earning revenues from suppliers like hotels, airlines, and transportation providers for the reservations made through its platform. By leveraging its scale and market position, it negotiates deals benefitting both travelers and suppliers, ensuring value in its offerings. Moreover, technology is pivotal in its operation, focusing on mobile application ecosystems and a dynamic online presence that responds swiftly to consumer behavior shifts. Through strategic mergers and collaborations, such as the notable acquisition of rival Ibibo and a partnership with Ctrip, MakeMyTrip has continuously expanded its reach and influence. As travel preferences evolve and the digital economy grows, MakeMyTrip stays attuned to emerging trends to maintain its status as an industry stalwart.
Amid the technological surge of the early 2000s, MakeMyTrip Ltd. emerged as a digital disruptor in the Indian travel industry, founded in 2000 by Deep Kalra. The company's vision was clear: to make travel simpler, more accessible, and affordable for millions of internet users in India and abroad. By harnessing the burgeoning internet penetration, MakeMyTrip carved a niche as a comprehensive platform facilitating everything from flight bookings and hotel reservations to holiday packages. It expanded into bus and rail bookings and international travel, positioning itself as a one-stop hub for travel needs. The blend of a user-friendly interface with competitive pricing created a loyal customer base and transformed the company into India's leading online travel agency.
At its core, MakeMyTrip operates on a commission-based model, earning revenues from suppliers like hotels, airlines, and transportation providers for the reservations made through its platform. By leveraging its scale and market position, it negotiates deals benefitting both travelers and suppliers, ensuring value in its offerings. Moreover, technology is pivotal in its operation, focusing on mobile application ecosystems and a dynamic online presence that responds swiftly to consumer behavior shifts. Through strategic mergers and collaborations, such as the notable acquisition of rival Ibibo and a partnership with Ctrip, MakeMyTrip has continuously expanded its reach and influence. As travel preferences evolve and the digital economy grows, MakeMyTrip stays attuned to emerging trends to maintain its status as an industry stalwart.
Strong Growth Amid Headwinds: Despite domestic air supply issues and weak macro conditions, the company delivered 18% year-on-year adjusted operating profit growth and 20%+ overall revenue growth, mainly driven by robust performance in non-air travel segments.
AI-Driven Engagement: The new AI-powered travel assistant "Myra" has scaled quickly, with over 25,000 daily conversations, high user engagement, and strong adoption in Tier 2/3 cities, supporting deeper market penetration.
Segment Highlights: International air ticketing revenue grew over 29.6% and international hotels revenue grew over 42% year-on-year. Bus ticketing and accommodation also delivered double-digit growth.
Positive Regulatory Tailwinds: Recent GST and income tax cuts are expected to boost consumer spending and travel demand, with early signs of improvement for the December quarter.
Buyback Program Expansion: The company did not repurchase shares this quarter but expanded its buyback program to $200 million and extended it through March 2030, including convertible notes.
Profitability Impacted by Accounting: The reported net loss of $5.7 million was due to non-cash interest and forex costs; there is no actual cash impact from these charges.
Guidance Confidence: Management remains confident in delivering growth in the 20% range for the full fiscal year, even with prior one-off tailwinds and current air segment softness.
