MakeMyTrip Ltd announced a significant jump in profit for the quarter ending March 2024 to $171.9 million as compared to the same period last year ($5.4 million). However, this profit includes one-time gains from tax credits and changes in the value of convertible notes.

The company’s profit benefited from a one-time credit of $126.1 million on deferred tax assets and a one-time gain of $30.6 million due to adjustments in the carrying value of convertible notes due 2028.

Despite these one-time gains, MakeMyTrip’s core business saw positive growth. Gross bookings for the quarter reached $2.04 billion, a significant increase from $1.67 billion in the same quarter last year. This positive trend continued throughout the entire fiscal year (FY24), with gross bookings reaching $7.95 billion compared to $6.57 billion in FY23.

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “Indians are embracing the call to travel with a newfound enthusiasm with both leisure and business-related travel demand in India having crossed pre-pandemic levels. Our strategy to serve millions of our customers and first-time travellers through a comprehensive portfolio of travel and ancillary products with personalised experiences is yielding results. It has helped us deliver strong growth in a quarter that is typically a seasonally slower period for leisure travel.“

Magow further highlighted the renewed enthusiasm for travel in India, with both leisure and business travel exceeding pre-pandemic levels. He stated, “We have bounced back stronger than ever from the COVID-19 pandemic by posting our best-ever financial performance during fiscal year 2024 in terms of both gross bookings and profit.”

While MakeMyTrip’s air ticketing segment saw increased revenue, the hotels and packages business experienced a slight decline from Q3 FY24. However, the bus ticketing business witnessed a positive trend with a 25.7 per cent year-over-year increase in revenue to $23.8 million in Q4 FY24.