MakeMyTrip (MMYT) Q2 2025 earnings summary

Executive summary

• Achieved record gross bookings of $7,954 million in FY24, with Q2 FY25 gross bookings at $2.3 billion, up 24.3% year-on-year, and adjusted operating profit of $37.5 million, up 32.9%.

• Revenue grew 25.1% year-over-year to $211.0 million in Q2 FY25, with profit for the period surging to $17.9 million from $2.0 million year-over-year.

• Robust performance across all business segments, supported by technology, AI-driven enhancements, and high repeat customer rates.

• Expansion into international markets, notably the UAE, and replication of the redBus playbook in LATAM and Southeast Asia, are driving new growth avenues.

• Led by an experienced founding and management team with deep industry expertise.

Financial highlights

• Q2 FY25 revenue was $211.0 million, up 25.1% year-on-year; air ticketing revenue up 25.6%, hotels and packages up 15.5%, bus ticketing up 25.4%, others up 100.8%.

• Adjusted operating profit reached $124.2 million in FY24, a threefold increase from $39.1 million in FY23.

• Adjusted margin: Air ticketing $96 million (+19.7%), hotels and packages $90.7 million (+19.9%), bus ticketing $27.1 million (+24.3%), others $16.4 million (+49.3%).

• Cash and equivalents plus term deposits exceeded $700 million at quarter end.

• Diluted EPS was $0.16 (vs $0.02 prior year); adjusted diluted EPS $0.36 (vs $0.25 prior year).

Outlook and guidance

• India is projected to be the fastest-growing large economy in 2025, with GDP growth of 6.7% in Q1 FY25 and expectations to surpass Japan and Germany by 2030.

• Online travel market in India expected to grow 5x from $12 billion in 2022 to $60 billion by 2030, supported by rising internet penetration and a growing middle class.

• Early signs in October indicate no slowdown in travel demand; seasonally strong quarter expected.

• Margins expected to remain stable across business segments, with no significant change anticipated in the second half.

• Full impact of GenAI-driven cost efficiencies and conversion improvements expected in coming quarters.