MakeMyTrip (MMYT) Q3 2025 earnings summary

Executive summary

• Achieved record highs in quarterly and annual gross bookings, revenue, and adjusted operating profit, driven by robust demand across all business segments and international expansion.

• Gross bookings increased 26.8% year-on-year in Q3 FY25 to $2.61 billion, with all segments contributing to growth.

• Adjusted operating profit reached $46 million in Q3 FY25, up 38% year-on-year, and $124.2 million in FY24, reflecting margin improvement and strong execution.

• Growth supported by favorable macro trends, rising discretionary spending, and effective execution across digital and corporate travel channels.

• Continued investment in technology, AI, and customer experience, including the acquisition of HAPPAY to expand corporate travel offerings.

Financial highlights

• Q3 FY25: Revenue $267.4 million (+24.8% YoY), Adjusted Net Profit $44.9 million (+15.4% YoY), Gross Bookings $2.61 billion (+26.8% YoY).

• Air ticketing gross bookings: $1.5 billion (+23.1% YoY); adjusted margin $93.8 million (+20%).

• Hotels and packages gross bookings: $681.5 million (+23.4% YoY); adjusted margin $121.9 million (+24.9%).

• Bus ticketing gross bookings: $328.9 million (+23.6% YoY); adjusted margin $35 million (+31.3%).

• Cash and cash equivalents and term deposits exceed $700 million as of December 31, 2024.

Outlook and guidance

• Expectation of continued robust growth, supported by macroeconomic tailwinds, digital adoption, and ongoing investments in technology and customer experience.

• Domestic air supply constraints expected to persist for another quarter or two, with gradual improvement.

• Margin expansion targeted to reach 1.8%-2% in the medium term, with further clarity as the lower end of the range is approached.

• HAPPAY acquisition expected to close in Q4 FY25, expanding corporate travel and expense management capabilities.

• India projected to be the fastest-growing large economy, with online travel market expected to grow 5x by 2030.