India’s leading online travel agency MakeMyTrip has generated a net profit of $4.82 million for the year ended March 31, 2011, compared to a loss of $6.2 million in the year ended March 31, 2010.
Revenues rose 49.3 per cent to $124.7 million in the year, with both airline ticketing and hotels and packages divisions registering growth. The NASDAQ-listed company saw an increase in gross bookings by 58.6 per cent for airlines and 65.2 per cent in hotel and packing.
Revenues from MMT’s air ticketing business rose to $47.62 million while hotels and packages business grew 36.4 per cent to reach $74.6 million in the year ended March 31, 2011, from $50.3 million in the year ended March 31, 2010. MakeMyTrip’s fiscal 2011 outlook stated that revenues minus service costs would be between $59 and $61 million.
The company reported that FY11 adjusted operating profits of $4.6 million, up from $0.8 million in FY10, and stated that net revenue margins normalised in the fiscal and is now at 7.9 per cent.
“Fiscal year 2011 marked an important milestone for MakeMyTrip as we successfully transitioned into a public-listed company” said Deep Kalra, chairman and CEO
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