India’s largest online travel company, MakeMyTrip, closed its fiscal year at the end of March with a 26.2% increase of revenue on a constant currency basis to $673.4 million.
It also experienced a 28.1% increase in gross bookings to more than $5.4 billion compared to fiscal year 2018.
Bus ticketing showed the most traction, with a 55.6% jump year-over-year in gross bookings and more than 61,000 tickets sold.
Adjusted revenue from bus ticketing increased by nearly 43% on a constant currency basis to $58.8 million for the year ended March 31.
Air tickets jumped nearly 29% in gross bookings and hotels and packages were up more than 17% compared to 2018.
“MakeMyTrip has continued to improve its online experience on all three brands and expand its service commitment,” says Deep Kalra, group chairman and group CEO.
“The execution of our strategies has allowed us to improve on our market share and drive strong growth rates across gross bookings, adjusted revenue and standalone hotels online room nights.
"We also improved marketing and promotional spend efficiencies to reduce our operating losses meaningfully for the full fiscal year.”
Adjusted operating loss was $98.8 million for fiscal year 2019 versus $154.8 million a year earlier, a drop of more than 36%.
During that period, MakeMyTrip decreased its marketing and sales promotion expenses by 57.5% to $192.1 million, in part due to the adoption of a new reporting standard.
Through its three brands – MakeMyTrip, Goibibo and Redbus – MakeMyTrip providing ticketing for more than 61,500 accommodations in India and 500,000 outside the country, all domestic full-service and low-cost airlines in India, Indian Railways and major bus operators in the country.
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