MakeMyTrip Limited

Gross booking value grew 19.9% year over year in constant currency. IFRS revenue grew 16.1% year over year in constant currency to $285.6 million. Adjusted operating profit was $51.4 million and adjusted operating profit margin was 1.8% of gross booking. Segment highlights: air ticketing adjusted margin was $98.5 million, Hotels & Packages adjusted margin was $134.5 million, bus ticketing adjusted margin was $51.8 million, and other segment adjusted margin was $24.9 million. Reported PAT was $9.1 million, adjusted net profit before tax was $52.2 million, and cash and cash equivalents were $794 million. For the quarter ahead, management said it remains cautious on the near-term environment, with higher oil prices and a weaker rupee as key variables, and expects to keep focusing on non-air segments while calibrating marketing spend; no formal numeric guidance was given.

Rajesh Magow framed the quarter as one where external shocks reshaped travel behavior, but not the underlying intent to travel. He emphasized that customers are increasingly choosing alternatives such as domestic destinations, shorter getaways, road travel and pilgrimage/leisure trips when air travel is expensive or disrupted. His tone was constructive but cautious: he said the company remains positive on long-term structural growth, while navigating short-term headwinds and leaning into AI and product innovation.

Dipak Bohra said reported year-over-year growth is distorted by currency translation because USD and INR movements created about a 10% impact in the quarter, so constant-currency figures better reflect performance. He cited 19.9% constant-currency GBV growth, $285.6 million revenue, $51.4 million adjusted operating profit, 1.8% profitability margin, $9.1 million reported PAT, and $794 million of cash and cash equivalents. He also noted $7.8 million of buybacks during the quarter and said the proposed India IPO would add cash at the group level for long-term growth, inorganic initiatives and possible repurchases or redemptions of securities.

Analysts pressed management on whether air-supply disruption, higher fuel prices and conflict-related volatility would change growth and marketing intensity. Management said the business is deliberately leaning on hotels, packages, buses and other transport options rather than depending on flights alone, and that marketing spend was broadly in line with recent trends, with AI helping offset some cost pressure. Questions also focused on the India listing and future fungibility between listed entities; management said options such as ADRs, structural inversion or merger routes could be explored only after the IPO process progresses, and that the cash from the India listing would help with convertible bonds, noting the $200 million 2028 bonds are well in the money while the roughly $1.4 billion second issue is not yet in the money.