MakeMyTrip, India’s largest online travel agency, announced a strong double-digit year-on-year increase in adjusted revenue for the third quarter of fiscal year 2020 to $206.7 million.
During the company’s third quarter earnings call, it also announced that founder Deep Kalra has handed over the reins of group CEO to co-founder and CEO of the India business Rajesh Magow. Kalra is now group executive chairman.
“Even during a period of weak consumer sentiment, we have been able to deliver a good quarter with decent growth in domestic hotels, outbound flights, as well as in the bus booking business, while our domestic flights business continued to deliver their desired numbers,” says Magow.
One segment that performed particularly well was MakeMyTrip’s bus ticketing business which grew 38.1 percent in adjusted revenue to $20.8 million and a 27.4 percent increase in gross bookings to $242.2 million.
Addressing the impact of the coronavirus outbreak, Kalra said the company has “started seeing higher-than-normal cancellations in our outbound business due to the outbreak.”
However, it expects its domestic business to remain “very insulated”.
“Bookings for destinations in Southeast Asia have begun to see cancellations greater than normal and outbound travel to these destinations is likely to be impacted in the short term,” said Kalra.
