MMYT - MakeMyTrip Limited (MMYT) Q4 2024 Earnings Call Transcript

2024-05-15 12:14:08 ET

MakeMyTrip Limited (MMYT)

Q4 2024 Earnings Conference Call

May 15, 2024 07:30 AM ET

Company Participants

Vipul Garg - Vice President-Investor Relations

Rajesh Magow - Co-Founder & Group Chief Executive Officer

Mohit Kabra - Group Chief Financial Officer

Conference Call Participants

Sachin Salgaonkar - Bank of America

Manish Adukia - Goldman Sachs

Aditya Suresh - Macquarie

Vijit Jain - Citi

Denis O'Kane - GGHC

Presentation

Vipul Garg

[Call Started Abruptly] As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session.

Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance are subject to inherent uncertainties and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date and the company undertakes no obligation to update the information to reflect changed circumstances.

Additional information concerning these statements are contained in the risk factors and forward-looking statements section of the company's annual report on Form 20-F filed with the SEC on July 25, 2023. Copies of these filings are available from the SEC or from the company's Investor Relations department.

I would like to now turn the call over to Rajesh. Thank you.

Rajesh Magow

Thank you, Vipul. Welcome everyone to our fourth quarter and full year call for fiscal 2024. Fiscal year ‘24 started on a positive note and only got better over the year. We are very pleased to end the year delivering a strong Q4 performance, despite it being a low seasonality quarter for leisure travel.

Fiscal year ‘24 has been a year of many record milestones. For the full year, we crossed an all-time high gross booking value of $8 billion and we posted a record adjusted operating profit of $124 million compared to an adjusted operating profit of $70 million in fiscal year ‘23. Our strategy of targeting various demand segments to serve millions of our customers and first time travellers with a comprehensive portfolio of travel and ancillary products with personalized experiences yielding results.

Gross booking value for Q4 was more than $2 billion growing at 23% year-on-year in constant currency terms, and the adjusted operating profit was $32.4 million, registering a growth of over 70% year-on-year. There are several macro factors that are contributing to the growth of travel and tourism in India. Robust GDP per capita growth is leading to growth in disposable income, fueling more frequent leisure breaks by people, ongoing investments in transport infrastructure, including airports, roads, railways and public transportation have improved accessibility and travel experience to various tourist destinations within the country. Spiritual tourism is also emerging as a crowd puller recently in the domestic travel and tourism market....

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