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MMYT - MakeMyTrip: No Recovery In Sight Don't Buy In Yet
MakeMyTrip Limited
Overview
MakeMyTrip (MMYT) is India’s leading OTA (Online Travel Agent) company. It has offices in India, US, Singapore, Malaysia, Thailand, and UAE, though its main focus is India. Like many other OTAs, it currently sees a major contraction in the business due to the pandemic. As of Q4 2020 in March, which marks the end of its FY 2020 reporting period, revenue was down by ~16% YoY. We believe that there is no recovery in sight yet for MakeMyTrip, given the sharply increasing number of COVID-19 cases in India, even as we enter