"India is currently the world's sixth-largest domestic travel market by spending with a growing middle-class powering travel spending growth of roughly 9% per year." - Rajesh Magow
— Rajesh Magow
03Detailed Report
MMYT
MakeMyTrip Limited
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 21, 2026
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Executive Summary
In Q1 2025, MakeMyTrip Limited reported robust financial results, achieving record quarterly gross bookings of $2.4 billion, reflecting a 21.6% year-on-year growth in constant currency. This tremendous performance was driven by strong demand in air ticketing and accommodations, despite a soft start to the quarter due to the general elections in India. The company benefitted from a strategic focus on enhancing customer loyalty through the relaunch of its MMT Black loyalty program and expanding its travel offerings. Management expressed confidence in sustained growth trajectories, particularly in the domestic and international travel markets as infrastructure investments continue to support rising passenger numbers. Overall, this quarter highlights MakeMyTrip's resilience and strategic foresight to navigate a recovering market while unlocking new growth avenues.
Key Performance Indicators
Revenue
Increasing
254.52M
QoQ: 25.45% | YoY: 29.37%
Gross Profit
Decreasing
124.56M
48.94% margin
QoQ: 24.82% | YoY: -9.17%
Operating Income
Increasing
27.81M
QoQ: 68.13% | YoY: 45.35%
Net Income
Increasing
21.03M
QoQ: -87.77% | YoY: 13.93%
EPS
Increasing
0.19
QoQ: -87.66% | YoY: 11.76%
Revenue Trend
Margin Analysis
Financial Highlights
### Revenue and Profitability
- Revenue: $254.5 million (+31.5% YoY, +25.5% QoQ)
- Gross Profit: $124.56 million (Gross Margin: 48.94%)
- Net Income: $21.03 million (+13.93% YoY, -87.77% QoQ)
- Adjusted Operating Profit: $39.1 million (+30% YoY)
- Earnings Per Share (EPS): $0.19
### Cash Flow and Balance Sheet
- Net Cash Provided by Operating Activities: $72.3 million
- Cash and Cash Equivalents: $348.84 million
- Total Assets: $1.73 billion
- Total Liabilities: $618 million
- Debt to Equity Ratio: 0.231
- Current Ratio: 2.78
Management emphasized maintaining firm cost controls while slightly increasing marketing expenditures to drive customer acquisition as the travel sector rebounds.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
254.52M
29.37%
25.45%
Gross Profit
124.56M
-9.17%
24.82%
Operating Income
27.81M
45.35%
68.13%
Net Income
21.03M
13.93%
-87.77%
EPS
0.19
11.76%
-87.66%
Key Financial Ratios
Gross Profit Margin
Good
48.90%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Fair
10.90%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
8.26%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
1.21%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.90%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.78
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.23
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
114.65x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
8.69x
Very high premium suggests asset-light business model or lofty expectations
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