Rajesh Magow commented: "Fiscal year '24 started on a positive note and only got better over the year, ending with strong Q4 performance, despite it being a low seasonality quarter for leisure travel."
— Rajesh Magow
03Detailed Report
MMYT
MakeMyTrip Limited
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 21, 2026
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Executive Summary
MakeMyTrip Limited (NASDAQ: MMYT) delivered robust Q4 2024 results despite being a historically low season for leisure travel. The company reported a significant increase in gross booking value reaching $2 billion, a 23% year-over-year growth, maintaining momentum from a strong recovery trajectory post-pandemic. Net income soared to $172 million, reflecting an extraordinary 2,937% increase year-over-year, bolstered by a decrease in income tax expense through recognized deferred tax assets. This performance demonstrates the operational efficiencies and market share advancements executed by the management team, showcasing MakeMyTrip's resilience despite external and seasonal pressures. Management credits two key drivers for the ongoing success: an innovative approach towards customer engagement and an expansion in non-air travel services.
Key Performance Indicators
Revenue
Increasing
202.89M
QoQ: -5.29% | YoY: 36.60%
Gross Profit
Decreasing
99.80M
49.19% margin
QoQ: -34.28% | YoY: -5.58%
Operating Income
Increasing
16.54M
QoQ: -26.96% | YoY: 47.90%
Net Income
Increasing
172.01M
QoQ: 608.97% | YoY: 2 936.90%
EPS
Increasing
1.54
QoQ: 600.00% | YoY: 2 980.00%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance Highlights:
- Revenue: $202.9 million for Q4 2024, a 38.1% year-over-year increase.
- Net Income: $172 million in Q4 2024 with a remarkable year-over-year growth of 2,937%.
- Gross Profit Margin: Maintained at 49.2%, showcasing effective cost management.
- Cash Position: Ended the quarter with $327 million in cash and cash equivalents, indicating strong liquidity.
- Operating Cash Flow: Net cash provided from operating activities was $18.9 million.
- Debt/Equity Ratio: 0.19, showing low leverage and a strong balance sheet.
- EPS (Basic): $1.54, up from $0.05 YoY, showcasing improved earnings power.
Management highlighted the strategic investments in technology and targeted marketing that have allowed the company to lower sales and marketing expenses relative to gross bookings, from 5.1% to 4.7%. Additionally, the diversification of revenue sources via ancillary services and strategic partnerships with state governments in India positions the firm for long-term growth.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
202.89M
36.60%
-5.29%
Gross Profit
99.80M
-5.58%
-34.28%
Operating Income
16.54M
47.90%
-26.96%
Net Income
172.01M
2 936.90%
608.97%
EPS
1.54
2 980.00%
600.00%
Key Financial Ratios
Gross Profit Margin
Good
49.20%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Fair
8.15%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Excellent
84.80%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Good
10.40%
Return on assets shows solid performance and effective asset utilization
Return on Equity
Good
15.90%
Return on equity shows solid performance and effective asset utilization
Current Ratio
Strong
2.88
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
Value
11.57x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
High Premium
7.37x
Very high premium suggests asset-light business model or lofty expectations
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