CAIT alleges misuse of data and uneven competition by MakeMyTrip
The confederation urged the government to examine the business module of such companies and ensure necessary action if required.
Travel service provider MakeMyTrip on Wednesday announced 38.1 per cent revenue growth (year-on-year) in the January-March quarter of FY24, adding that gross bookings grew by 23 per cent to $2.03 billion from $1.67 billion in the same quarter in the last fiscal year.
The company clocked $171.9 million in profit for the quarter, which includes a one-time credit of $126.1 million on recognition of deferred tax assets and a one-time gain of $30.6 million “due to the change in carrying value of our convertible notes due 2028 measured at amortised cost”.
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Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said that Indians are embracing the call to travel with a newfound enthusiasm, with both leisure and business-related travel demand in the country having crossed pre-pandemic levels.
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“Our strategy to serve millions of our customers and first-time travellers through a comprehensive portfolio of travel and ancillary products with personalised experiences is yielding results,” he said.
Last month, the company announced it has expanded its reach to over 150 countries, including major travel markets like the UK, Germany, Japan, Italy, France, and others.
“We are pleased that we have bounced back stronger from the Covid-19 pandemic by posting our best-ever financial performance during fiscal year 2024 in terms of both gross bookings and profit,” Magow said.
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