MakeMyTrip reported a net profit of $29.2 million for the January–March quarter of FY2024–25, reflecting an 83% decline compared to $171.9 million in the same period last year. However, this sharp drop is attributed to one-time gains recorded in the previous year, not operational underperformance. In Q4 FY24, the company recognized a one-time credit of $126.1 million from deferred tax assets and a $30.6 million gain from changes in the carrying value of convertible notes due in 2028.
When excluding the one-off gains, MakeMyTrip’s operational performance improved significantly. Net profit increased to $29.3 million in Q4 FY25 from $15.2 million in Q4 FY24 (excluding non-operational gains). This indicates robust core business growth despite the headline dip in profit.
MakeMyTrip achieved a 30.4% year-on-year increase in gross bookings during the fourth quarter, reaching $2,553.1 million, up from $2,039 million a year ago. Revenue also rose 25.6% YoY in constant currency terms to $245.5 million compared to $202.9 million in the same quarter last year.
Rajesh Magow, Group CEO of MakeMyTrip, highlighted that FY25 marked a record year for the company in terms of gross bookings and revenue. He credited the growth to the platform’s strong brand appeal and momentum in both domestic and international travel demand. He also pointed to strategic investments in personalized customer experiences and new demand segments, which have helped drive customer growth and repeat bookings.
Ahead of the US stock market opening on May 14, MakeMyTrip shares were trading 1.23% higher in the pre-market session on Nasdaq at $107.90. However, during regular trading hours, the stock slipped 0.58% to $105.97, down from the previous close of $106.59.
Despite the short-term dip, MakeMyTrip’s long-term stock performance remains strong. Over the past five years, the stock has delivered over 700% returns to investors. In the last year alone, it has gained 38.37%. However, on a year-to-date (YTD) basis, shares are down 8.39%. In the last one month, the stock has shown recovery, trading 8.82% higher.
MakeMyTrip's 52-week high stands at $123, while its low was recorded at $72.55. As of May 13, 2025, the travel aggregator’s market capitalization was approximately $11.7 billion, according to data from MarketWatch.
Conclusion
Despite an apparent drop in net profit due to extraordinary gains in the previous fiscal year, MakeMyTrip’s Q4 FY25 results reflect solid operational momentum. The company continues to grow its user base, gross bookings, and revenue while maintaining a strong presence on the stock market. Strategic investments in customer experience and platform innovation have positioned it for sustained long-term growth.