The company posted revenues of $88.6 million for quarter four of 2022 versus $79.2 million in quarter four of 2021. It posted revenues of $303.9 million for the financial year 2022 versus $163.4 million in the financial year 2021.
The company said its adjusted operating profit improved to $12.0 million in quarter four of 2022 versus $11.1 million in quarter four of 2021. Adjusted operating profit increased to $23.2 million for the financial year 2022 versus an adjusted operating loss of $18.0 million for the financial year 2021.
“Our long term cost rationalization helped us post full-year adjusted operating profit of $23.2 million and quarter four adjusted operating profit of $12.0 million in a year where business was impacted particularly due to both the Delta and Omicron variants, said group CEO Rajesh Magow.
“Consumer sentiment remains strong, especially for leisure travel and we hope to observe demand momentum for domestic travel by the first half of the fiscal year 2023 and international travel by the second half of the fiscal year 2023,” he added.
The company said although its business started to recover gradually in the second and third quarters of the fiscal year 2021 following the lifting of India’s nationwide lockdown at the end of May 2020, India witnessed a rapid resurgence of daily recorded case counts towards the end of the fourth quarter of the fiscal year 2021 which peaked in the first quarter of fiscal 2022, resulting in the second wave of Covid-19 in India.
It further added that the resulting economic conditions caused by the lockdowns and travel restriction orders imposed by several state governments in India from April 2021, which continued for part of the fiscal year 2022, and the emergence and spread of new variants of the Covid-19 virus, including for example the Omicron variant which emerged in December 2021, resulted in the third wave of Covid-19 in India and also had a negative impact on revenue for all its reportable segments in the quarter ended March 31, 2022, as compared to revenue for the quarter ended December 31, 2019 (prior to the onset of the Covid-19 pandemic).
“However, the gradual lifting of travel restrictions in India (including the increase in domestic airline capacity) as a result of an increase in the number of vaccinated people has resulted in improved results across our operating segments, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the Covid-19 pandemic in India in the quarter and year ended March 31, 2022, as compared to the quarter and year ended March 31, 2021,” MakeMyTrip stated.