MakeMyTrip (MMYT) Fiscal Q2 2027 Earnings Call: Non-Air Growth Offsets Aviation Pressure
Source Tradingkey
Key Takeaways
- MakeMyTrip reported fiscal Q2 2027 gross bookings of $2.7 billion, up 20.9% year over year in constant currency, despite weaker air travel demand.
- Adjusted operating profit rose 13.8% in constant currency to $46.2 million. Adjusted operating margin was 1.7% of gross bookings, versus 1.8% a year earlier.
- Growth was led by hotels, buses and ancillary services. Non-air businesses represented 63.2% of the mix, up from 61.5% in the prior-year quarter.
- Hotels and Packages adjusted margin increased 20.2% in constant currency to $116.8 million, while Bus Ticketing adjusted margin rose 29.0% to $45.1 million.
- Myra handled more than 90,000 daily conversations and assisted over 3,000 bookings per day. Customers using Myra converted at approximately 1.7 times the rate of other customers.
- Management maintained its long-term view on India’s travel market but highlighted geopolitical uncertainty, elevated aviation turbine fuel prices, rupee depreciation and constrained airline capacity as near-term risks.
Key Financial Data
| Metric | Fiscal Q2 2027 result | Year-over-year change / context |
|---|---|---|
| Gross bookings | $2.7 billion | +20.9% in constant currency |
| Adjusted operating profit | $46.2 million | +13.8% in constant currency |
| Adjusted operating margin | 1.7% of gross bookings | 1.8% a year earlier |
| Adjusted net profit before tax | $46.2 million | +27% |
| Air Ticketing adjusted margin | $108.6 million | +14.3% in constant currency |
| Hotels and Packages adjusted margin | $116.8 million | +20.2% in constant currency |
| Bus Ticketing adjusted margin | $45.1 million | +29.0% in constant currency |
| Other segment adjusted margin | $24.4 million | +29.8% in constant currency |
| Marketing and sales promotion | 5.4% of gross bookings | 5.2% a year earlier |
| Cash and cash equivalents | $815 million | Quarter-end balance |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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