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NEW DELHI - On Tuesday, MakeMyTrip Limited (NASDAQ:MMYT) reported first quarter fiscal 2026 revenue of $268.8 million, up 5.6% YoY (7.8% in constant currency), as geopolitical tensions and an airplane crash in India dampened travel demand during May and June.
The company’s shares fell 3.79% in pre-market trading following the announcement.
The India-based online travel service provider posted adjusted earnings per share of $0.42, compared to $0.39 in the same period last year. Revenue growth was hampered by a terrorist attack near Pahalgam in April, which led to significant travel disruptions in northern and western India until a ceasefire was agreed between India and Pakistan on May 10, followed by a passenger airplane crash in Ahmedabad in June.
While the company’s air ticketing revenue increased by 4.5% to $60.1 million, hotels and packages revenue declined by 3.5% to $141.6 million. Bus ticketing showed strong performance with a 32.6% increase to $38.8 million, demonstrating the company’s diversified business model.
"We had a great start to the new fiscal year with growth momentum continuing in April. However, it slowed down in May and June, especially in leisure travel, due to muted consumer sentiment and supply constraints," said Rajesh Magow, Group Chief Executive Officer of MakeMyTrip. "We believe this impact is short-term in nature and our view on the travel sector’s long-term growth prospects in India remains unchanged."
The company’s adjusted operating profit improved to $47.3 million from $39.1 million in the same quarter last year, while adjusted net profit rose to $49.4 million from $44.5 million.
Gross bookings, a key industry metric, increased by 9.6% YoY to $2.61 billion. The company saw particularly strong growth in bus ticketing with gross bookings up 31.5%, while hotels and packages bookings increased by 12.5%.
MakeMyTrip maintained a strong liquidity position with $804.2 million in cash and cash equivalents and term deposits as of June 30, 2025.
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