The company recorded revenues of $88.6 million for the fourth quarter of 2022 compared to $79.2 million in the fourth quarter of 2021. It recorded revenues of $303.9 million for the fiscal year 2022 compared to $163.4 million for fiscal year 2021.
The company said its adjusted operating profit improved to $12.0 million in the fourth quarter of 2022 from $11.1 million in the fourth quarter of 2021. Adjusted operating profit increased to 23 $.2 million for fiscal 2022 compared to an adjusted operating loss of $18.0 million for fiscal 2021. .
“Our long-term cost rationalization allowed us to post adjusted operating income of $23.2 million for the full year and adjusted operating income of $12.0 million for the fourth quarter in a year where business was impacted particularly due to the Delta and Omicron variants,” said Group CEO Rajesh Magow.
“Consumer sentiment remains strong, particularly for leisure travel and we hope to see demand momentum for domestic travel by the first half of fiscal 2023 and international travel by the second half. of fiscal year 2023,” he added.
The company said that although its business started to gradually recover in the second and third quarters of fiscal 2021 after India’s nationwide lockdown was lifted in late May 2020, India has seen a rapid resurgence of the number of cases recorded daily towards the end of the fourth quarter of fiscal 2021 which peaked in the first quarter of fiscal 2022, resulting in the second wave of Covid-19 in India.
He further added that the resultant 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 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, has resulted in the third wave of Covid-19 in India and has also had a negative impact on the revenues of all its reportable segments during the quarter ended March 31, 2022, compared to revenues for the quarter ended December 31, 2019 (before the start of the Covid-19 pandemic).
“However, the gradual lifting of travel restrictions in India (including increased domestic airline capacity) following an increase in the number of people vaccinated has led to improved results across our country. operating segments, primarily due to the gradual resumption of domestic travel demand due to the reduced impact of the Covid-19 pandemic in India during the quarter and year ended March 31 2022, compared to the quarter and year ended March 31, 2021,” MakeMyTrip said.