MakeMyTrip's Q3 2025: Contradictions Unveiled on IndiGo Impact, Air Ticket Growth, and Customer Acquisition Costs

Revenue and Booking Growth:
- MakeMyTrip Limited reported record all-time highs in quarterly gross bookings, revenue, and adjusted operating profit for Q3 fiscal 2025.
- Gross bookings reached $1.5 billion in the Air Ticketing segment, with 20% year-on-year growth, and $681.5 million in Hotels and Packages, showing 23.4% year-on-year growth in constant currency.
- This growth was driven by strong international business performance, particularly in air ticketing and hotel revenues, as well as strategic expansions in the international market.

Operating Leverage and Profitability:
- The company achieved an adjusted operating profit of $46 million, with a margin of 1.76% as a percentage of gross bookings, marking a significant improvement from previous quarters.
- This improvement was supported by cost management strategies, technology investments, and targeted marketing efforts.

Market Share and Competitive Strategy:
- MakeMyTrip maintained or improved its market share in the domestic air market despite supply challenges and increased competition from direct suppliers like IndiGo.
- The company's approach focused on capturing the larger share of the market available to intermediaries and growing its market share in underpenetrated segments.

International Business Expansion: