MakeMyTrip Aims to Weather Indian Air Market Turmoil Through Diversification
Skift Take
MakeMyTrip Group has impressively diversified enough that it forecasts only a minor hit to revenue during the coming year due to the collapse of Jet Airways, a major carrier in India. No wonder Ctrip decided last month to become the company's largest shareholder.
MakeMyTrip Group faced turbulence in the first half of the year after the collapse of Jet Airways India. The company, India's largest online travel group, aims to weather the storm by seeking growth in China, expanding into corporate travel, and more frequently interacting with customers such as by selling rail tickets and offering credit cards.
MakeMyTrip will take a hit to revenues. "We are expecting domestic air travel growth to be impacted in the first half of the new fiscal year, but anticipate demand to rebound in the second half of the year," Deep Kalra, founder and group CEO, said on Thursday during the company's earnings call.
For its fiscal year that closed at the end of March, MakeMyTrip Group's revenue grew by 26.2 percent on a constant currency basis to $67
