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MakeMyTrip’s Q2 revenue is a fifth of what it made last year

MakeMyTrip said there has been a “gradual recovery” in travel demand during the second quarter of this year, witnessing growth across all of its sectors, although business continues to be “significantly and negatively impacted” by the pandemic and resulting economic conditions. The company made 18.9% of the revenue in Q2FY21 that it made in Q2FY20. This is nevertheless an 3x of Q1FY21 revenue of $6.4 million. Losses in Q2FY21 amounted to $21.1 million, as compared to loss of $36.8 million in Q2FY20.  This was the first complete quarter of recovery, as restrictions on travel in India were relaxed starting June. There has been gradual week-on-week improvement, with opening up of all modes of travel and accommodation, Rajesh Mahow, co-founder and group CEO said during an investor call. “As the domestic travel industry and our business gradually continues on the path of recovery, our focus remains on balancing cost controls and investments to aid in business recovery and continue on minimizing operating losses,” the company said in a statement.  There was a surge in travel bookings in October, beginning in the second week in light of people taking weekend getaways and road trips. There is currently week-on-week improvement in bookings given that this period is peak travel season. Customers are also taking flights to tourist destinations with Goa currently being a very popular destination. “There's no doubt that there is pent-up demand,” cofounder and executive chairman Deep Kalra said. Better testing protocols can be of huge advantage and may give people…

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