BofA Securities analyst Sachin Salgaonkar reiterated a Buy rating and $60.00 price target on MakeMyTrip (NASDAQ: MMYT)

The analyst comments: “MMYT’s 4Q revenues grew 8% YoY, largely in-line with BofAe/consensus, but EBITDA came in 8-12% above ours/Street’s expectations. Margins expanded by 120bps QoQ to 16.6% led by superior cost control. Marketing expenses as % of gross bookings were at 5.2% (vs 5.6% in 3Q). 4Q constant currency YoY growth: 10.7% for air, 11.5% for hotels and 17.1% for bus. On West Asia conflict & macro related potential headwinds, mgmt in con-call said that they would likely see some impact on the growth trajectory in 1Q. However given this is usually a seasonally stronger quarter, MMYT is trying to dial up domestic travel offerings/provide increasing domestic travel options to customers. This would help capture travel demand or move from international to domestic to best extent possible. Post 4Q, we tweak our FY27/28E EPS on a low base; roll-forward DCF and keep PO unchanged at $60. Reiterate Buy rating as we continue to see MMYT as a beneficiary of travel momentum and market leadership.”

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Shares of MakeMyTrip closed at $41.46 yesterday.