10 Best Performing Stocks in 2024

8. Makemytrip Ltd. (NASDAQ:MMYT)

Year-to-Date Performance as of September 23: 133.78%

Market Cap as of September 23: $12.05 billion

Number of Hedge Fund Holders: 22

Makemytrip Ltd. (NASDAQ:MMYT) is an Indian travel company that provides online travel services including airline tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets. It is one of the largest online travel agencies in the country, with a total of 75 million lifetime users across its 3 brands.

In late July, the company relaunched its flagship MMT Black loyalty program with simplified tiers and new benefits, such as guaranteed upgrades and meal credits, instant myCash credit, and unlimited discounts on flight add-ons. While the program is still new, it has already seen improvements in key metrics.

The company started fiscal 2025 with record-high gross bookings, revenue, and adjusted operating profit. Gross bookings exhibited a 22% rise year-over-year in FQ1. The total revenue generated in this period was $243.66 million. International outbound travel grew by 25% year-over-year, accounting for over 37% of the air ticketing revenue.

The company is poised to capitalize on the increased demand for vacations in the Indian travel market. Its focus on AI and data analytics allows it to provide personalized travel experiences, supporting future growth. Wall Street maintains a positive outlook on its corporate travel business and UAE operations.

According to a McKinsey report, India’s domestic travel market is the 6th largest globally, driven by a growing middle class and expanding at approximately 9% annually. By 2030, India’s domestic market could surpass Japan and Mexico to become the world’s 4th largest. Government initiatives to improve infrastructure and connect underserved airports are expected to double domestic air passenger traffic in India by 2030.

In the second half of the calendar year 2024, Makemytrip Ltd. (NASDAQ:MMYT) expects an improvement in the domestic air market supply. Overall, it’s well-positioned for success.

Artisan Developing World Fund made the following comment about MakeMyTrip Limited (NASDAQ:MMYT) in its Q3 2023 investor letter:

“Top contributors to performance for the quarter included Indian online travel company MakeMyTrip Limited (NASDAQ:MMYT). MakeMyTrip benefited from strong domestic travel demand in India against a relatively fixed cost structure, and from an improved competitive backdrop that has allowed it to accelerate profitability.”