This increase in demand along with the improvements in bus operator finances is resulting in the addition of new buses, which bodes well for our business. In Q2, the inventory of UPSRTC was integrated into the platform. This makes redBus the first private ticketing platform ahead of the festival to host UPSRTC’s inventory. This will help improve the new customer acquisition rate in North India. We are making good progress on our journey with generative AI-powered features on our platform. Our user review section now has summary results leveraging generative AI and harnessing our extensive repository of user-generated content. The summary results enable customers to swiftly identify suitable properties and provide instant insights to each property’s offerings.
This feature has further improved the user experience in the property selection process. Similarly, in our bus business, we’ve deployed a voice-based bot for solving customer queries before bus departure. Ground transport business is a parallel growth opportunity for us — is a potential growth opportunity, I beg your pardon, for us. We are already have a leading position in the bus market. In addition, we’ve been making organic investments in expanding our user base via rail bookings. We started our cab business with airport transfers and are gradually scaling intercity travel use case by cabs. Currently, intercity cabs is a highly unorganized and fragmented market and with road infrastructure improving in the country, it presents a good future growth opportunity.
So we have decided to strengthen this line of our business further with an inorganic investment in a well-known intercity cab company called Savaari. Mohit will share full details in his section. For all our product offerings, our direct B2C platform continues to be the leader in India in terms of active users, number of transactions and reach, while our new channels are also gaining traction. MyPartner, which is our B2B2C platform for small travel agents, now has 40,000 plus travel agents and expanding every quarter with a very healthy repeat transaction rate. Our corporate travel business for both our platforms, myBiz and Quest2Travel is gradually becoming meaningful. Our active customer count on myBiz is now 55,000 plus. And for Q2T, active customer count has reached 297 with strong additions every quarter.
Both our corporate platforms are focused on building a holistic tech solution, wherein companies can seamlessly set policies, report without manual hassle and sync with their ERP and HRMS systems, allowing the employees to handle their bookings for themselves without diluting the experience. MyBiz has been getting recognition from the industry forums as well, recently has been ranked at the top in travel and expense management for APAC, marketing G2’s fall report 2023. This is the third consecutive category recognition for myBiz. With this, let me now hand over the call to Mohit for the financial highlights of the quarter.
Mohit Kabra: Thanks, Rajesh. We have delivered robust operating performance this quarter, with a strong year-on-year growth in gross bookings, revenue and adjusted operating profit in line with our stated strategy of profitable growth. Demand for travel remained robust on the back of positive consumer sentiment, helping us deliver gross bookings to the tune of $1.8 billion during the second quarter of fiscal year ’23, ’24, witnessing a year-on-year growth of 23.8% in constant currency norms. Aided by strong operating leverage, the adjusted operating profit grew by over 87% year-on-year from $15.1 million in same quarter last year to about $28.2 million in this quarter translating to an increase of about $13.1 million in absolute terms.
The adjusted operating profit stood at about 1.5% of gross bookings during the quarter, which is in line with the previously reported quarter of the current fiscal year and almost a 50% improvement from the 1% levels reported in the same quarter last year. Our air ticketing gross bookings for the quarter came in at about $1.2 billion, witnessing a year-on-year growth of 20.8% in constant currency terms. Adjusted margin stood at about $80.2 million, registering a year-on-year growth of 10.7% in constant currency. The take rate for margins for the air ticketing business were in line at about 6.8%. As mentioned by Rajesh, while the long-term outlook for growth in domestic civil aviation market is very strong with large aircraft orders being placed by the leading carriers, there are short-term capacity headwinds in view of issues around supply and servicing of aircraft engines as well as the suspension of operations by Go First Airlines.
