MMYT quietly breaking to new highs out of consolidation, a top 2024 name from a write up in Dec. 2023

MMYT is a leading travel service provider in India with products and services that include air ticketing, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences and ancillary travel requirements such as facilitating access to third-party travel, other insurance products, foreign currency exchange services and visa processing. Online travel penetration in India is seen rising to 40% in 2026 from 31% in 2019 which still trails the 62-68% expected in the US and Europe. MMYT also has opportunities to expand into new markets like the UAE and with red Bus in Southeast Asian markets. MMYT take rates and contribution margins have been under pressure since 2021 and any turns in those metrics would boost shares. MMYT EBIT margins should be able to climb to 20% over the next few years from 11% with lower costs and better mix.