What happened MakeMyTrip (NASDAQ: MMYT) stock has posted big gains following the release of its second-quarter earnings results. The India-based travel booking company closed out last week's trading up 18.2%, according to data from S&P Global Market Intelligence. Easing travel restrictions helped power MakeMyTrip's earnings performance in Q2 significantly above the market's expectations. The company published its latest quarterly earnings on Oct. 26 and posted non-GAAP (adjusted) earnings per share of $0.09 on revenue $67.5 million, while the average analyst estimate guided for an adjusted per-share loss of $0.13. Image source: Getty Images. So what With pandemic-related conditions generally easing, MakeMyTrip's hotels and packages, airline ticketing, and bus ticketing segments posted strong rebounds in the second quarter. Total revenue in the period was up roughly 220% year over year, and total bookings through the company's platforms in the period surged to $734.1 million -- up from $213 million in this year's first quarter and $286.7 million in last year's second quarter. Now what Declining COVID-19 cases in India should be a tailwind for MakeMyTrip in the near future. In response to the trend, the U.K. eased quarantine requirements for travelers from India on Oct. 11, and the U.S. is set to begin allowing entry for fully vaccinated Indian travelers on Nov. 8. The travel industry appears to be on track for a strong resurgence, and MakeMyTrip's leading position in the Indian market has it poised to power and benefit from the recovery. The company does face rising competition, but it also has a leading brand and ample resources to continue building its business and pursuing worthwhile acquisitions. The company closed out the second quarter with cash and short-term equivalents totaling $489 million. MakeMyTrip now has a market capitalization of roughly $3.3 billion and is valued at approximately eight times this year's expected sales and 144 times expected earnings. 10 stocks we like better than MakeMyTripWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and MakeMyTrip wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2021 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends MakeMyTrip. The Motley Fool has a disclosure policy.Source