Q2 2020 Earnings Call
Ladies and gentlemen, please standby youre, making my trip limited fiscal 2020 Q2 earnings conference will begin momentarily.
Again, please standby.
Call will begin in two minutes. Thank you.
[noise].
Good morning, ladies and gentlemen, and welcome to the make my trip limited fiscal 2020 Q2 earnings Conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session.
And instructions will follow with that type.
If anyone should require assistance during the conference. Please press Star then zero on your Touchtone telephone as a reminder, this conference call is being recorded I would now like to turn the conference over to your host Mr., Jonathan Wong Vice President of Investor Relations.
Thank you Crystal greetings and welcome to make quite true eliminates fiscal 2022nd quarter earnings call I would like to remind everyone that certain statements made on todays call are considered forward looking statements within the meeting of the safe Harbor provisions of the U.S. private securities.
He Geisha Reform Act 1995.
Stephens are not guarantees of future performance are subject to inherent uncertainties and actual results may differ materially.
Any forward looking information relating on this call speaks only as of today. The company undertakes no obligation to update the information to reflect changed circumstances.
Additional information concerning these statements are contained in a risk factors and forward looking statements section that companies are going to report on form 20-F, [laughter] file with the FCC on July 20, Threerd 2019 copies of these phones are available from the FCC what can the company's Investor Relations Department today, we're joined by deep Colorado right.
<unk> founder Chairman and group's CEO , Jeff Chicago, Co founder and CEO , India and molded Cobre make my trips group CFO now, let me turn the call, but a deep to begin today's discussion.
Thanks, Jonathan and welcome everyone to our second quarter earnings call Infosys go 2020 .
I'd like to begin by sharing a quick summary off the operating environment in India.
During our last fall, we pointed out the impact that is going up on me on Cinco disruptions in the travel industry had another solid.
He also believes that the operating cost show some few one continuing to the seasonally small second since the war.
Like near double growth challenges, but since we remain optimistic about long term growth opportunities.
It's definitely worth noting that despite the slowdown Indian GDP remains among the highest in the war on growth is expected to reaccelerate in 2020 bodies, and I imagine I am at full cost.
And then slots economic growth combined with a large and growing young online population gives us confidence in our long term growth prospects.
Sure the travel market online remains very large.
More encouragingly our government. There's also demonstrated willingness to support travel and tourism as a means to drive economic fuel.
Recent costs to the GFT, what's until this is excellent widows, which took effect on mobile phones.
Good luck.
And should have positive impact on growth in times to come.
In addition, the unexpected corporate back Scott was intended to improve business sentiment, which should help device overall economic growth as investments on the corporate sector.
No one's tax benefits begin to the flex in Dublin.
At the same time, the government's incredible and got 2.0 of marketing campaign should help drive greater than a foot governmentalism in India.
On the airline supply front, we anticipate that the law suit, but that's the beauty jet every undergrounding has largely been restored for the domestic market and is likely to being stored on international routes by the end of this calendar year.
Recently, the leading domestic idea, we actually do its commitment to rapidly increased capacity given the long term pent up demand for air travel in the country.
The confidence has also like to anymore do announcement of 300, new Athree Glenn last week.
Furthermore, the did you see a direct a generalist humiliation anticipates passenger growth registered rebound in the second call improving from the low single digit school enjoying before the topic this fiscal year.
Good news is despite a more growth in the domestic air market outperformance in the full top of the continued to outpace the market significantly resulting in continued share gains.
Going into more mature segment of the online problematic.
So why the operating environment remains less than ideal to be believed that theater studies level of thought in the mid to long Phil.
In the meantime, we continue to stay focused on executing on all fronts of our business to improve custom of experience I'm delivering great about you'd want to life partner and gain greater market share across all our travel segment.
Today, we have a life to date transacted piece of it won't be forming the youngest them on an increase of over 25% year on year.
Furthermore, off what Peter be trade has reached 68% on our life to date custom obvious when combining all three times.
Hi, I could be treated.
Got it.
We continue to tweak and make our loyalty programs more rapidly and rewarding.
Today, we have nearly 1.1 billion make my lack enrollees I know 124000 enrollees into feed it makes my trip doubled black membership program.
As for our Gold Awards program no.
And do Midland contribution.
I think not make up on Benton platform, even more relevant and useful for other shopper ongoing people.
The news about loyalty programs are giving us the desired dissolved and we continue to invest in these programs to drive good engagement and wallet share.
Now I'd like to shut up program in the new activities experiences.
I'm happy to share that we have created shopping segmentation of these offerings into three distinct categories and increased election to more than 12000 bookable offerings.
Well, we launched a new product called make might be causing problems getting we didn't get together and family looking for a quick escape with kids on any given D.
He did with this new offering is beginning to deliver news acquisition for us while also providing existing customers a comprehensive holiday booking experience.
Lastly, I'd like to share an update on corporate travel strategy, which continues to gain traction.
You too we've expanded our piece by adding 125 years columns and each on good news small and medium enterprises you might be.
I do Silgan now has over 3000, that's amazing actively bookings I was talking about and is helping us gain greater wallet share of the corporate government sector.
In Q2, we also introduced new booking flows within might be as to shorten cheapest fare options corporate rates for premium windows and added a ceiling mixed analysis before to use us for the enhancing the value for programs users.
I spoke with to travel we also one key accounts during the quarter, including satisfied or was recognized satellite TV provider and CMS, India's largest cash management and payments provider.
Okay and excited about the long guns growth opportunities.
Got to offer our company I go to continue to in a way like coal producers just like we do put up.
What we do customers.
With that I'd like to turn the call with Rogers.
[noise] [laughter] and greetings everyone.
I would like to begin by reminding everyone of our vision for fiscal 2000, do trendy and beyond.
They choose to become they travel to put out for Indian travelers.
So she can climbing.
Shopping in booking travel within or outside of India.
The foundation of parts to put up vision is to provide comprehensive set of travel offerings allow greater flexibility booking different combinations of products generally personalized selection and offered.
And they been affordability.
Im adoptions and ensure quality customer service.
Leasing quarter, we've made significant progress on this front by adding new products and services, including it for transfers into city cabs.
Ladies and experiences both at suicide in this mission cities online reserve booking for some key destinations affordable payment options like year My.
Our book now and Bailey.
Furthermore, we have one so made significant progress in expanding our customer support China's from call centers to self service trying them and Jack thoughts on all our brands to ensure ought to be make ourselves available to provide timely customer support and resolution that any studio customers journey gross booking.
Believes that these focused investments will help what does tend to not brands in consumers mine, leading to listen I'd business.
[noise] no I would like to show some quick highlights from our.
Q2, and puts all financial lizards, lifting weights will shed in greater details later.
Q2 fiscal year 2020 make my trip group achieved gross bookings off nearly $1.5 billion, representing a cause for concern currency neutral for were 20%. This represents nearly $3.2 billion in gross bookings and constant currency growth of over 22% for the first half off its good 2020 .
Our Q2 adjusted revenue grew by nearly 14% on a constant currency basis $281.1 billion for the first six months of this fiscal year adjusted revenue. These t. $79.6 million little constant currency growth off of what 17% year on you know.
During the quarter you want to achieve the company quarterly to corridor, nearly 7.4 million room nights in the Standalone online hotels business, even that focus as communicated to you.
Has been to drive greater promotional spend efficiencies.
I'm, a supply standpoint before the expenditure license election for customers.
To almost 66500 accommodation property Bookable within India, which includes 16500 alternative accommodation properties.
Additionally, nearly three quarters of visa to deceive ducted bookings from our platform, which underscores the value added to the hotel partners, who participate and distribute through our platform.
I didn't restaurants in order to negative conditions continued in Q2.
You focused on driving greater awareness of this fostering segment encouragingly, we are seeing strong interest from users and really continue doing extra drive greater adoption by our differentiated product experience for Lukas in Whos I thought I'd been traveling be now for over 10000 international properties directly.
Contracted on our platform.
This is as reported earlier over and above the third party supply that we had in Q2.
He also integrated more properties BYOD expanded relation expanded relationship would see trip to offer even more choice to our outbound travelers most importantly.
Being strong room nights and bookings growth.
Despite weak out long demand and a seasonally slow traveling quarter.
No I would like to shouldn't highlights from our product enhancements that are helping.
Deliver best in class customer experience.
Who doesn't alternative accommodations business, we continue to enrich our current drink and optimize its presentation to users we have integrated a new location architecture to help map global retail locations more precisely which will help gets reach did with as fast as.
For brand Great people, we introduce a new visual team to further enhanced online shopping experience.
We've also made improvements to unify.
Within supply architecture to simplify connections from multiple sources in order to provide the Betsy.
Through our shoppers.
Furthermore, we continue to enhance our platform by welcoming content shared about users I.
I didn't group reviews collection from he's helping other data from one third of Lukas and has resulted in 15000 rating 7000 images.
And 1000 videos collected on daily basis.
I'm very excited by the attraction seen so far and certainly believe these efforts will help drive greater differentiation of our brand and that you hired attention on other platforms. Additionally, we've made the experience for supply even better.
I'm going improvements to Arthrocare electronic system.
Why are they system hotel guests and who is getting nonclinical data keeps us on any concerns during a guess stay in real life.
Hi system also has improved capabilities to analyze the properties performance.
To give to nearby competitor.
Enable supplies to adjust pricing and inventory allocation more optimally.
We believe in poverty Anglican supplied with friendly Doosan data analysis will help them to maximize that business potentially both in terms of filling up more rooms, and driving greater use then working with our platform.
Now I would also like to discuss another pillar of our Super our provision which is to provide greater affordability to our customers given India relatively low credit to income to issue.
He had been granted approval more news leveraging our huge base off like to do it gets Monday.
And launch and equal monthly installment options on to your mine, but slick thanks to help customers, which is largely value transactions today I'm pleased to shed we have participation from all major banks across India, helping to facilitate travel purchases on our platform.
Even more excited to share that yeah, they're just being more than $50 million in bookings a month for from this program.
In addition, we launched a trip money, which is our own credit offering by partnering with a and b or C or nonbank financial companies to provide insight into digital travel loans.
Within five minutes of application. This new program has launched across 60 nationwide locations and its popular for travelers, making their first international trip and good families taking a domestic community.
No alarming to shed some light alerts remark flights business, which continues to outpace outpaced overall market growth.
During Q2 as part of our shopper customer segmentation accessing the introduced there too.
Cater to the needs of the the students. This segment often requires additional services like excess baggage, but at a more affordable price point odd because to do you also have the option on booking or cap transfer to and from the fourth all within the same transaction.
Furthermore, we didn't think it looks like inflammation that captured it was in order to manage any delays, which enhances users experience leveraging the power of machine learning we've been successful in dynamic dynamically pricing Obama care declared and have been able to reduce promotional spend with <unk>.
Looking back to our conversion rates lastly, we've integrated the international Air ticketing supply offered by sea trip to make more content and theres available to our outbound travelers, we should make our products, even more appealing to new online users.
Now I would like to share some updates on our forces customer if you didn't journey.
Clearly on track boards, which has been a constant area of focus for us in Q2, Archie I bought usage volumes have seen a quarter on quarter increase or 15% on black and white people. Furthermore, comprehension rigs in identifying customer queries on the check book, including complicated travel queries.
Has reached 89% for make my trip and about 95% ongoing people. These improvements were driven by our use of cutting edge natural language processing margins on Grand great people, you're able to automate more than 90% of work of smoke weddings.
On Brian My trip, we have witnessed a 25% uptick in quarter on quarter customer satisfaction Stokes scores.
At the same time mergers customers can now send us there quickly airborne voice message. In addition to text format. Lastly, I go I'd be Bush Airport Geo has been deeply integrated with our put electronic system to allow travelers to directly interact with the property owner before in doing this.
Right.
As you continue to scale up business, you know well placed to seamlessly automated Chris Mcgratty and further improve customer satisfaction now I would like to shed some of the accomplishments within our bus ticketing business led by the Red but right.
In the quarter read books continue to achieve robust growth driven by the continued shift from offline to online bookings as well as new supply additions from nontraditional bus markets in northern and Western India.
In addition.
Great operators bus companies continue to help drive growth with new customer acquisitions and bookings as they seek to rapidly digitize their inventory management and distribution.
Well I look might work on the supply.
No we continue to make the experienced bigger for you you didn't you do we harmonize the experience across all our channel to enable faster time to market of new features and make the at perform better for you that similarly, the adoption of five Bucks applied sitting there continues to accelerate.
Driven by improvements that leverage machine learning.
You've taken the insights from customer reviews and ratings in order to Florida helpless operators improve the quality of service Luckily, we introduced and even contribution booking option for organizers to secure groups ticketing and provide a nickel on demand worth noting points to further expand.
Addressable customer reach.
Now, let me hand, it over to moving who said more details of the quarter.
[noise] tank rubbish.
Hello, everyone.
Pleased to report the during the seasonally slower trailing quarter of Q2, you know just take revenues through.
Well, what I'm getting $1 billion with nearly 40% year on year constant currency growth.
Although the overall Claude working environment has called or deepen largish.
The Apollo managed to meaningfully reduce it just heard operating losses, which came in at $19.4 million.
During the $2.4 million, one time accelerated compensation charge due to a change in went up our acquisition agreement.
He though this onetime costs the estimated adjusted operating loss at $17 million is significantly lower than the previous quarters loss of $29 million has really significantly lower than the 25.4 million dollar loss reported in the same quarter last year.
This improvement came from increased divisions email marketing and promotional spend which as a person deserve gross bookings came down to nine percentage point compared to 10.8 percentage during the same quarter last year.
He has been has gone from the nice on type person reported in the previous quarter.
Let me I'll share some highlights of the quarter by business segment, beginning with the air ticketing.
And that's where the industry continue to Pease go challenges given ongoing capacity constraints and a softer demand environment.
During the quarter apart from targeting but doesn't industry growth rates in getting volumes.
The focus on driving higher revenue growth in the air ticketing business.
In the reported quarter.
Really hitting segments grew by 11.6% helping.
Great. This growth rate was the continued share gains in our domestic air ticketing business. He didn't growth of over 7% in the domestic air ticketing business far outpaced the market growth, which was less than people during the quarter.
Our international eating segments grew by over 36 person.
Turning to focus on driving online penetration and this luxury offline market segment.
As a result of the continued share gains in the domestic air ticketing business.
And the much higher growth in the higher than you are going to visiting segments, we weren't able to there's just a 17.2% year on year constant currency growth in air ticketing adjusted revenue, which was higher than the air ticketing growth of 11.6 person.
Hotel room night growth, which Kim I couldn't person for the go doesn't packages business and 12.3 person excluding the packages business reflects the current slowdown in the domestic travel market in a seasonally slow every quarter and ongoing efforts to reduce almost time spent and be budgets have been segment.
The room night growth within our premium sort of domestic hotels, despite the slowdown.
In the German market.
It's too closer to the 20% levels that we had been reporting.
We also anticipate that one pruning promotion expense took her two positive net unit economics within the budget segment is achieved this segment will also start contributing towards their traditional hudong room night growth.
Separately.
My grandson, who didn't do much to do it was very encouraging at about 60%.
We continue to target faster growth in the old bond market across your ticketing hotels and packages.
Lets ticketing business continued to grow strongly during the quarter driven by the continued offline to online momentum within this travel segment bus ticket units grew by over 33% with nearly 7.7 million bus tickets travel during this season Skudra auto.
This is going be hurdle was $16.6 million and I just had revenue growth of over 30% year on year in constant currency comps.
Lastly, I just said revenue from.
This was in Q2 Easter was $11.4 million majority of which was driven by facilitation piece for travel insurance and ancillary revenue from our global alliances and affiliate partnerships.
That does I'd like to thank you call joining this call and open up the cold cuts you any.
Profitably.
Ladies and gentlemen, if you have that question at this time. Please press Star then in number one on your Touchtone telephone.
If your question has been answered or you wish to move here. So from the Q. Please press the pound Keith.
[noise] [noise]. Your first question comes from the line of our yes Sen from Jefferies.
Hey, good evening the plug in my Firstly, a you know specifically on the air ticketing far no. Despite the relatively tepid domestic air traffic growth you are your gross booking is growing growing it almost 20% plus.
Constant currency dumps.
So couple of things how much of this is coming from the international Air ticketing.
And you know van clinically domestic air traffic.
Goes back to see tend to put some kind of growth you know what could this number sort of go up.
Yeah, I think that so [laughter] caldolor another group in the domestic segment was more like I Miss haven't spoken plus.
However from a.
Gross booking point of view the growth was almost like an advice of that little about 14%.
Yes, these have been stronger.
But the overall growth kind of instead of two about kind of group of thing on on the on the on the gross booking site.
I'm going to stop it was aided by international.
Understood and and.
What's driving the growth in the east speeds it or they could change. The is it is it more to do with the is it degrees in peak.
<unk> fans or is it mix I mean, how much was would be makes it how much would be increasing ticket.
[laughter] I didn't unit.
Really lucrative concluding that capacity has been constrained.
Any any busier where capacity is kind of you know not growing significantly within the ticketing market.
Are you typically see some amount of you know pricing strengthening and so this is quite typical of that you're doing everything we do like find something percent Oh single digit increasing interest at a time when capacity is not growing you know our growing like in the low single digit.
It's kinda failure to be.
And then how much would be.
Mccutcheon, it's a 7% minus seafood person would be on market share gain is it.
Volume basis.
Yeah in terms of growth on demand video is.
Over until this time that goes to about 26%.
Secondly on the bus ticketing opportunity I mean, I'm, but can you give us some sensible the opportunity size that you see there from let's say three to five year perspective.
And is it profitable today or what does it take too you know what sort of profitability can that business getting great.
Well, what still sort of thinking that.
Sure. Yeah. This is I guess you're limited.
We'll give you a sense of the growth trajectory in that business and just from an opportunity standpoint, and as you know we haven't really they do you segmented reporting on profitability. So I guess I'm, just kind of stay away from that.
But just to give you a sense of this headroom on this business we believe.
There is still lot of headroom you know there's lot of hybridization now or.
Ah you know generally in the but it's so that is happening from over the 10 points they keep adding more.
Capacity on the private site. We also actually in addition to there'd be an opportunity on the state transport undertaking on corporations bad or you know there's lot of headroom in terms of just or the potential shipped from offline to online. So you know that supply has started coming online.
Oh, you know from state to state and a lot of the booking that started happening on a you know on line. So be it seemed also encouraging trends in terms of growth coming from.
That sector.
Why is it wouldn't go private sector continues to be growing as well. So we believe that this you know kind of growth trajectory.
Likely to continue into bus market in the coming to default ideas.
Right.
Currently anything you can chat on a you know see trips involvement and particularly on the cost side.
Yeah.
Helping somebody.
Yeah, Yeah, I show no actually did the unipart protesting called out in that group that said you know as we speak or we have been actually working though but see trip to leverage there.
International inventory build to both on the flip side.
Let me put on site.
And that is one of the.
Most importantly, I didn't decided he has lost in Houston.
And as we are in aim to be.
On slide 30, we'd actually made Monaco today than you normally see some early traction from that say.
And ER or does it work in doing that so.
So as we kind of complete that integration.
And even to get the Minnesota.
Clearly, reflecting on the business you know on on the on that side. So that's kind of.
And walking them into criteria.
And.
I guess linked to that also going forward.
So.
You know acquisition off for the Austin seem to be slightly again in the international markets for different nothing to be you do see some potential synergies coming in combining forces.
From a sourcing standpoint as well.
So you know these.
These are the potential synergy area that we see right now.
Hi, Thanks, and last question you know is that any impact of the tax cuts for do you.
Given that you are lost speaking I guess.
In the near term right.
Yeah, not really I guess you answered the question, yes as for.
That's helpful. Thank you so much.
Right.
Your next question comes from the line of Sachin Salgaonkar from Bank of America.
Hi, Thank you put up opportunity I M. P question.
Number one when I look at your hotels and packages could attack or unit, 4.8% why why much in currency.
What do you consider this has more or less bottomed out.
Well you know locally at some commentary in terms of how are you guys are looking in terms of curtailing opening and discounting at the low end and how should we see.
Recovery in the second half.
Yeah, the 10 or maybe pick that Uh huh.
This call don't come on.
Little bit of a slowdown point of view. So multiple factors you know going into this and I take them, probably you know when after the other so it was good from a small lump RW Baird called out like probably Q2 might you know BD BD toughest quarter.
I mean and before that potentially somebody coding starts hitting in you know from Q3 produce season area you know because every quarter.
Come to know water up it is beginning to December because the peak month in terms of seasonality.
So from that point a few years.
If you all think they do you know what they've been doing at least over the last year also in nine countries that are still language that we have been calling out as we had been reducing our.
Marketing and promotion spend we have also been kind of you know going a little down on the overall quickly and therefore, you would see that royalty agreements are signed up you know.
Phoenix small correction compared on a year on year basis. So if you look at it.
Still seem corridor the margins, India. It shouldn't be business were like close to 24.4% and their don't go 22.7%. Currently so we have been trying to clean up you know are.
Also to use the old on performance you can take somebody hoteliers, considering the D overrun deployment.
Customers has also been going down.
But as you see these going forward.
Like everything hopefully over the next couple quarters, we should likely CD.
Yeah of course, there in terms of course correction on the budget. What is in terms of you know promotion expense going down on so getting completed and therefore get hopefully in the next few quarters you should probably see these overall you know.
Growth inching up again.
And this could possibly be among the lowest in terms of you know growth that we've posted.
In terms of revenue goes.
So basically what you called out.
Absolutely stands to ground for these reasons.
Okay and should we still expect more let it go into second half.
We do expect him to take enough to come in better.
I think as I said, you know once we get into December Relever My favorite idea of whole better because you know this or the third quarter typically Israeli lopsided with December .
But hopefully that do not take enough is gonna look or panel much better than the constant.
Okay got it Oh My second question is with regards to dish competition Commission of India and quality.
At the high level thoughts on how we should be okay.
So you know.
Good.
The beauty deal, obviously kind of you know keep cooperating in of its easier or any of the regulators in terms of any any inquiries that again I didn't want to me.
Overall on T C and D e-commerce industry are going up to the government and the regulators actively recruiting or trying to get a better understanding of all the ecommerce you know has been developing in the country intact. She's here Onyx wanted initiated a market study is when you know are almost about like you know woman's back so I think.
No. There is a purely a concerted effort to kind of you know get more and more understand make off you know the foremost walking is evolving and you know how do they kind of you know look at it going forward as part of that.
No there is more detail getting more and always pushing that is required I think it's kind of I need to keep doing that otherwise you know if you haven't really seen anything which is kinda up you know a beach, which kind of is dead in the auto which causes old any any anything to be specifically provided if you look at it.
From a market segmentation part a few a this kind of Carlos you know a potential market segment that you kind of need to start developing act or beyond the go to market.
And then also depend of only said it kind of appears to be you know like market size and not necessarily.
You know a pure.
System that they have already made and similarly, there also said that you know potentially density there has to be a.
Relishing of their out any you know abusers in terms of another significant share that you know the payers have so I think I need to keep cooperating Google you see any concern out there a and b should kind of it'll be able to you don't get too they get to the underwriting in due course uptime.
Okay and.
My last question energy I do see it is never never know cash cash equivalents of close to 10 million U.S., but any torture potentially could detailing and future 12 months.
I.
<expletive> .
Right.
Also such enough free this point just wanted to point out from a timeline point of view, we should expect any red upwards of 18 months. So 18 to 24 months is normally work. This oh process takes so that is what we had been informed by people you know looking ways of dealing with TCR et cetera, as well as outcome. So just wanted to kind of SEC pets.
The question there is a long process.
Thank you bye now.
Yeah in done the fundraise, so I think God, given the tragic tree, Oh, and how we're going in terms of operating losses or for organic needs. We're quite comfortable I don't think before series Arctic why much at all.
But if there's an M&A requirement, which is Oh, you know significant M&A then definitely we would look at a you know various ways to raise but no organic needs we're comfortably.
Gordon I try to just one follow up given that Im glad you make a native where you can't or any one month and he taught tough making any contingent liability provision or you don't see linear of doing that.
No I read an article.
Entry civic sector, such antivirus has this situation, though it's a very much insight into another just find those more.
And you know it's not to really gives me, though the thing we can do.
At least from our point of view they'd be a completely compliant on every aspect. So no no you know really love our need for making any provision for these aren't actually.
Got it thank you Ashley.
[noise] again, ladies and gentlemen, if you have a question at this time. Please press Star then the number one okay.
Tone telephone.
If your question has been answered or you wish treadmills yourself from the Q. Please press the pound a key.
[laughter].
Your next question comes from the line of the GE to chain from Citi.
Hi, Hi, deep graduation rates are good evening.
My question is on the corporate travel strategy or could you just give a couple of numbers around what the overall share of cooperating your businesses and what kind of growth you're seeing in that.
You know maybe I know, it's a very small base lately, so maybe something on the or a few ocular limelight basis will help.
No show a you know like you rightly pointed out and we've been talking about it or in the past few quarters.
The new business that we've entered into Oh, we weren't really focusing aren't in the in the past.
I can tell you the number of accounts that we've been in you know increasing I think they'll probably be best sort of good right now and then the business or lose from there. So we today have a about 3000 Congress interactive on small and medium enterprises.
Side, and a and b been.
Acquiring handsomely on quest to travel for the large got because when some of them we've called out in the script.
And you know and given that it was really knew they we've been we've been growing very handsomely like 50, 60% and beyond a year on year, but that doesn't really mean anything because of the be it is really low.
But we're quite happy encouraged with the throat.
And we shouldn't here early in the next three to four do you agree to actually.
Aren't the lion's share.
Or the small office market, we're quite confident with would be brought us that we have in the market now.
And that's what are you know, we kind of focused on so I get that to the on corporate business for now or you know as as it becomes more important than material in terms of shedding the exact numbers off for you know real business kind of coming in from there, whether it's flights or whatever.
We will definitely going on can show.
Sure and my second question is about this.
You know you.
That you should think spoke about.
New credit approval models that Youve launched and I think the number was $15 million of business you're doing through this yeah my option to Selic banks. So much so that I think a few translate your own 10% of your business right 1.5 billion in gross bookings and you're doing 150 million order quarter.
So if that is that number inc.
All the E.M. wine.
Options that would have been available a couple of years back is event or is this something very specific.
Do you launched.
Just wondering what can I didn't credit in what I guess.
So you're right you're right no I think it's a combination of the too we have definitely grown on on the back off now see we used to offer it to you that used to be a very you know them actually it was it used to be more bank broader more then I'm going on on a database to backed contribution of.
Oh seaboard developed in the last few quarters. However is that tended not to go that has gone into it in terms of just building models and tech platform to make sure that we.
End up giving instead instant loan book in the Guardian, B or C partner.
And that's picking up now.
And again took money is actually a garden coming back and could money's going to be onboarded dropping to the customer which will be a combination arm for like I said instant credit.
Leveraging largely not only to point of course, the Buda do during the rest of it or to make sure that the more deserve a robust enough, but nor is there a lot of the input is actually going from our own did go better discuss molecular searches et cetera.
And Ah you know and on the other side on the lending side. It is partnership from many partner now. So we do we do believe the this is going to be.
A very important area I'm, probably potentially a catalyst was wrong just category growth as well so we're going to I'm excited about her.
Yeah, he takes away.
The two I, though you know the number is actually a the percentage of total bookings. So there's a natural skewed because all the you might tend to happen on the larger about you brought up back in a major international bookings and holidays said this in done the transaction.
But then there is going to be much more law, but it doesn't look order booking you're absolutely right on that and this is getting very close to 10%, which is actually a very good but probably transaction numbers do much smaller than that.
And my final question is just on the other revenue side I think you mentioned something about you know, it's a mix of ancillary revenues and facilitation fees et cetera, but just wanted to get does and so you know I guess facilitation feasibility most stable.
Oh component to it in other revenues and it's the ancillary services and all the other activities and stuff that you launched which is driving the kind of growth. We've seen we know exactly the loss.
Yes, so just wondering because a lot.
Yes, I just wanted to get does change of what is driving I believe in user I understand the facilitation fees five but not so much do other things that you mentioned.
Yeah. So you know predominantly a this is actually syndication fee only travel insurance.
Okay, and both domestic market as well as international market. The other ancillary products are largely on the site, which is kind of gets recorded hill, our do it can essentially attached to the to the booking you know like you know the ability to be even though the baggage.
Or are you know and you'll be other ancillary that not only length of started offering.
We'd like you to grow which is likely to grow but right now in large part of the this is a travel insurance.
Sorry.
Those are all my questions.
Okay. Thank you.
Yes.
Ladies and gentlemen. This concludes today's conference. Thank you for your participation and have a wonderful day you may all disconnect.
Okay.