Q2 2024 MakeMyTrip Ltd Earnings Call

Speaker 1: and welcome to our fiscal 24 second quarter earnings.

Operator: And welcome to our fiscal 24-second quarter earnings webinar.

Second quarter earnings Webinar today's event will be hosted by company's leadership team comprising deep Kalra, our company's founder and chairman joining him. His rajneesh Margo our co founder and group Chief Executive Officer, and Mohit <unk>, Our group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be.

Speaker 1: Today's event will be hosted by company's leadership team, comprising Deep Kalra, our company's founder and chairman. Joining him is Rajesh Magu, our co-founder and group chief executive officer, and Mohit Kabra, our group chief financial officer.

Operator: Today's event will be hosted by company's leadership team, comprising Deep Kaldra, our company's founder and chairman. Joining him is Rajesh Magow, our co-founder and group chief executive officer, and Mohit Kabra, our group chief financial officer. As a reminder, this live event is being recorded. By the company and will be made available for replay on our IR website shortly after the conclusion of today's event.

Speaker 1: As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event.

We made available for replay on our IR website. Shortly after the conclusion of today's event.

Operator: At the end of these prepared remarks, we will also be hosting a Q&A session. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the US Private Security's litigation reform act of 1995. These statements are not guarantees of future performance are subject to inherent uncertainties and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date and the company undertakes no obligation to update the information to reflect change circumstances. Additional information concerning these statements are contained in the risk factors and forward-looking statements section of the company's annual report on form 20F filed with the SEC on July 12, 2022.

Speaker 1: At the end of these prepared remarks, we will also be hosting a Q&A session.

At the end of these prepared remarks, we will also be hosting a Q&A session.

Speaker 1: Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially.

Certain statements made during today's event, maybe considered forward looking statements within the meaning of safe Harbor provision of the U S. Private Securities Litigation Reform Act of 90 to 95. These statements are not guarantees of future performance are subject to inherent uncertainties and actual results may differ materially.

Speaker 1: Any forward looking information, relayed during this event speaks only as of this date and the company undertakes no obligation to update the information to reflect change circumstance.

Any forward looking information relayed during this event speaks only as of this date and the company undertakes no obligation to update information to reflect changed circumstances. Additional information concerning these statements are contained in the risk factors and forward looking statements section of the company's annual report on form 20-F filed with the SEC.

Speaker 1: Additional information concerning these statements are contained in the Risk Factors and Forward Looking Statements section of the company's annual report on Form 20F filed with the SEC on July 12, 2020.

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Operator: Copies of these filings are available from the SEC or from the company's Investigation Department.

Speaker 1: Copies of these filings are available from the SEC or from the company's investor relation department. I would like to now turn the call over to Rajesh. Over to you, Rajesh.

Copies of these filings are.

Level from the SEC or from the company's Investor relation Department I would like to now turn the call over to Dr dish or do you relish.

Vipul Garg: I would like to now turn up the call over to Rajesh, over to Rajesh. Thank you, Rippon.

Speaker 2: Thank you, Ripple. Welcome everyone to our second quarter call of fiscal 2024. We are pleased to report another quarter of strong operating performance, where we maintain strong momentum both in terms of top line and bottom line growth here on here.

Thank you Robert.

Rajesh Magow: Welcome everyone to our second quarter call of fiscal 2024. We are pleased to report another quarter of strong operating performance where we maintain strong momentum both in terms of top line and bottom line growth here on Ross bookings for the quarter, this $1.8 billion growing at 20C.8% year on year. In constant currency terms, while our adjusted operating profit or adjusted e-bid grew by 87% year on year to $28.2 million as compared to $15.5 million in the same quarter last year.

Everyone to our second quarter call offers confronted during April.

Pleased to report another quarter of strong operating performance, where we maintained strong momentum both in terms of topline and bottom line growth here at <unk>.

Speaker 2: Ross Bookings for the quarter reached $1.8 billion, growing at 23.8% year-on-year. In constant currency terms, while our adjusted operating profit or adjusted E-Bid grew by 87% year-on-year to $28.2 million as compared to $15.5 million in the same quarter last year.

Gross bookings for the quarter leads to one 8 billion.

Growing at 23.8% appeared on the all in constant currency terms wireline adjusted operating profit or adjusted EBIT grew.

<unk> grew by 87% year on year to <unk> 2 million as compared to pinpoint <unk> million dollars in the same quarter last year.

Rajesh Magow: We delivered this performance despite a short-term supply contraction, challenged during the quarter and a temporary hit on demand due to unprecedented monsoon rains in some parts of the country. As for the macro outlook, India is expected to be one of the fastest growing large economies in the future, leading to a gradual increase in GDP per capita and a larger allocation towards discretionary spending of which travel and experiences will garner a major share.

Speaker 2: We delivered this performance despite a short term air supply contraction.

We delivered this performance despite the short term and supply contraction.

Speaker 2: challenge during the quarter and a temporary hit on demand due to unprecedented monsoon range in some parts of the country.

Challenges during the quarter and a temporary hit on demand due to unprecedented monsoon rains in some parts of the country.

As for the macro outlook, India is expected to be one of the fastest growing large economies in the future leading to a gradual increase in GDP per capita and they're larger allocation towards discretionary spending, while which travel and experiences will garner a major share.

Speaker 2: India is expected to be one of the fastest growing large economies in the future, leading to a gradual increase in GDP per capita and a larger allocation towards discretionary spending for which travel and experiences will garner a major share.

Rajesh Magow: According to the latest report by McKinsey, India is poised to witness one of the most rapid increases in travel expenditures among the world's top 10 countries from a travel spending figure of $150 billion in 2019. Travel expenditures are anticipated to reach $410 billion making India the fourth largest global spender on travel by 2030. On the other hand, according to WTTC, travel and tourism sector contributed 7.6% to the global GDP in 2022, while in India it accounted for 4.5% of the GDP reflecting a huge headroom for growth.

Speaker 2: According to the latest report by McKinsey, India is poised to witness one of the most rapid increases in travel expenditures. Among the world's top 10 countries, from a travel spending figure of $150 billion in 2019, travel expenditures are anticipated to reach $410 billion, making India the fourth largest global spender on travel by 2030.

According to the latest report by Mckinsey <unk> Boris to witness one of the most rapid increases in travel expenditures.

Among the world's top 10 countries from a travel spending figure of $150 billion. In 2019 travel expenditures are anticipated to reach $410 million, making India. The fourth largest global spend around travel by 2030.

Speaker 2: On the other hand, according to WTTC, travel and tourism sector contributed 7.6% to the global GDP in 2022, while in India, it accounted for 4.5% of the GDP, reflecting a huge headroom for growth.

On the other hand regarding two WTC travel and tourism sector contributed seven 6% to the global GDP in 2022, while in India. It accounted for four 5% of the GDP, reflecting a huge headroom for growth.

Rajesh Magow: The contribution of travel and tourism industry to India's economy is growing steadily, generating substantial revenue and employment opportunities across various sectors, including hospitality, transportation and local businesses. We expect travel and tourism in India to grow faster than the overall GDP during the next decade. We should act as tailwind for the overall industry. A large part of this growth will be led by the aviation and accommodation sector. This is corroborated by the fact that all major aligns have placed record number of orders for new planes and all major hotel chains have announced the addition of new properties which will help in supply expansion for many years to come.

Speaker 2: The contribution of travel and tourism industry to India as economy is growing steadily, generating substantial revenue and employment opportunities across various sectors, including hospitality, transportation and local businesses. We expect travel and tourism in India to grow faster than the overall GDP during the next decade. We should act as tailwind for the overall industry.

The contribution of travel and tourism industry to India as economies growing starting to steadily generating substantial revenue and employment opportunities across various sectors.

<unk> hospitality transportation and local businesses, we expect travel and tourism in India to grow faster than the overall GDP doing the next decade, we should act as a tailwind.

The overall industry.

Speaker 2: A large part of this growth will be led by the aviation and accommodation sector. This is corroborated by the fact that all the all major aligns have placed record number of orders for new planes and all major hotel chains have announced the addition of new properties, which will help in supply expansion for many years to come.

A large part of this growth will be led by the aviation and accommodation sector. This is corroborated by the fact that all the all the major airlines.

This record number of orders for new planes and all major hotel chains have announced the addition of new properties, which will help in supply expansion for many years to come.

Rajesh Magow: Home state supply is also growing in the country with people investing in secondary homes to be used as home states in key leisure destinations in the country. According to Government of India forecast, the current 145 million air passengers in India are projected to rise to 425 million by 2035. There is driving growth for overall travel into the new sector. While the air industry is facing short-term headwinds on supply due to an engine repair issues, supply addition projections looking good, indicating that the supply situation will prove in the coming quarters.

Speaker 2: Home state supply is also growing in the country with people investing in secondary homes to be used as home states in key leisure destinations in the country.

Homestead suppliers also growing in the country.

With people investing in secondary homes to be used at homestead in key leisure destinations in the country.

Speaker 2: According to Government of India forecast, the current 145 million air passengers in India are projected to rise to 425 million by 2035. There is driving rules for overall travel into the region sector. While the air industry is facing short-term headwinds on supply due to engine repair issues, supply addition projections looking good, indicating that the supply situation will prove in the coming quarter.

According to common doesn't therefore cost the current $145 million percentages in India.

Victor to rise to 425 million by 2030 planes and that's driving growth for overall travel and tourism sector.

While the industry is facing short term headwinds on supply due to an engine repair issues.

Flyer addition, projections looking good indicating that the supply situation will improve in the coming quarters.

Rajesh Magow: We continue to stay excited about future opportunities and aim to further consolidate our position as a leading travel services company in the country. On the back of our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners. We have been working towards building a platform for the future. During the quarter, we introduced a fresh version of our home page to bring out our new design language and iconography to make the discovery and buying experience more intuitive and delightful.

Speaker 2: We continue to stay excited about future opportunities and aim to further consolidate our position as a leading travel services company in the country. On the back of our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners.

We continue to stay excited about future opportunities and aim to further consolidate our position as a leading travel services company in the country on the back of our innovative travel solutions brand strength and ability to deliver superior value to our customers and our partners.

Speaker 2: We've been working towards building a platform for the future. During the quarter, we introduced a fresh version of our homepage to bring out our new design language and iconography to make the discovery and buying experience more intuitive and delight.

We've been working towards building a platform for the future during the quarter. We introduced the first version of our homepage to bring out our new design language and iconography to make the discovery and buying experience more intuitive and delightful.

Rajesh Magow: I am also delighted to share that McMurray is now GDPR compliant, thus making it accessible from regions where GDPR is applicable. This will help us cater to some of the inbound demand, especially from the Indian diaspora. As for business segments now, starting with the air business, while domestic air ticketing had recovered a few quarters back and continues to grow well, this quarter, our international air ticketing business, surpassed the pre-pandemic levels for the first time, which is encouraging.

Speaker 2: I'm also delighted to share that make my trip is now GDPR compliant, that making it accessible from regions where GDPR is applicable. This will help us cater to some of the inbound demand, especially from the Indian diaspora.

I'm also delighted to share that make my trip is now GDP are compliant.

Making it accessible from regions, where the GDP is applicable this will help us cater to some of the inbound demand, especially from the Indian diaspora.

Speaker 2: As for business segments now starting with the air business while domestic air ticketing had recovered a few quarters back and continues to grow well, this quarter our international air ticketing business surpassed the pre-pandemic levels for the first time which is encouraging. All short haul destinations have either grown beyond or recovered to pre-pandemic levels. Now and travel to long haul destination is also recovering rapidly now.

As for our business segments now starting with the air business, while domestic air ticketing hundred covered a few quarters back.

<unk> continues to grow well this quarter, our international Air ticketing business surpassed the pre pandemic levels for the first time.

Which is encouraging.

Rajesh Magow: All short-haul destinations have either grown beyond or recovered to pre-pandemic levels. Now, in travel to long-haul destination is also recovering rapidly now. We continue to innovate and add new features to our products to deliver better value to our customers. During the quarter, we went live with our whole booking initiative, wherein on selected international flights, customers can hold their seats till the end of the day, giving them time to decide without worrying about prices and availability.

All short haul destinations have either grown beyond or recover to pre pandemic levels now.

Now in travel to long haul destinations is also recovering rapidly now.

Speaker 2: We continue to innovate and add new features to our products to deliver better value to our customers. During the quarter, we went live with our whole booking initiative, wherein on selected international flights, customers can hold their seats till the end of the day, giving them time to decide without worrying about prices and availability.

We continue to innovate and add new features to our products to deliver better value to our customers.

During the quarter.

We went live with our whole booking initiative.

We're in unselected interaction place customers can call their seats till the end of the day, giving them time to decide without worrying about prices and availability.

Rajesh Magow: We also launched a quick checkout flow on our existing quick book feature, enabling customers to see the payment options on the review page itself to make the booking faster for our frequent flyer customers. We also revamped GoiVibos flight search results page, baggage and cancellation rules on the itinerary page, to aid faster information, assimilation and flight selection, helping us improve conversion. Our accommodation business, which includes hotels, homestays and packages, witnessed strong year-on-year growth on the back-off, increased supply, improved discovery, and deeper penetration beyond metros and tier-one and tier-two towns.

Speaker 2: We also launched a quick checkout flow on our existing quick book feature enabling customers to see the payment options on the review page itself to make the booking faster for our frequent flyer customers. We also revamped GoiVboast slide search results page, baggage and cancellation rules on the itinerary page to aid faster information, assimilation and flight selection helping us improve conversion.

We also launched a quick checkout flow on our existing quickbooks feature enabling customers to see their payment options under review period et cetera.

To meet the booking foster for our frequent flyer customers.

We also revamped go everyone's flight search results page baggage and cancellation rules on the itinerary page two eight foster information assimilation and flight selection, helping us improve conversion.

Speaker 2: Our accommodation business, which includes hotels, home stays and packages, witness strong year-on-year growth on the back-off, increased supply, improved discovery, and deeper penetration beyond metros and tier 1 and tier 2 towns.

Our accommodation business, which includes hotels home stays in packages witnessed strong year on year growth on the back of increased supply improve discovery and deeper penetration beyond metros and tier one and tier two towns.

Rajesh Magow: We continue to expand our supply deeper into the country. We now have 77,000 plus properties listed on our platform, covering 2075 cities across India, further strengthening our supply more. Along with the supply, we continue to expand our distribution channels as part of our strategy to drive online penetration further. We went live with our hotel product on ISCTC website during the quarter, and the initial response is encouraging. Through ISCTC and our MyBest platform, we are now getting new users from new smaller cities for leisure and business travels.

Speaker 2: We continue to expand our supply deeper into the country. We now have 77,000 plus properties listed on our platform. Covering 2075 cities across India, further strengthening our supply mode.

We continue to expand our supply to be put into the country.

Now have 77000 plus properties listed on our platform covering 2075 cities across India.

Centering our supply mode.

Speaker 2: Along with the supply, we continue to expand our distribution channels as part of our strategy to drive online penetration further.

Along with the supply we continue to expand our distribution channels as part of our strategy to drive online penetration for though.

Speaker 2: We went live with our hotel product on ISCTC website during the quarter and initial responses and courage.

We went live with our hotel product on as you can see where it started during the quarter and the initial responses and got it in.

Speaker 2: Through ISCCC and our MyBus platform, we are now getting new users from new smaller cities for leisure and business travel.

Two I S. DTC in Dod mindless Blackstone, you're now getting new users from new smaller cities for leisure and business travel.

Rajesh Magow: International Room Knights growth picked up strongly risk order as well, while the domestic accommodation business continued to perform well. With the introduction of new direct flights, we witness travel, pick up in new destinations like Tajikand, Almaty and Baku, while other key destinations in the Middle East and Southeast Asia continue to be the popular among Indians. Learning from valuable stay related feedback and inputs from our customers, we have enhanced our quality checks to highlight alerts for our customers about properties consistently defaulting on service levels on one hand and on the other, we work closely with the partner and push them to improve the stay experience.

Speaker 2: International Room Night's growth picked us strongly risk order as well, while the domestic accommodation business continued to perform well. With the introduction of new direct flights, we witness travel, pick up in new destinations like Tajik and Almaty and Baku, while other key destination in the Middle East and Southeast Asia continue to be the popular among Indians. Learning from valuable stay

International room night growth picked up strongly this quarter as well.

While the domestic accommodation business continued to perform well with.

The introduction of new direct flights, we witness travel pick up in new destinations like Tashkent, as Marty and Baku, while other key destination in the middle East and Southeast Asia continue to be the popular among Indians.

Learning from valuable state related feedback.

Speaker 2: and inputs from our customers. We have enhanced our quality checks to highlight alerts for our customers about properties consistently defaulting on service levels.

And input from our customers, we have enhanced the quality checks to highlight alerts per our customers about properties consistently reporting on service levels.

Speaker 2: on one hand and on the other, we were closely with the partner and pushed them to improve the stay experience. We have observed that most of our partners take the feedback seriously and take corrective action.

On one hand and on the other we work closely with our partner and push them to improve their stay experience.

Rajesh Magow: We have observed that most of our partners take the feedback seriously and take corrective actions. Our home stays business continues to grow with increasing coverage of destinations. During the quarter, we expanded our supply across the country, including workup venues. During the quarter, we added about 8,000 properties to our home stay inventory out of which about 1500 properties were added specifically in workup venues. The contribution of home stays to the overall booking is steadily increasing and we believe that this category will drive future growth.

We have observed that most of our partners take the feedback seriously and take corrective actions.

Speaker 2: Our home stays business continues to grow with increasing coverage of destinations. During the quarter, we expanded our supply across the country, including workup venues. During the quarter, we added about 8,000 properties to our home stay inventory, out of which about 1500 properties were added specifically in workup venues.

Our home sales business continues to grow with increasing coverage of destinations.

During the quarter, we expanded our supply across the country, including World Cup venues.

During the quarter, we added about 8000 properties to our homestay inventory out of which about 1500 properties.

I did specifically in World Cup venues.

Speaker 2: The contribution of home stays to the overall bookings is steadily increasing and we believe that this category will drive future growth.

The contribution of homestead to the overall bookings is steadily increasing and we believe that this category will drive future growth.

Rajesh Magow: Our holiday packages business continues to scale on the back of our expanded offerings. During the quarter, we launched holiday packages with home stays as an accommodation option, which is the first in the industry. We have now started to offer, we have now started to also offer charter train packages catering to religious tourism demand and footprint in the holiday packages business has now expanded to 555 domestic cities versus a peak of 455 cities in the past.

Speaker 2: Our holiday packages business continues to scale on the back of our expanded offerings. During the quarter, we launched holiday packages with home stays as an accommodation option, which is the first in the industry. We have now started to offer

Our holiday packages business continues to scale on the back of our expanded offerings during the quarter.

We launched holiday packages, with whom stays as an accommodation option.

It is the first in the industry, we have now started to offer.

Speaker 2: You've now started to also offer charter-train packages, catering to religious tourism demand. Our footprint in the holiday packages business has now expanded to 555 domestic cities versus a peak of 455 cities in the past.

You've now started to also offer charter 10 packages getting to religious to Lindsay tourism demand.

Our footprint footprint into holiday packages business has now expanded to <unk>.

$555 six cities versus a peak of 405 cities in the past.

Speaker 2: On the international package, we sold holiday packages to 66 countries during Q2, which is the best number achieved so far.

Rajesh Magow: On the international package, we sold holiday packages to 66 countries during Q2, which is the best number achieved so far. Our bus-ticketing business sustained the growth momentum in Q2, despite their seasonally weak quarter, as more and more corporates, especially in the IT sector, are mandating work from office the traditionally large bus markets in South India are witnessing good recovery. This increase in demand along with the improvements in bus operator finances is resulting in the addition of new buses, which boasts well for our business.

On the international package site, we sold holiday packages to 66 countries. During Q2, which is the best number achieved so far.

Speaker 2: Our bus-dicating business was seen in the growth momentum in Q2, despite their seasonally weak quarter, as more and more corporates, especially in the IT sector, are mandating work from office. The traditionally large bus markets in South India are witnessing good recovery.

Our bus ticketing business sustained the growth momentum in Q2, despite the seasonally weak quarter as more and more corporates, especially in the <unk> sector are mandating work from office. The traditionally large bus markets in South India are witnessing good recovery.

Speaker 2: This increase in demand along with the improvements in bus operator finances is resulting in the addition of new buses, which votes well for our business in Q2. The inventory of UPS RTC was integrated into the platform. This makes Redbus the first private ticketing platform ahead of the festival to host UPS RTC's inventory.

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 UBS RTC was integrated into the platform. This makes the Red book the first private ticketing platform ahead of the festival.

Rajesh Magow: In Q2, the inventory of UPS RTC was integrated into the platform, this makes Redbus the first private ticketing platform ahead of the festival to host UPS RTC'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 power features on our platform. Our user reviews section now has summary results leveraging generative AI and harnessing our extensive repository of user generated content.

Both the U P S rbc's inventory.

Speaker 2: This will help improve the new customer acquisition rate in North India.

This will help improve the new customer acquisition rate and not tender.

Speaker 2: We are making good progress on our journey with Generative AI Power features on our platform. Our user reviews section now has summary results leveraging Generative AI and are netting our extensive repository of user generated content. These 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.

We are making good progress on our journey with generating AI powered features on our platform.

Rajesh Magow: These 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 have deployed a voice-based bot for solving customer queries before bus departure. Ground transport business is a parallel growth opportunity for us. It is a potential growth opportunity for us. We already have a leading position in the bus market. In addition, we have been making organic investments in expanding our user-based via rail bookings. We started our cab business with airport transfers and are gradually scaling intercity travel use case by cabs.

Our user review section now has somebody results leveraging generative AI and harnessing our extensive repository of user generated content <unk>.

<unk> summary results enable customers to swiftly identify suitable properties and provide instant insights to each property's offerings. This feature that further improve the user experience in the property selection process.

Speaker 2: Similarly, in our bus business, we've deployed a voice-based spot for solving customer queries before bus departure.

Similarly in our bus business.

The Florida voice based board for solving customer inquiries before departure.

Speaker 2: Ground transport business is a parallel growth opportunity for us. It is a potential growth opportunity or beg your pardon for us. We already have a leading position in the bus market. In addition, we have been making organic investments in expanding our user-based wire Start with green roots. We ensure that we are not Yammer's

Ground transport business is apparel, a growth opportunity for us as a potential growth opportunity I beg your pardon put us we already have a leading position in the bus market. In addition, we have been making organic investments in expanding our.

User base via rail bookings.

Speaker 2: We started our cab business with airport transfers and are gradually scaling in the city travel use case by cab.

We started our cat business with a portrait in spurts and are gradually scaling intercity travel use case by caps.

Rajesh Magow: 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.

Speaker 2: Currently, intercity cabs is a highly unorganized and fragmented market and with road infrastructure improving in the country, it presents a good future growth opportunities.

Currently intercity cabs is a highly unorganized and fragmented market and with road infrastructure improving in the country. It presents a good future growth opportunities.

Rajesh Magow: So, we have decided to strengthen this line of our business further with an inorganic investment in a well-known intercity cab company called Savari. Mohit will share full details in inspection. 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. My partner, which is our B2C platform for small travel agents, now has 40,000 plus travel agents, and expanding every quarter with a very healthy repeat transaction rate.

Speaker 2: So we've decided to strengthen this line of our business further with an inorganic investment in a well-known entity cab company called Savari. Mohit will share full details in his section.

So we have decided to strengthen this lineup our business.

With an inorganic investment in a well known intercity cab company called Sovaldi.

It will share further details and infection.

Speaker 2: 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 track.

For all our product offerings, our direct B to C 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 might.

Speaker 2: My partner, 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.

My partner, which is our b to B to C platform for small travel agents now has 40000 plus travel agents.

And expanding every quarter with a very healthy repeat transaction right.

Rajesh Magow: Our corporate travel business, for both our platforms, my base and quest to travel, is gradually becoming meaningful. Our active customer count on my base is now 55,000 plus, and for Q2T, active customer count as V297 with strong additions every quarter. Both our corporate platforms have 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 booking for themselves, without diluting the experience.

Speaker 2: Our corporate travel business, for both our platforms, MindBiz and Quest2Travel, is gradually becoming meaningful.

Corporate travel business, but.

For both of our platforms my best and quest to travelers is gradually becoming meaningful.

Speaker 2: 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.

Our active customer count on my business, now 55000, plus and for tier two T active customer count reached 297 with strong additions every quarter. Both our corporate platforms are focused on building a holistic tax solution, where <unk> companies can seamlessly set policies.

Without manual hustle and sync with their ERP and <unk> systems.

Speaker 2: allowing the employees to handle their booking for themselves without diluting the experience.

The employees to handle their bookings for themselves without diluting the experience might.

Speaker 2: 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.

Rajesh Magow: My base 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 my base.

It might be that had been getting recognition from the industry volumes as well recently has been ranked at the top and travel and expense management for APAC.

Marketing <unk> Paul report 2023. This is the third consecutive category recognition from language.

Mohit Kabra: With this, let me now hand over the call to Mohit for the financial highlights of the quarter. Thanks, Rajesh, and hello everyone. We've delivered numerous operating performance this quarter with a strong year-on-year growth in gross bookings, revenue, and registered 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 2324, witnessing a year-on-year growth of 25.8% in constant currency terms.

Speaker 2: With this, let me now hand over the call to Mohit for the financial highlights of the quarter.

With this let me now hand over the call to Mohit for the financial highlights of the quarter.

Thanks Louise.

Hello, everyone.

Speaker 2: We've delivered robust operating performance this quarter with strong year on year growth in gross bookings revenue and registered operating profit in line with our stated strategy of profitable growth. Demand for travel remain 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 2324. We're witnessing a year on year growth of 23.8% in constant currency.

We've 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 studio strategy of profitable growth.

Mohit Kabra: Aided by strong operating leverage, the registered 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 registered 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 50% improvement from the 1% levels reported in the same quarter last year.

I'm on for travel remained robust on the back of what was it.

Consumer sentiment, helping us deliver gross bookings to the tune of $1 billion.

During the second quarter of fiscal year 'twenty three is really cool.

Missing it you don't have growth of 22, 8% in constant currency terms you did very strong operating leverage yeah. Just hurt operating profit grew by over 87% year on year from $15 1 million in same quarter last year.

Speaker 2: 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.

About $28 $2 million in this quarter translating to an increase of about.

$3 1 million in absolute terms.

Speaker 2: The adjusted operating profit is 2.3 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.

The adjusted operating profit stood at about one 5% of gross bookings during the quarter, which is in line with the previously reported quarter of the current fiscal year.

Almost a 50% improvement from the 1% level reported in the same quarter last year.

Speaker 2: Elite ticketing gross bookings for the quarter came in at about 1.2 billion dollars witnessing a year-on-year growth of 20.8% in constant compensator.

Mohit Kabra: 8 ticketing gross bookings for the quarter came in at about 1.2 billion dollars, witnessing a year-on-year growth of 20.8% in constant currency terms. And just imagine, if stood at about $80.2 million, registering a year-on-year growth of 10.7% in constant currency. They take rates of margins for the 8-ticketing business, were in line at about 6.8%. As mentioned by Rajesh, while the long-term outlook for growth in the 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 gopher airlines.

E ticketing gross bookings for the quarter came in at about $2 billion, representing a year on year growth of 28% in constant currency terms.

Speaker 2: adjusted margin is stood at about $80.2 million, registering a year-on-year growth of 10.7% in constant currency.

Margin stood at about $82 million registering a year on year growth of 10, 7% in constant currency.

Speaker 2: The take rates for margins for the e-ticketing business were in line at about 6.8%.

Peak regional margins, whether your ticketing business more in line and about six 8%.

Speaker 2: As mentioned by Rajesh, while the long-term outlook for growth in the 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.

As mentioned by Rajiv.

One of the long term outlook for goods in the domestic civil aviation market is very strong the largest craft orders being placed by the leading carriers, they're not short term capacity had been in Europe issues around supply and servicing of aircraft engines as well as this has been shown of operations by Goldfish Airlines built on B and CS.

Mohit Kabra: Based on the NCLP order in May 23, for the appointment of a resolution professional to operate go-first on a going-consum basis, we had been optimistic of restoration of its operations. However, considering that now over five and a half months have elapsed, and there are ongoing legal challenges to the resumption, we have made a one-time provision of all the recoverable amounts towards deposits for ticket sequences, accrued incentives, taxes deducted or collected that source, and recoverable from go-first during this quarter.

Speaker 2: Based on the NCLT order in May 23, for the appointment of a resolution professional to operate GO First on a going concern basis, we had been optimistic of restoration of its operation.

B 23 for the appointment of a resolution professional to operate Gulf West on a going concern basis.

<unk> been optimistic over its duration its operations Hello, considering that now over five and a half months have elapsed and do that ongoing legal challenges to the resumption.

Speaker 2: However, considering that now over five and a half months have elapsed.

Mohit Kabra: As a result of this exceptional provision, to the tune of about $10 million, the year-on-year increasing in the operating profit as per KAP is about $2.8 million, compared to about $30 million increase in adjusted operating profit, which is not impacted by this exceptional provision. We expect small capacity increases in the second half of the year, followed by normalized growth in the domestic civil aviation industry from the beginning of the next fiscal year.

Speaker 2: and there are ongoing legal challenges to the resumption. We have made a one-time provision of all the recoverable amounts.

We have made a one time provision of only recoverable amounts gould's deposits contiguous issuances.

Speaker 2: towards deposits for ticket issuances, accrued incentives, taxes deducted or collected at source and recoverable from Go First.

Incentive taxes collected at schools and the convertible from Gulf Coast. During this quarter as a result of this exceptional provision to the tune of about $10 million.

Speaker 2: during this quarter. As a result of this exceptional provision to the tune of about $10 million dollars, the year-on-year increasing in the operating profit as per GAP is about $2.8 million compared to about $20 million increase in registered operating profit, which is not impacted by this exceptional provision.

Year on year, increasing in the operating profit as per GAAP is about $2.8 million compared to about $30 million increase in adjusted operating profit, which is not impacted by these exceptional provision.

Speaker 2: We expect small capacity increases in the second half of the year, followed by normalized growth in the domestic civil aviation industry from the beginning of the next fiscal year.

We expect small capacity increases in the second half of the year, followed by normalized growth in the domestic civil aviation industry from the beginning of the next fiscal year.

Mohit Kabra: Gross booking for the quarter for hotel and packages segment stood at about $42 million, witnessing a strong growth of 34.5% on the year-on-year basis in constant currency terms. Adjusted margin for our hotels and packages of business stood at about $75.7 million during the quarter, witnessing the year-on-year growth of about 36% in constant currency terms. margins for this segment also came in line at about 17.5%. In our bus ticketing business, gross booking for the quarter came in at $219.7 million growing at an year-on-year basis of 21.2% in constant currency terms.

Speaker 2: Gross booking for the quarter for hotels and packages segment stood at about $432 million, witnessing a strong growth of 34.5% on a year-on-year basis in constant currency terms. Adjusted margin for our hotels and packages business stood at about $75.7 million during the quarter, witnessing a year-on-year growth of about 36% in constant currency terms.

Bookings for the quarter for hotels and packages segment.

At about $432 million witnessing a strong growth of 24, 5% on a year on year basis in constant currency terms.

Mr. Martin for our hotels and packages business stood at about $75 $7 million during the quarter witnessing appeared on yield growth of about 26% in constant currency terms.

Speaker 2: margins for this segment also came in line at about 17.5%. In our bus ticketing business, gross

I just got this segment also came in line and about 17.5%.

Mohit Kabra: Adjusted margin stood at $21.8 million, raising a strong year-on-year growth of about 34% in constant currency terms. margins for the bus business also came in line at about 9.9% for the quarter. We continue to drive efficiency in our expenses, and particularly so in our customer irrigation costs. Excellent top-of-mind recall of our brands has been driving a high mix of organic traffic for us. On top of that, almost 70% of the orders come in from our existing customers, helping us drive further cost efficiencies. Overall, marketing and sales promotion costs for the quarter came in at about 4.6% of gross begins as compared to about 5.4% in the same quarter last year.

And our bus ticketing business gross bookings for the quarter.

Speaker 2: came in at $219.7 million, growing at an year-on-year basis of 21.2% in constant currency terms. Adjusted margin stood at $21.8 million, registering a strong year-on-year growth of about 34% in constant currency terms. Margin for the bus business also came in at about 9.9% for the

Came in at $219 $7 million growing year on year basis of 21, 2% in constant currency terms and just did margin stood at $21.8 million the extremely strong year on year growth of about 24% in constant currency terms.

<unk> for the bus business also came in that line.

At about nine 9% for Ricardo.

Speaker 2: We continue to drive efficiency in our expenses and particularly so in our customer acquisition costs.

We continue to drive efficiency, not expenses and particularly so in our customer acquisition costs.

Speaker 2: excellent top of mind recall of our brands has been driving a high mix of organic traffic for us. On top of that, almost 70% of the orders come in from our existing customers, helping us drive further cost efficiencies. Overall, marketing and sales promotion costs for the quarter came in at about 4.6% of gross bookings, as compared to about 5.4% in the same quarter last year.

And top of mind recall of our brands has been driving a high mix of organic traffic for us on top of that almost 70% of the orders come in from our existing customers, helping us drive further cost efficiencies overall marketing and sales promotion costs for the quarter came in at about four 6% of gross bookings.

As compared to about five 2% in the same quarter last year.

Mohit Kabra: With the COVID-19 pandemic behind us, and almost every line of business having recovered to pre-pandemic levels or above, our focus is now on continuing to drive profitable growth. Our strong balance sheet with over half a billion dollars in cash and cash equivalence gives us the flexibility to pursue both organic and inorganic opportunities of driving supply or distribution side expansion. Across our portfolio of grants, we have built significant businesses in travel services such as re-ticketing, woodlands and packages and bus ticketing.

Speaker 2: With the COVID-19 pandemic behind us and almost every line of business having recovered to pre-pandemic levels or a bout, our focus is now on continuing to drive profitable growth. A strong balance sheet with over half a billion dollars in cash and cash equivalence, gives us the flexibility to pursue both organic and in organic opportunities or driving supply or distribution side expansion.

With the COVID-19 pandemic behind us in almost every line of business, having recovered to pre pandemic levels or above.

Focus is now on continuing to drive profitable growth a strong balance sheet with over half a billion dollars in cash and cash equivalents gives us the flexibility to pursue both organic and inorganic opportunities and driving supply our distribution center expansion.

Speaker 2: Across our portfolio of brands, we have built significant businesses in travel services such as re-tigating, woodles and packages and bus ticketing.

Across our portfolio of clients, we have built significant businesses and travel services, such as the air ticketing hotels and packages and bus ticketing.

Speaker 2: We have organically scaled up a variety of other travel service offerings, such as airport transfers, and rail ticketing for our customers. As part of our inorganic initiatives.

Mohit Kabra: We have organically scaled up a variety of other travel service offerings such as airport transfers and rail ticketing for our customers. As part of our inorganic initiatives, we had invested in book My Forex, which is a well-known Forex service provider in India. In this investment help does in strengthening the Forex offerings for our customers who book overseas travel services with us and opened up another growth opportunity for us. Along these lines, we are pleased to announce the signing up of a majority investment in Savari Karl's Ventil private limited, which is a well-known intercity cab services company.

Organically scaled up a variety of other service offerings, such as the airport transfers and rail ticketing for our customers as part of our inorganic initiatives.

Speaker 2: We had invested in book My Forex, which is a well-known Forex service provider in India. This investment helped us in strengthening the Forex offerings for our customers to book overseas travel services with us and opened up an excellent growth opportunity for us.

We have invested in book, My Forex, which is a well known product service provider in India.

Investment tenders in strengthening the products offering for our customers, who book overseas talent services with us and opened up another growth opportunity for us.

Speaker 2: Along these lines, we are pleased to announce the signing up of a majority investment in Savari Karl's Ventil's private limited, which is a well-gun intercity cab services company. We believe that while intercity cabs and local city buses fall under the day-to-day commute services, intercity cab services are akin to intercity bus services and therefore are a segment of opportunity for travel service providers like us.

Along these lines, we are pleased to announce the signing up of a majority investment in summary, continental's glad with limited, which is a well run intercity cab services company, we believe.

Mohit Kabra: We believe that while intercity cabs and local city buses fall under the day-to-day commute services, intercity cabs services are akin to intercity bus services and therefore are a segment of opportunity for travel service providers like us. This is a segment with low online penetration, fragmented supply and lack of standardization in experience. We believe that there is an opportunity to transform this space with technology and offer a better value proposition both for our suppliers as well as the customers in the US to come.

While industry Intercity cabs and local city buses all into the day to day commute services Intercity cab services are akin to intercity bus services and therefore on a segment of opportunity for cloud service providers like us.

Speaker 2: This is a segment with blue online penetration, fragmented supply and lack of standardization in experience. We believe that there is an opportunity to transform this space with technology and offer a better value proposition, both for our suppliers, as well as the customers in the US to come.

This is a segment with blue online penetration fragmented supply and lack of standardization in experience. We believe that there is an opportunity to transform this is peace with technology and offer a better value proposition both for our suppliers as well as the customers in the years to come the.

Mohit Kabra: The significant focus of the government of India in terms of improving the quality of highways apart from adding to the heavy infrastructure across the length and breadth of the country can add further impetus to this segment. This investment which is likely to be closed in the next two months is intended to accelerate our plans of building a meaningful presence in the intercity cabs business or market in India. During the quarter, we also acquired the last tranche of equity from the founders of Quest 2 Travel, a company engaging providing corporate travel services to large size cooperates.

Speaker 2: The significant focus of the government of India in terms of improving the quality of highways apart from adding

A significant focus of the government of India in terms of improving the quality of highways apart from Ali.

Speaker 2: to the heavy infrastructure across the length and breadth of the country can add further impetus to this segment.

Two the heavy infrastructure across the length and breadth of the country can add further impetus to this segment.

Speaker 2: This investment which is likely to be closed in the next two ones is intended to accelerate our plans of building a meaningful presence in the intensity, caps, business or market in India.

This investment which is likely to be closed in the next two months is intended to accelerate our plans of building a meaningful presence in the intercity cabs business our market in India.

Speaker 2: During the quarter, we also acquired the last tranche of equity from the founders of Quest2 Travel, a company engaging providing corporate travel services to large size companies.

During the quarter.

Also acquired the last tranche of equity from the founders off Chris to travel.

Company engaged in providing corporate travel services to large size corporate.

Mohit Kabra: We had acquired an initial majority stake in 2019 and have been increasing our holding over the years and this final tranche marks the completion of the process with the acquisition of 100% ownership in Quest 2 Travel. We will continue to look for such inorganic investments to support our future growth initiatives as well.

Speaker 2: We had acquired an initial majority stake in 2019 and have been increasing our holding over the years. And this final branch marks the completion of the process with the acquisition of 100% ownership in quest to travel.

We are an acquirer in Asia. The majority stake in 2019 and have been increasing our holding over the years and this final tranche Mazda completion of the process with the acquisition of 100% ownership in question Chairman, leaving.

Speaker 2: We will continue to look for such inorganic investments to support our future growth initiatives as well. With that, I would like to turn the call back to Wipril for Q&A.

We will continue to look for certain inorganic investments to support our future growth initiatives as well.

Vipul Garg: With that, I would like to turn the call back to Wipun for Q&A. Thanks Mohit, any participant who wish to ask a question can press the raise hand button on their screen and we will take the questions one by one. I already have a few questions.

With that I'd like to turn the call back to reopen for Q&A.

Speaker 1: Thanks Mohit, any participant willing who wish to ask a question can press raise hand button on their screen and we will take the questions one by one. I already have a few questions. For the first question is from the line of Sachin Saldankar of Bank of America. Sachin, you may please ask your question now.

Thanks, Mohit any participant billing.

Oh, who wish to ask a question can best days had button on their screen and we will take the questions one by one.

I only had a few questions. The first question is from the line of such in Philadelphia or a bank of America. Sachin you May. Please ask your question now.

Sachin Salgaonkar: The first question is from the line of Sachin Saldankar of Bank of America. Sachin, you may please ask your question now. Thanks, people. Good day everyone. I have three questions. First, Mohit again, I just wanted to clarify regarding this entire one-off. Basically, all the negative which could be factored in is factored in that. Ideally, we should not see any incremental one-off coming from go first in coming quarters.

Speaker 1: Thanks people. Good day everyone. I have three questions. First, you know, more again, I just wanted to clarify regarding you know the shantar one off. So basically, you know, all the negative which could be factored in is factored in that ideally we should not see any incremental one off coming from go first incoming quarters.

Thanks Pat.

Good day, everyone I have three questions plus you know Mohit again I just wanted to clarify regarding in addition guided a one off.

So.

All then you go to which could be factored in the fact that in that ideally, we should not see any incrementally by knobs cutting some goalpost in coming quarters.

Sachin Salgaonkar: Yes, Sachin, that's right. Got it. Second question, you know, just on this entire, you know, capacity issues at airlines. Again, you know, one is a near-term perspective, which you guys said, but, you know, there is also a risk about, you know, the Pratt and Whitney Indigo engines, you know, continue to create a bit of an issue going into next year. So, just wanted to understand, you know, where do you guys see this resolving and what kind of impact that could have. Let's say from a next 12 to 18 month perspective.

Yes, that's right.

Speaker 3: Got it. Second question, you know, just on this entire, you know, capacity issues at airlines, again, you know, one is a near-term perspective, which you guys said, but, you know, there is also a risk about, you know, the Pratt & Whitney, Indigo engines, you know, continue to create a bit of an issue going into next year. So, I just wanted to understand, you know, where do you guys see this resolving and what kind of impact that could have, let's say, from a next 12 to 18 month perspective?

Got it second question you know just understand that capacity issue is that the airlines show up again, you know one is in New York perspective, which you guys said, but again that is all I just wanted ask about D&O adapt Pratt and Whitney Indigo in jeans continue to create a better finish so going into next year.

So I just wanted to understand how bad do you guys see this resolving and what kind of impact that could have that ship in the next 12 to 18 months perspective.

Rajesh Magow: Yeah, and maybe, Sachin, I can take that. So, I think it's a valid question, you know, I guess I was trying to sort of highlight that as part of my script speech as well. So, if there is the, you know, this whole winter schedule that has been filed recently of any indication, that is actually quite encouraging, where there is a net addition. All factors considered, including the engine issue. There is an overall net addition to the supply of about 58%.

Speaker 2: Yeah, and maybe I can take that. So I think it's a valid question. You know, I guess I was trying to sort of highlight that as part of my script speech as well. So if there is, you know, this whole winter schedule that has been filed recently of any indication, that is actually quite encouraging, where there is a net addition.

Yeah, and maybe I can take that so I think it's a valid question and I guess I was trying to sort of highlight that as part of my script.

Script speech as well so if that is so you know this whole winter schedule that has been filed recently open indication.

That is actually quite encouraging where there is a net addition.

Speaker 2: all all factors are considered including the engine issue there is an overall net addition to the supply of about seven eight percent.

All factors.

Considered including the engine issue. There is an overall net addition to the supply of about seven 8%.

Rajesh Magow: So, you know, which will give you a sense of the fact that, you know, despite the fact that the go first supply has been out of the market now for a while, and Spicejet has also not necessarily been operating at a hundred percent capacity, but both Indigo and, you know, Air India, including Air Express, Vistara, they've been adding more planes and projections. And because the orders have been placed for last now, you know, a couple of quarters, there's a supply on and every month on a net, on a net sort of addition basis is going to flow in every month pretty much.

Speaker 3: So, which will give you a sense of the fact that, despite the fact that the go first supply has been out of the market now for a while, and Spicejet has also not necessarily been operating at 100% capacity.

So which will give you a sense of.

The fact that.

And despite the fact that the Gulf Coast supply has been out of the market now for a while.

And space. It is also not necessarily been operating at 100% capacity.

Speaker 3: But both Indigo and Air India, including Air Express, Vistara, they've been adding more planes. And projections, and because the orders have been placed for last now.

But both indigo.

And air India, including Air Express with start up.

They've been adding more planes.

And projections, so again and because the orders have been placed called lost now.

Speaker 3: You know, a couple of quarters, there's a supply on every month, on a net, on a net sort of addition basis, is going to flow in every month pretty much.

A couple of quarters is that the supply on an every month on a net net on a net sort of addition base is is going to flow in every month pretty much it.

Speaker 3: And that's the kind of projection that is already out there that has come from all the lines together. So that gives you an indication that the things are going to ease out definitely in the coming quarters.

Rajesh Magow: And that's the kind of projection that is already out there that has come from, you know, all the airlines together. So, that gives you an indication that the things are going to ease out definitely in the in the coming quarters. And from a long term outlook, standpoint, to be honest, I don't really see an issue because, you know, ultimately all these problems are going to get resolved one way or the other.

And that's the kind of projects and there is already out there that has come from you know all the all the airlines together.

So that gives you an indication that things are going to ease out definitely in the in the coming quarters and from a long term outlook standpoint to be honest I don't really see an issue because.

Speaker 3: And from a long term outlook standpoint to be honest, I don't really see an issue because, you know, ultimately all these problems are going to get resolved.

Definitely all these problems are going to get resolved one.

Speaker 3: one way or the other. Either it is going to be

One way or the other either it is going to be.

Rajesh Magow: Either it is going to be, you know, the engine replacement that is going to fall in place slowly and gradually, or they're going to be other alternatives that are going to be available because the demand momentum from a long term standpoint is clear based on various other sort of, you know, projections if you see it more from a long term standpoint, multiple sources. And operationally, all these, you know, I'm sure everyone is sort of working hard to find alternatives if there are any blockers that come along the way. So, but, you know, we love to obviously watch the situation. But like I said, the next six months projections seem to be giving an indication that it's going to, to, you know, start improving overall situation.

Speaker 3: you know, the engine replacement that is going to fall in place slowly and gradually, or there are going to be other alternatives that are going to be available. Because the demand momentum from a long-term standpoint is clear based on various other

The engine replacement that is going to fall in place slowly and gradually or they are going to be other alternatives that are going to be available because under.

The demand momentum from a long term standpoint is clear based on various other.

Speaker 3: sort of, you know, projection that you see more from a long-term standpoint, multiple source phase.

Sort of a project.

Projections, if you're seeing more from a long term standpoint multiple sources.

Speaker 3: And operationally, all these, I'm sure everyone is sort of working hard to find alternatives if there are any blockers that come along the way. But we love to obviously watch the situation. Like I said, the next six months projections seem to be giving an indication that it's going to start improving overall situation.

And operationally all these I'm sure everybody's sort of working hard to find alternatives. If there are any blockers.

That come along the way so, but you know we love to obviously watch the situation.

Like I said the next six months projections seem to be giving an indication that that is going to to start improving overall situation.

Sachin Salgaonkar: Jordan, thanks Rajesh. And, you know, in your opening remarks, you also commented about, you know, a bit of an issue on demand, especially given the harsh months soon. Wanted to just understand, you know, how has been it progressing in in last few months, given the fact, you know, there is a work of, you know, we are heading into the valley season. And any general comments on early December bookings, you know, are we still seeing issues associated with demand?

Speaker 1: Thanks Rajesh. In your opening remarks, you also commented about an issue on demand, especially given the harsh monsoon. I wanted to just understand how has it been progressing in the last few months, given the fact that there is a world cup heading into the Diwali season. Any general comments on early December bookings? Are we still seeing issues associated with demand or has that started to reverse?

Alright, thanks, guys.

Sachin Salgaonkar: Or that's started to reverse. So, Sachin July, August, September, that specific monsoon related issue was temporary and was confined to certain cities of the country, not necessarily across, and the demand overall sentiment remained positive. In fact, it was at its peak around August, September, September, it was like, you know, quarter and, you know, as we know from the historical trends that the October, November, December again is a high season quarter, but it's early days right now because it's just, you know, end of October, of course, you know, because of the World Cup, you know, wherever specific, you know, we're India was featuring as part of the games in specific cities we've seen, you know, bookings and actual transactions growing both for hotels and flights, but on an overall basis, you know, the season will play out more in November, historically also it ends up sort of playing it and starting with 3rd week of October and November and then goes into well into middle of December, which is yet to come, and so I guess it's overall early days for the quarter, but I don't see any reason why it will be any different.

Opening the months ago also commented about how big of an issue on demand, especially given the harsh months. One wanted to just understand you know how has been progressing and in the last few months given the fact, we get out there as a wake up.

Sachin Salgaonkar: Thank you.

We are adding into the body season, and any general comments on early December bookings.

Are we still seeing issues associated with demand that's starting to reverse.

Speaker 3: So, such in July , August , September , that specific monsoon-related issue was temporary and was confined to certain cities of the country, not necessarily across, and the demand overall sentiment remained positive. In fact, it was at its peak around August-September, you know, and in September it was like, you know, all-time.

So if that in July August September that specific of monsoon related issue was temporary and was confined to certain cities of the country not necessarily across and the demand overall.

Sentiment remains positive in fact that it was at its peak around August September.

September it was like.

All time high.

Speaker 3: And for the current quarter and as we know from the historical trends that the October , November , December again is a high season quarter.

And for the current quarter in it.

As we know from the historical trends that the October November December again in the high season quarter.

Speaker 3: But it's early days right now because it's just, you know, end of October . Of course, you know, because of the World Cup, you know, wherever specific, you know, we're in the air, we're featuring as part of the games. In specific cities we've seen, you know, bookings and actual transactions growing, both for hotels and flights.

But it's early days right now because it's just you know end of October of course, you know.

Because of the World Cup or known wherever specific.

India was between as part of the games in specific cities we've seen.

Bookings in actual transactions growing both for hotels and flights.

Speaker 3: But on an overall basis, you know, the season will play out more in November . Historically also, it ends up sort of playing it in starting with

But on an overall basis.

This season.

Will play out more in November historically also it it ends up sort of playing it in.

Starting with third week of October and November and November and then goes into well into middle of December.

Speaker 3: Third week of October and November and then goes into well into middle of December , which is yet to come. And so I guess it's the overall early days for the quarter, but I don't see any reason why it will be any of the...

Which is yet to come and so I guess, it's the overall early days for the quarter, but I don't see any reason why it will be any different.

Speaker 2: Last question is on your margins. Great job guys in terms of holding up these margins well despite the negative operational leverage in this seasonally slower quarter. So the question out here is, is this the low selling and marketing below 5% of GOV is something which you guys see sustainable going ahead and hence there could be a bit of upside to your medium term margins?

Okay. Thank you and last question is on your margins.

Sachin Salgaonkar: And last question, you know, is on your margins, you know, great job guys in terms of, you know, holding up these margins well, despite the negative operation leverage in the season needs to work out. So the question out here is, you know, is this, you know, the low selling and marketing below 5% of GOV is something which you guys see sustainable going ahead and hence, you know, that would be a bit of upside to your medium term margins.

Great job guys in terms of you know holding up these margins. Despite then you get your operationally raising dishes and needs to go up or down. So the question out there as you know.

Is this you know the lower selling and marketing below 5% of Gov's, something which you guys see as sustainable going ahead, and hence there could be a bit of upside as the yard medium term margins.

Sachin Salgaonkar: As far as, you know, the medium term margins are the margins for this year are concerned, such in lightweight called out during the last call as well. You would like to kind of consolidate around the around 1.5% off-glass bookings level or it about, you know, mid teens from adjusted margin point of view. So this is where we would like to consolidate for the year and on an annual basis, we are going to look at, you know, a small expansion in the coming years as well.

Speaker 2: As far as the medium to margins are the margins for this year are concerned, such in lightweight called out during the last call as well, we would like to kind of consolidate around the around the 100, half percent off-gloss bookings level or it about mid-teens from a

As far as in the medium term margins are the margins for this year are concerned so it isn't like we had called out during the last call as well, we would like to kind of consolidate around the earth.

101 at our percent of gross bookings level audit about you know mid teens from a.

Speaker 2: adjusted margin point of view. So this is where we would like to consolidate for the year. And on an annual basis, we're going to look at a small expansion in the coming years as well.

Just a margin point of view. So this is where we would like to consolidate for the year and on an annual basis reasonable to look at it.

Small expansion.

In the coming years as well.

Operator: Thanks all and the step of future.

Alright, Thanks, Arlinda stepped up there too.

Operator: Thank you, Jen. Thanks, Fetchon.

Jim.

Speaker 1: Thanks Sachin. Next question is from the line of Vijit Jain of Citi. Vijit, you may please ask your question.

Thanks Sachin <unk> next question is from the line up for video churn of city legitimate. Please ask your question now.

Vijit Jain: Next question is from the line of Vigit Jain of City, Vigit, you may please ask your question now. Thanks, Ripple. Congratulations, guys. I'm a great threat of numbers.

Speaker 4: Thanks Vipul. Congratulations guys on a great set of numbers. My question is just staying on the last point you made Mohit. Where are we in terms of budget hotel recovery in this quarter? I recall last quarter you had mentioned 80-85% recovery. Where are we? Has that moved up since?

Thanks for the.

Congratulations guys on a great set of numbers.

Vijit Jain: My question is, you know, just staying on the last point you made, where are we in terms of budget hotel recovery in this quarter? I recall last quarter, you had mentioned 80-85% recovery, where are we? Has that moved up since?

My question is Peter just staying on the last point you made Oh.

Where are we in terms of budget, okay because of the D. In this quarter I recall last quarter, you Ching to 85% recovery thereafter, we have has that moved up since.

Speaker 4: That's question number one and I would like to understand if you have a, you know, if the reason why you believe these marketing costs can stay at these lower levels is because you can see the budget hotel segment completely recovering and this is a new normal there as well.

Rajesh Magow: That's question number one and I would like to understand if you have a, you know, if the reason why you believe these marketing costs can stay at these lower levels is because you can see the budget hotel segment completely recovering and this is a new normal there as well. So, you know, on the recovery side, we can do to be around the 80-90% levels, you know, Vigit on the budget segment. And like we've been explaining, this is a segment which has seen a significant amount of pricing reset and therefore it's kind of, you know, the recovery is is slightly lower than, you know, all the other price points and which is kind of, you know, which is fine for an overall mixed point of view.

That's question number one and I would like to understand if you have a you know.

If the reason why you believe it.

These marketing close can stay at these lower levels, just because you can see the.

Budget Hotel segment completely recovering and this is a new normal there isn't it.

So you won't be recovery things, we can do to be around 80% 90% levels.

Speaker 2: So, you know, on the recovery side, we continue to be around the 85 90% levels, you know, budget on the on the budget segment.

On the deposit segment and like we've been explaining this is a segment, which has seen a significant amount of pricing reset and therefore is kind of you know the recoveries is slightly lower than all the other price points.

Speaker 2: And like we've been explaining, this is a segment which has seen a significant amount of pricing reset and therefore is kind of you know, the recovery is

Speaker 2: is slightly lower than all the other price points. And...

Speaker 2: which is kind of you know, which is fine for my overall mix point of view. And we do believe that you know, it's just a matter of time before, before even this segment kind of you know gets back to pre-pandemic levels and above.

Which is which is kind of unknown.

Which is fine from an overall mix point of view.

Rajesh Magow: And we do believe that, you know, it's just a matter of time before even this segment kind of, you know, gets back to pre-pandemic levels and above. So, just an extended period call or that took layout, considering the amount of price sensitivity that kind of, you know, the segment bitters. On the margin expansion side, like we have said this year, we have already kind of significantly optimized our overall operating costs, including the customer action costs and have seen a decent amount of up to compare to the last year.

And we do believe that in just a matter of time before before even this segment.

Back to pre pandemic levels and above.

Speaker 2: uh so just an extended period for for that to play out considering the amount of price sensitivity that kind of you know the segment between

So just an extended period for that to play out considering the amount of price sensitivity there kind of another segment businesses.

Speaker 2: on the margin expansion side, like we've said this, this year, we've already kind of

On the margin expansion side like you've said this this year, we've already kind of.

Speaker 2: significantly optimized our overall operating costs, including the customer exchange costs.

Significantly optimized.

Overall.

Total operating costs, including because collection costs.

Speaker 2: and have seen a decent amount of up to compare to the last year. And therefore, like I said, we would like to consolidate around these levels.

And I've seen a decent amount of uptick compared to the last year and therefore like I said, we would like to consolidate around these levels. The reason we believe.

Rajesh Magow: And therefore, like I said, we would like to consolidate around these levels. The reason we believe, if at all the margin and the customer action costs are likely to go up, this will be in line with our, you know, any changes that would happen on the mixed side. For say, for instance, pre-COVID, we have seen hotels and packages kind of accounting for almost like up to 50% of the mix. Right now, we are seeing hotels and packages, you know, contributing to about 40% plus of the mix.

Rajesh Magow: And therefore, if the, if the, if the mix kind of, you know, moves more and more in favor of hotels and packages over a period of time, where it is likely to, in that case, we could see an improvement coming through in the blended take rates and also a little bit of increase coming in in the overall customer action costs. But other than that, we do believe we are kind of, you know, in a regime of, at least for the shorter term or medium term, in a regime of kind of, you know, stable margin, as well as stable customer action costs.

Speaker 2: If at all the margin and the the customization costs are likely to go up, this will be in line with that, you know, any changes that would happen on the mix site. For say, for instance,

If at all the margin would be the customization costs are likely to go up this will be in line with that.

Any changes that would happen on the mix side to see one instance.

Speaker 2: Pre-COVID we have seen Codals and packages kind of accounting for almost like up to 50% of the make

Pre COVID-19, we've seen hotels and packages kind of contemplate almost like up to 50% of the mix right now we are seeing hotels and packages.

Speaker 2: right now we are seeing hotels and packages, you know, contributing to about 40% plus of the mix.

Contributing to about 40% plus of the mix and therefore.

The <unk> is the mix kind of you know moves more and more in favor of hotels and packages over a period of time, but it is likely to in that case, we could see.

Speaker 2: If the mix kind of moves more and more in favor of hotels and packages over a period of time, where it is likely to, in that case, we could see an improvement coming through in the blended take rates and also a little bit of increase coming in in the overall customer location costs. But other than that, we do believe we are kind of, you know,

Improvement coming through in the blended take rate and also a little bit of increase coming in jewelry customer attrition costs, but other than that we do believe we are kind of you know.

Speaker 2: in a regime of at least for the shorter term or medium term, in a regime of kind of you know stable margin, as well as stable customer creation.

In our in our reaching them off at least for the shorter term or medium term.

And the theme of kind of in a stable margins as well as to build customer acquisition costs.

Rajesh Magow: And sorry, sorry, Mohit, if I may just add one more important point, which is a few. Yes. On the budget segment very quickly, you know, just put things in perspective, I think it's an important one. You know, so like Mohit explained that it is effectively the budget segment and solely in gradually recovery because the price point had changed and then market is taking a little bit more time to sort of adjust to that.

Correct.

Speaker 3: Sorry, sorry, sorry, if I may just add one more important point with just a few.

Sorry, sorry.

If I may just add one more important point with just a few.

Speaker 3: Yeah, on the budget segment very quickly, you know, just put things in perspective. I think it's an important one, you know, so like when they explained that it is effectively the budget segment and slowly and gradually recovery because the price point had changed and then market is taking a little bit more time to sort of adjust to that.

Rajesh Magow: But within that, you know, the recovery for any price point more than equivalent to 1000 rupees a room night or more than 1000 rupees a room night, the recovery is already there at the pandemic level. In fact, the, the year on year growth numbers are also over said about 115 percent. Like, you know, about about 15 percent growth rate, achievement is about 150 percent as compared to pre-pandemic. So, the only segment that might be little bit behind is less than 1000 rupees, which is effectively, you know, 14 dollars a room night.

Yeah.

The budget segment very quickly.

Put things in perspective, I think it's an important one.

So like when you explained that it is effectively the budget segment and tooling and gauging recovery because the price point had changed and then market is taking a little bit more time to sort of adjust to die.

Speaker 3: But within that, you know, the recovery for any price point more than equivalent to thousand rupees a room night or more than thousand rupees a room night, the recovery is already there at the pre-pandemic level. In fact, the year-on-year growth numbers are also robust at about 115 percent.

But within that you know the recon.

A brief for any our price point more than equal in 2000 rupees a room night, all more than thousand rupees and room night. The recovery is already there at the pre pandemic level in fact that the year on year growth numbers are also robust at about 115%.

Speaker 3: Like, you know, about 15% growth rate achievement is about 150% as compared to pre-pandemic.

Like.

About 15% growth rate achievement is about 115% as compared to pre pandemic.

Speaker 3: So the only segment that might be little bit behind is less than 1000 rupees, which is effectively you know 14 dollars a room night. Now that that was because of the historical reason. It was nothing to do with now demand not coming back. It is only because it was a exception.

The only segment that might be a little bit behind as less 10000 rupees, which respectively.

Our room night not back.

Rajesh Magow: Now, that, that was because of the historical reason. It has nothing to do with now demand not coming back. It is only because it was exceptionally lower price historically during pre-pandemic because of higher sort of aggressive push to sort of, you know, get that segment going very aggressively on the price points. And so from that perspective, I think it just overall recovery standpoint from our point of view, all segments have recovered very, very well now. Correct. Thanks, Rajesh.

That was because of the historical data and it has nothing do with now demand not coming back. It is only because it was exceptionally lower price historically.

Speaker 3: lower price historically during the pre-pandemic because of higher.

During the pandemic because of higher sort of aggressive push to two sort of Oh and get third segment growing very.

Speaker 3: sort of aggressive push to sort of, you know, get that segment going very aggressively on the price points. And she has, so from that perspective, I think it just overall, recoveries, 10 points from up point of view, all segments have recovered very, very well.

Very aggressively on the price points.

And tears so from that perspective, I think it just no overall recovery standpoint from our point of view all segments have recovered very very well now.

Speaker 4: Right, thanks Rajesh. Next question is just on the air ticketing side. Now I know there's a little bit of, you know, mismatch in when you recognize these volumes in what we see in the DGCA data. But it looks like, I mean, QOQ DGCA data shows two, three percent decline, right? And your numbers are up. So is that international recovery here? Or is this just that mismatch that we were talking about?

Great. Thanks, guys. Your next question is just on the air ticketing side now I know, there's a little bit of a mismatch in when you recognize these volumes and what we see in the D. C O data, but it looks like I mean, the Q O. Q did you say that it actually was two 3% decline rate in your numbers at all.

Vijit Jain: Next question is just on the air ticketing side. Now, I know there's a little bit of, you know, mismatch in when you recognize these volumes and what we see in the DGCA data. But it looks like, I mean, QOQ DGCA data shows two, three percent decline, right? And your numbers are up. So is that international recovery here, or is this just that mismatch that we were talking about? And a related question, if you can tell me what your market share into domestic aviation is this court?

So is that the international recovery here or is this just that mismatch that you were talking about right and is it related question. If you can tell me what your market share in domestic says domestic aviation is this quarter.

Speaker 4: And a related question, if you can tell me what your market share into mystics is, the mystic aviation is this quarter.

Speaker 2: generally, I mean, it can be a bit of both. In fact, you know, you typically do see bookings kind of, you know, you know, holding strong ahead of getting into the peak seasonality quarter, because people tend to kind of, you know, good pricing, which is available on advanced booking windows. So therefore, you know, you could see a little bit of

Vijit Jain: Generally, I mean, it can be a bit of both. In fact, you typically do see bookings kind of, you know, holding strong, I head off getting into the peak seasonality quarter because people tend to kind of, you know, good pricing, which is available on advanced booking windows. So therefore, you know, you could see a little bit of, you know, seasonality tweak happening on the book versus blown kind of, you know, reporting.

Generally no.

It can be a bit of board in fact, I know you typically do see bookings kind of in a holding strong iron upgrading into the peak seasonality quarter, because people tend to kind of you know.

As you know good pricing, which is available on advanced booking windows. So therefore, you know you could see a little bit of.

Speaker 2: uh you know seasonality tweak happening on the book versus blown kind of you know uh reporting

Seasonality tweak happening on the book versus blown kind of.

Our reporting.

Vijit Jain: And secondly, you know, our international has been improving. In fact, actually the mix of international has been kind of improving quarter by quarter. In fact, now we are pretty much back to, you know, pre-COVID kind of mix coming in, you know, from the international side. Like we had been mentioning the recovery on international had been slower, but now could be much kind of, you know, back to full recovery and the domestic versus international mixes pretty much restored now. And with just your market share in the domestic side. Continue to be 30% plus.

Speaker 2: And secondly, you know, our international has been improving. In fact, actually, the mix of international has been kind of improving quarter by quarter. In fact, now we are pretty much back to, you know, pre-COVID kind of mix coming in, you know, from the international side. Like we've been mentioning, the recovery on international had been slower, but now pretty much kind of, you know, back to full recovery and the domestic versus international mix is pretty much restored.

And secondly.

International has been improving in fact actually the mix of international has been kind of improving quarter by quarter. In fact, now we are pretty much back to.

Rajesh Magow: 30% plus, got it.

Pre COVID-19 kind of mix coming in from the international side like we have been mentioning the company on international has been slow, but now do much kind of a.

Back to full recovery in the Noma.

Domestic versus international mix is pretty much restored now.

Speaker 4: And with just your market share in the domestic side, continue to be 30%

Got it and then with the just your market share in the domestic side.

<unk> continues to be 30% plus.

Speaker 4: My last question, if you can just tell me what the total investments in Quest2 travel and Favari were in 2Q and in 3Q and just on the, you know, thoughts on the convertible buyback.

30% that's correct. My last question. If you can just tell me what the total investment in great stood rather than somebody wanting to Q&A. Thank you.

Operator: My last question, if you can just tell me what the total investments in quest to travel in Favari were in 2Q and in 3Q. And just on, you know, thoughts on the convertible buyback. Thank you. Yeah, see, Q2TV already kind of reported the numbers and as far as safaris concerned, this again is going to be a small ticket kind of, you know, investment more in the less than $10 million kind of a range.

And just on the.

I'll touch on the convertible.

Speaker 2: Yeah, see, in Q2D, we've already kind of reported the numbers. And as far as Savari is concerned, this again is going to be a small ticket kind of, you know, investment more in the less than $10 million kind of a range.

<unk>.

Yes.

Q2 D. We've already kind of been reported the numbers in a span of somebody's concern. This again is going to be a.

A small ticket kind of you know investment more in the less than $10 million kind of range and coming to kind of in the use of proceeds former as he puts his point of view.

Operator: And coming to kind of use of proceeds from a repurchase point of view, I mean, we haven't still been able to get into any repurchases, particularly on the convertible bonds, they tend to be kind of there. The premium actually on the bonds has improved over the quarter. In fact, they are kind of trading at almost like, you know, double digit premium over 10% kind of a premium. And therefore, we haven't any, we haven't pursued any repurchases of these bonds.

Speaker 2: and coming to kind of use of proceeds from a repurchase point of view, I mean, we haven't still been able to kind of get into any repurchases, particularly on the convertible bonds, they tend to be kind of there. The premium actually on the bonds has improved over the quarter. In fact,

We haven't still been able to kind of integrate into any purchases, particularly on the convertible bonds.

They tend to be kind of the the premium actually on the bonds has improved over the quarter and predict their kind of trailing it almost like mine.

Speaker 2: They are kind of trading at almost like, you know, the village premium over 10% kind of a premium. And therefore, we haven't any, we haven't pursued any repurchases of these bonds. We do not expect, you know, any redemptions to come in because of the bonds already trading at a premium and the and the and the put option being in February , which is like about, you know, four months away. So that's very rare.

Double digit premium over 10% kind of a premium and therefore.

We haven't pursued any repurchases of these bonds.

Operator: We do not expect, you know, any redemptions to come in because the bonds are already trading at the premium and the and the put option being in February, which is like about, you know, moments away. So that's where we are. Thanks for it. I think those were my questions, jump back into the queue. So obviously, thanks.

Do not expect.

Any redemptions to come in because of the bonds are trading at a premium.

And the put option being in February which is like about Goldman.

Goldman Survey, so that's where we are.

Speaker 4: Got it, thanks for it. I think those were my questions. Jump back into the queue.

Got it thanks, but.

I think those are all my questions jumped back into the queue.

Travis your tanks.

Speaker 1: Thanks, we just the next question is from the line of Guarabde, the theory of Mobin Stanley, Guarabhe, you may please ask your question now.

Gaurav Rateria: Thanks, we just the next question is from the line of God of the theory of mobile Stanley God of you, please ask your question now. Thanks for taking my question. So the first question is just trying to understand typically in September quarter, what is the likely advance booking that you see for December quarter? And is this year something different because of the event of cricket World Cup around has the advance booking win stronger than the usual September quarter at UC for the December quarter?

Thanks. So just the next question is from the line of Gautam. The theory of Morgan Stanley. Please ask your question now.

Speaker 5: Thanks for taking my question. So the first question is just trying to understand typically in September quarter, what is the likely advanced booking that you see for December quarter? And is this here something different because of the event of cricket workup around has the advanced booking been stronger than the usual September quarter that you see for the December quarter?

Hi, Thanks for taking my question. So the first question is just trying to understand.

Typically in September quarter, what is the likely advanced bookings that youll see for December quarter end is this year or something different because of the EBIT of cricket World Cup around hazard ones booking even stronger than the usual September quarter I can see for the December quarter.

Rajesh Magow: Maybe I can take that. I won't say it is we've seen anything, you know, dramatically unusual, go to be honest, only for certain pockets for certain dates for certain cities thanks to this whole World Cup thing because of the, you know, sort of worry or concern around says going up, etc. We've seen some sort of consumer, different consumer behavior on advance, which is fine. But on an overall basis, nothing unusual.

Maybe I can take that goto.

Speaker 3: I won't say it is, we've seen anything dramatically unusual, gore up to be honest. Only for certain pockets, for certain dates, for certain cities, thanks to the sole work of things, because of the worry or concern around says, going up, etc. We've seen some different consumer behavior on advance, but say,

I wont say it is we have seen anything.

Dramatically unusual got up to be honest.

Only for certain brokers for certain dates for certain cities. Thanks to this whole World Cup pain because of the the sort of worry or concern around fares going up et cetera, we've seen some sort of consumer different consumer behavior on advanced which is paid a burden on an overall.

Speaker 3: but on an overall basis nothing unusual

There's nothing unusual.

Rajesh Magow: The only other thing that I would like, which is very interesting that we've been sort of noticing over the last, I would say quarter or two. And that is thanks to our book at zero or product on the hotel side is and, you know, maybe to some extent as people have been sort of experiencing high rate high fares now for some time because of the peak of demand, especially in the premium segment of hotels.

Speaker 3: The only other thing that I would like, which is very interesting that we've been sort of noticing over the last, I would say quarter or two, and that is thanks to our book at zero of product on the hotel side.

The only other thing that I would like which is very interesting that we've been sort of and noticing over the last I would say a quarter or two and that is thanks to our brokers zero all broader condo hotel side is the and you know maybe to some extent as people have been sort of experiencing hybrid high fares.

Speaker 3: is, and you know, maybe to some extent as people have been sort of experiencing high rate, high phase now for some time because of the peak of demand, especially in the premium segment of hotel.

Now for some time because of the peak of demand.

Especially in the premium segment of hotels. There is some more awareness that is getting created in the marketplace in consumers' mind.

Rajesh Magow: There is some more awareness that is getting created in the market place in consumers mind to plan the travel a little bit more in advance and book their plan, you know, travel more in advance. Book at zero also gives you flexibility specifically, I mean this I'm talking about the hotel bookings. It also gives you flexibility on, you know, if you are sort of even on the edge planning for your trip, you can still go ahead and book it and then, you know, cancel it without any sort of hit on on your pocket.

Speaker 3: There is some more awareness that is getting created in the marketplace in consumers' mind.

Speaker 3: to plan their travel a little bit more in advance and book their plan, you know, travel more in advance. Book at zero also gives you flexibility. Specifically, I mean, this I'm talking about the hotel bookings. It also gives you flexibility on, you know, if you were sort of even on the edge.

To plan their travel a little bit more intertwined and book their plan.

<unk> traveled more than advanced Bookers zero also gives you flexibility specifically I mean, the same document the hotel bookings I'd also gives you flexibility on.

Sort of even on the edge planning.

Planning for your trip.

Speaker 3: you can still go ahead and book it and then cancel it without any sort of hit on your pocket. So, that is also shaping the consumer behavior to an extent. But future quarters, at least three or four quarters, down the line will tell us whether there is any kind of a permanent shift on, shift on just the vine habit of the Indian consumers or not. But not in this quarter, in the reported quarter, we didn't see anything unusual.

You can still go ahead and book it and then cancel it without any sort of hit on on your pocket. So you know I am.

Rajesh Magow: So, you know, and that that is also sort of shaping the consumer behavior to an extent, but, you know, future quarters, at least three or four quarters down the line will tell us whether there is any kind of a permanent shift on shift on. Just the buying habit of the Indian consumers are not, but not in this quarter in the reported quarter we didn't see anything unusual. Sorry, very clear.

That is also sort of shaping the consumer behavior to an extent, but you know future quarters at least three or four quarters down the line will tell us whether there is any kind of Oklahoma and then shipped on shift on just the buying habits of the Indian consumers or not but not in this quarter in the reported quarter, we didn't see anything unusual.

Sure.

Speaker 5: Sorry, very clear. Second question is around your investment thesis in the Intercity Caps. If you could highlight some bits of what's the addressable market here, what's the current online penetration and how you thinking about this segment.

Got it very clear.

Operator: Second question is around your investment thesis in the intercity cabs.

Second question is around your investment pieces in the.

Intercity cab so if you could highlight some.

Mohit Kabra: If you could highlight some bits of, you know, what's the addressable market here, what's the current online penetration and how you thinking about this segment? Maybe I can, you know, share some colour and Rajesh can add. So, you know, we've been identifying, like we've been calling out, ground transport overall has been an area of focus for the, for the company. And, and as you know, we kind of have a, you know, a leader in the bus ticketing space in terms of red bus, that brand kind of, you know, has a significant amount of, you know, leadership in the online bus ticketing space.

The mix of what's addressable market here, what's the current online penetration and how you're thinking about the segment.

Speaker 2: Maybe I can share some color and adjust it.

Maybe I can.

She has some color.

Speaker 2: So, you know, we've been identifying, like we've been calling out, ground transport overall has been an area of focus for the, for the company. And, and as you know, we kind of have a.

So demand in defense, but you've been calling out.

Transport overall this has been an area of focus for the.

For the company.

And as you know we kind of have a.

Speaker 2: uh you know a leader in the bus ticketing space in terms of red bus uh that brand kind of you know has a significant amount of you know leadership in the online bus ticketing space

And have you done in the bus ticketing space in terms of Red bus.

Brian kind of you know has a significant amount of leadership in the online bus ticketing space.

Speaker 2: And we have also dialed up over the last, you know,

Mohit Kabra: And we have also dialed up over the last, you know, couple of quarters. You've also been dialing up the entire, you know, rail ticket offering and, you know, trip and for service as that's another kind of, you know, very good source of customer acquisition. And we believe when it comes to non, you know, flight transport, you know, the customer has a, you know, very easy option to choose between bus tickets or, you know, choosing to kind of, you know, commute by bus or kind of, you know, travel by rail or travel through intensity caps. So, you know, as a, as a result, we've kind of been trying to dial up the service offerings on the rail ticket side as well as on the intensity caps.

We have also tightened up over the last.

Speaker 2: couple of quarters, you've also been dialing up the entire, you know, rail ticket offering and you know, tripinfo services, as that's another kind of, you know, very good source of customer

A couple of quarters, you've also been dialing up the entire.

We integrate offering and you don't treat them for services is that something isn't kind of in a very good source.

Source of customer acquisition, and we believe when it comes to non.

Speaker 2: And we believe when it comes to non-flight transport, the customer has a very easy option to choose between bus tickets or choosing to commute by bus.

Flight transport the customer has a really easy option to choose between bus tickets.

Choosing to kind of you know covered by bus all kind of in a travel by rail all travel industry.

Speaker 2: or kind of, you know, travel by rail or travel through intercity cabs. So, you know, as a result,

Intercity cab. So you know as a result, we've kind of been trying to dial up the the service offerings on the on the real estate side as well as on these specific apps intercity cabs overall from a market sizing point of view there is no.

Speaker 2: We've kind of been trying to dial up the the service offerings on the on the rail ticket side as well as on the intercity cab.

Speaker 2: In the city caps overall from a market rising point of view why there is no you know

Mohit Kabra: Intercity caps, overall from a market sizing point of view, why there is no, you know, I'm ready report, but are estimated, it would be a close to about $3 billion kind of a market with very low online penetration online penetration is likely to be in the high single digit. So, it's a, it's a pretty good opportunity to get into and a meaningful opportunity to get into and more importantly, like we've been calling out with this entire focus that the government has been having on infrastructure building now, while the, while the, you know, civil aviation market has been seeing the benefit of, you know, the significant expansion on the, on the airport side.

Already report banana estimated it would be a close to about $3 billion kind of a market.

Speaker 2: ready report, but our estimate is it would be a close to about $3 billion kind of a market with very low online penetration. Online penetration is likely to be in the high single digit. So it's a it's a pretty good opportunity to get into and a meaningful opportunity to get into

With very low online penetration online penetration.

Is likely to be in the high single digits.

It's a pretty good opportunity to get into and a meaningful opportunity to get into.

Speaker 2: And more importantly, like we have been calling out with this entire

More importantly, like we have been calling out with different.

Speaker 2: focus that the government has been having on infrastructure building now.

Well because the government has been having an infrastructure building known mainly.

Speaker 2: while the civil aviation market has been seeing the benefit of the significant expansion on the airport side. And also we've been seeing new kind of supply coming in particularly on the private side with the significant amount of highways that are getting laid and created across the other across the into the community.

The civil aviation market has been seeing the benefit of the significant expansion on the on the input side.

Mohit Kabra: And also we've been seeing new kind of, you know, supply coming in particularly on the private side with the, with the significant amount of, you know, highways that are getting laid and kind of, you know, created over the across the internet of the country. We believe intensity caps market could also grow very significantly in view of this, you know, significant growth in the highway infrastructure.

And also have you been seeing new kind of you know.

Supply coming in particularly under collected per se.

With the significant amount up in Ohio is they're not getting lead and kind of create a closer and then without the complete we believe intercity cabs market could also grow very very significantly.

Speaker 2: intercity cabs market could also grow very, very significantly in view of this.

In view of this.

Speaker 2: you know, significant growth in the highway infrastructure. So that's been an area that we've been kind of eyeing for some time. Savari has been an existing.

Our significant growth in the highway infrastructure. So that's been an area that we've been kind of buying for sometimes somebody has been in existing.

Rajesh Magow: So, that's been an area that we've been kind of buying for some time. Savari has been an existing, you know, supplier on the platform and therefore we thought it would be a logical kind of, you know, you know, investment to look at. And we're glad that we've been able to kind of, you know, that this transaction has worked out and it should help us, you know, accelerate our plans on the, on the, on the university offering side.

Speaker 2: you know, supplier on the platform. And therefore, we thought it would be a logical kind of, you know, you know, investment to look at. And we're glad that we've been able to kind of, you know, that this transaction has worked out and it should help us, you know, accelerate our plans on the on the on the intercity offering side. This is clearly a space where, you know, there is a significant amount of scope for

Supplier on the platform and therefore, we thought it would be a logical kind of you know.

Enrichment to look at it and we're glad that we've been able to kind of you know that this transaction is $1 then it should help us.

Accelerated our plans on the on the on the Intercity operating sites. This.

Rajesh Magow: This is clearly a space where, you know, there is a significant amount of scope for creating a much better kind of, you know, aggregation of the supply side and also creating a much better kind of, you know, shopping experience, you know, for the customers as well. So we believe with our expertise on the, on the various kind of travel services and the online dispensation, we should be able to create a meaningful kind of, you know, impact in the, in the university caps market as.

This is clearly a space where.

There is a significant amount of school fall.

Speaker 2: creating a much better kind of, you know, aggregation of the supply side and also creating a much better kind of, you know, shopping experience, you know, for the customers as well. So we believe that our expertise on the, on the various kind of travel services and the online dispensation, we should be able to create a meaningful kind of impact in the, in the city cabs market as.

If you're getting a much better kind of you know.

Litigation of the supply side and also creating a much better kind of you know.

Shopping experience for the customers as well so we believe without extra days on the on the various kinds of travel services and.

Gaurav Rateria: Great. Thanks, Lord.

The online disposition, we should be able to create in a meaningful kind of impact in the in the intercity cabs market as well.

Speaker 5: Great, thanks a lot Mohit. Last question on the comments that you made around generative AI. So if I just look at you know how to think about the eventual outcome of your early investment on the three factors, one competition or your competitive mode, second addressable market and third the efficiency that can help to lower your cost structure. Thank you.

Oh, great. Thanks, a lot Mike last question on the comments that you made around generally I. So if I just look at it.

Gaurav Rateria: My last question on the comments that you made around Generative AI. So, if I just look at, you know, how to think about the eventual outcome of your early investment on the three factors, one competition or your competitive mode, second, a disabled market and third, the efficiency that can help to lower your cost structure. Thank you.

How to think about the eventual outcome of.

Our early investment on the three factors one competition or your competitive moat checking addressable market in terms of the efficiency that can help to.

Lower your cost structure. Thank you.

Rajesh Magow: It's a great question, Gaurav. In all three, the sort of separate variables that we should look to see how this new technology is going to impact. See, it's going to be a long journey, by the way, and you started looking at impact, looking at all three aspects. I think the first two will get reflected in either the overall online penetration increasing, you know, because the overall experience is ultimately this technology is going to help us improve the customer experience on the platform.

Speaker 3: It's a great question, Gaurav. And all three are the sort of separate variables that we should look.

It's a great question Laura.

And all three are there sort of Oh.

Separate variables that we should look.

Speaker 3: to see how this new technology is going to impact. See, it's going to be a long journey, by the way. And we've started and we started looking at, in fact, looking at all three aspects. I think the first two will get reflected in either the overall online penetration increasing, because the overall experiences. Ultimately, this technology is going to help us improve the customer experience on the platform, making it far more intuitive, making it far more easier.

To see how this new technology is going to impact today, its going to be a long journey by the way and get and we have started and we started looking and in fact looking at all three aspects I think the first tool will get reflected in either the overall online penetration increasing because the overall experience. It ultimately it is this technology is.

Going to help us improve the customer experience on the platform, making it part of modern Judah, making it part of <unk> <unk>.

Rajesh Magow: Making it far more intuitive, making it far more easier, discovery can be lot better. We can use, there are use cases that we are already working on. We've done soft launch as well. We can, you know, the intelligent bots can come up with an innovative, innovative, you know, vernacular based voice based interface as well, which would mean that it will sort of expand or reach to, you know, the smaller cities beyond, let's say, top 20, 25 cities of the country.

Speaker 3: discovery can be a lot better we can use there are use cases that we are already working on we've done soft launch as well we can

Discovery can be not better. We can you. There are use cases that we're already working on we've done sop launches well we can.

Speaker 3: the intelligent bots can come up with an innovative vernacular-based, voice-based interface as well.

On the intelligent boards can come up with any nowhere it takes our innovative oh.

Macular based voice based interfaces as well.

Speaker 3: which would mean that it will sort of expand our reach to, you know, the smaller cities beyond the, let's say, top 20, 25 cities of the country.

Which would mean that it will sort of.

Expand our reach to.

The smaller cities.

On the let's say top 2025 cities of the country.

Speaker 3: and all of that would mean effectively that one on one side the customer experience will continuously improve and people will feel more and more comfortable to come and buy online and two it will go beyond 25 cities as well more and more and trying to obviously you know also resolve the language issue beyond English.

Rajesh Magow: And all of that would mean effectively that one on one side, the customer experience will continuously improve and people will feel more and more comfortable to come and buy online. And two, it will go beyond 25 cities as well, more and more and trying to obviously, you know, also resolve the language issue beyond English. Now, this is the specifically the language issue to crack commerce on vernacular language is going to be a long journey.

And all of that would mean effectively.

That.

One on one side, the cosmetic experience will continuously improve and people, who feel more and more comfortable to come and buy online.

And two it will go well beyond 25 cities as well more and more and trying to obviously.

All sort of resolve the language it should be on in English.

Speaker 3: Now, this is the, the specifically the language issue to crack commerce on vernacular languages going to be a long journey. It is not necessarily going to be a no-one-art solution, but on the other side, on the experience side, you know, we've already started getting some good feedback from customers that this feature is helping and that feature is helping.

Now this is the specifically the language issue to correct commerce on.

Vernacular language is going to be a long journey.

Rajesh Magow: It is not necessarily going to be an overnight solution, but on the other side, on the experience side, you know, we've already started getting some good feedback from customers that this feature is helping and that feature is helping. But I think this overall, this new technology is definitely looking more promising. Now, on the third side, on the efficiencies also there are use cases identified already, you know, at our end. And one of them is the postal experience that we are already looking at further, you know, right now, or the, or the, you know, the one dot or maybe the two dot or journey for postal experience, customer journey perspective was, you know, how do we sort of automate and, you know, make the transition from, let's say, context center.

It is not necessarily going to be an overnight solution, but on the other side on the experience side.

We've already started getting some good feedback from customers that there's this feature is helping in that feature is helping.

Speaker 3: But I think this overall...

But I think this overall.

Speaker 3: This new technology is definitely looking more promising.

This new technology is definitely looking more promising now on the third side on the efficiencies also there are use cases identified already.

Speaker 3: Now, on the third side, on the efficiencies also, there are use cases identified already.

Speaker 3: uh, you know, um, at, uh, at our end.

You know at Darden and one of them is the post sales experience that we're already looking at Florida.

Speaker 3: And one of them is the post-sales experience that we're already looking at further, you know.

Speaker 3: right now or the 1.0 or maybe the 2.0 journey for post-sales experience from customer journey perspective was how do we sort of automate

All right now, although although the bond at all or maybe the two door toward journey for post sales experience customer journey from customer journey perspective was.

How do we sort of automate and.

Speaker 3: and make the transition from let's say contact center servicing to doing the self-service or self-help.

Make the transition from let's say context center.

Rajesh Magow: Service into doing the self service or self help, you know, most of the use cases that can be done on phone on a click or button, etc, which we achieved, which we have achieved quite significantly with a lot of the share is now self service. And I think the feedback is going to be now further in that journey, how could we on one hand, either the, you know, sort of get some more productivity gains for the agents for the calls and the agents for the really, you know, sort of complex cases by providing the lot of the information in a filtering lot of the information using this technology.

Servicing to doing the self service or self help.

Speaker 3: you know most of the use cases that can be done on phone on a click or button etc.

You know most of the use cases that can be done on phone on a click a button et cetera, Vicki achieved which we have achieved quite significantly with a lot of the share is now self service and I think that SEDAR door is going to be now further in that journey, how could we on one hand, either the sort of.

Speaker 3: which we achieved, which we have achieved quite significantly with a lot of the shares now sales surveys.

Speaker 3: And I think that C.O. is going to be now further in that journey. How could we on one hand either the, you know, sort of get some more productivity gains for the agents, for the calls and to agents for the really, you know, sort of complex cases by providing the lot of the information in a filtering lot of the information using this technology or, you know, we sort of look at

Some more productivity gains for the agents for the call center agents for the really sort of for complex cases.

We're providing a lot of the information and orthopedic drink a lot of information using this technology or.

Rajesh Magow: Or, you know, we sort of look at again, introduction of what at some level in the journey, which can filter the generic queries that come our way on the post sales, you know, the service cues. So that's one area that that is work on, which is clearly give us more efficiencies and, you know, and of course, will also enhance the customer experience for the post sales queries, etc. And on the other hand, I think there's going to be some low hanging fruits also on the software development side on the programming side for the engineers, where, you know, there is there is this technology again can be leveraged to look at.

You know when you sort of look at it.

Speaker 3: Again, introduction of water at some level in the journey, which can filter the generic queries that come our way on the post-hills, you know, the service cues.

Again introduction on board at some level in the journey, which can freighter the generic queries on that come our way on the boat sales.

Although the service Skus.

Speaker 3: So that's one area that that is work on, which is clearly give us more efficiencies. And, you know, and of course, we'll also enhance the customer experience for the both sales queries, et cetera. And on the other hand, I think there's going to be...

So that's one area that didn't work on which is clearly give us more efficiencies.

And and you know and of course, we'll also enhance the customer experience for the post sales queries et cetera, and on the other hand, I think there's going to be.

Speaker 3: some low-hanging fruits also on the software development side, on the programming side for the engineers.

Some low hanging fruit. So also on the software development side on the programming side for the engineers. There again on there is this technology again can be leveraged to to look at the basic the first level of sort of a program inquiries as to make life easier and efficient for the engineers.

Speaker 3: where there is this technology again can be leveraged to look at the basic, the first level of programming queries is to make life easier and efficient for the engineers at the first level which would help us get some productivity gains on that front as well. I would just say that the work on our side is actually on on all fronts.

Rajesh Magow: Basic the first level of sort of programming queries is to make life easier and efficient for the engineers at the sort of first level, which would help us get some productivity gains, you know, on that front as well, I would just say that the work on on our side is actually on on all fronts. But it is going to be a journey and we will keep sort of working on use cases on one side, which will impact the customer and on the other side, we will continue to keep focusing on wherever we can get some productivity gains internally.

At the sort of close to level, which.

Which would help us get some productivity gains.

That front as well.

I would just say that.

Work on on our site is actually on all fronts, but.

Speaker 3: but it is going to be a journey and we will keep sort of working on use cases on one side which will impact the customer and on the other side we will continue to keep focusing on wherever we can get some productivity gains internally.

But it is going to be a journey and we will keep sort of working on use cases on one side.

Which will impact the customer and are on the other side, we will continue.

<unk> continued to keep focusing on wherever we can get some productivity gains internally.

Gaurav Rateria: Thank you for the detailed answer Rajesh, just a clarification here in terms of what's our dependence on the paid traffic and do you think that dependence also can come down with this use of this technology. Thank you.

Speaker 5: Thank you for the detailed answer Rajesh. Just a clarification here in terms of what's our dependence on the paid traffic and do you think that dependence also can come down with this use of this technology?

Thank you for that detailed answer that you just a clarification here in terms of our watch our dependence on paid traffic and I do think that the peninsula silicon come down with this use of this technology. Thank you.

Speaker 3: Right, that's an interesting one. Actually, we are already got a, you know, a lot of our traffic is direct. So our dependence on paid traffic is relatively speaking low. And you know, on the back of brand that has been established, all our brands actually make Montreal bread bus, and go Ibibo, even from an OTA overall brand, you know, standpoint as compared to the rest of the market.

That's an interesting one actually we had already go to.

A lot of our traffic is direct so our dependence on paid traffic is relatively speaking low and get on tobacco brand that has been established all our brands actually make Montreal, Brad Buss.

And the way people are even from an O T. A overall brands.

Ashwin Mehta: [inaudible] So, Mohit, in terms of the stability that you are seeing on or the recovery that you are seeing on the budget hotel side, do you think the take rates have scope to go up from here, because typically budget hotels are higher take rate properties? Very marginally if it all, Ashwin, likely to kind of remain around this range, you know half a percentage point plus or minus, but no significant changes are expected on the overall take rate.

Standpoint, as compared to the rest of the market.

Speaker 3: and dependence is already low. There are areas that they're also, you know, specifically on search engine optimization, we've already seen some gains that we have. I should have actually mentioned about that as well, that we have a, we have leverage of, we've started to leverage this technology there as well.

And dependent is already law there are areas in there also.

Specifically on search engine optimization, we've already seen some gains.

That we have I should have actually mentioned about that as well that we have a we have leverage we have started to leverage this technology there as well.

Speaker 3: And that would help more conversion because SEO traffic is not necessarily a paid traffic. And we'll keep sort of learning more and keep looking at it and exploring more areas to see if there are any further gains even on this side can come from here, from leveraging this technology.

And that would help more conversion because if your traffic is not necessarily a bad traffic and we'll keep sort of a you know sort of learning more and keep looking at that and exploring more areas to see if there are any further gains even on this side can come from the hill.

From a leveraging this technology.

But you know like I said, they're dependent is already a relatively quite low and it's an underpenetrated market overall and you still need to have a healthy mix of new users coming in.

Speaker 3: You know, like I said, the dependence is already relatively quite low and it's an under penetrated market overall and they still need to have a healthy mix of new users coming in.

Speaker 3: And so therefore, do I really see immediate, immediate gains that material, immediate gains that will come from this area perhaps not? Maybe you'll get balanced out because we will also continue to keep investing and getting some new users in. Thank you so much all the best.

And so therefore on do I really see immediate immediate gains that are material immediate gains that can come from this area, perhaps not maybe you'll get balanced out because we will also continue to keep investing in getting some new users in.

Thank you so much all the best.

Thank you thank you Bob.

Speaker 1: Thanks, Karav. The next question is from the line of Ashwin Mehta of Ambit Capital, Ashwin Human. Please ask your question now.

Thanks, Scott of the next question is from the line of I shouldn't map of ambit capital I shouldn't even please ask your question now.

We have people can you hear me.

Yes.

Speaker 1: Yeah, congrats on good set of numbers. I had a question on the take rates. So we've seen bump ups in terms of take rates in both air as well as hotels and also in bus ticketing, we've seen stability on take rates at elevated levels versus historical. So what are the drivers for these take rate improvements and how sustainable near-town do you see these take rates to be?

Yeah, Congrats on good set of numbers Oh.

I had a question on the take rate. So we've seen bump ups in terms of take rates in both AD as well as a whole.

And also in bus ticketing, we've seen stability on Patriots.

At elevated levels versus historical.

So what are the drivers for these take rate improvements and how sustainable do you see these take rates to be.

Speaker 2: has been actually you know, the decrease across segments have been

Hi, Ashwin actually you know the.

At peak rates across our segments have been have been reasonably stable for us.

Speaker 2: have been reasonably stable for us. I mean, there is generally a little bit of variation linked to seasonality. So slightly lower seasonality quarters like Q2 and Q4, you would possibly find that it's likely better compared to PC and already quarters of Q1 and Q3.

There is generally a little bit of revision linked to seasonality. So.

Slightly lower seasonality quarters, like Q2 and Q4.

You would possibly you know find that take rates should be slightly better.

Compared to be seasonality quarters of Q1, and Q3 and it comes in both on the fact that one of the suppliers are trying to end up.

Speaker 2: I mean, it comes in both from the fact that, you know, the suppliers are trying to kind of...

Speaker 2: you know, more and more promote to build load factors. And secondly, also the ASPs tend to be slightly lower compared to peak personality quarters and therefore, optically also, you know, the margins look slightly better in the weakest personality quarters. That possibly is the only reason. Otherwise, it kind of like I called out in the kind of, you know,

More and more promote.

To build a load factors and secondly, also the asp's.

<unk> to be slightly lower compared to peak seasonality quarters, and therefore, particularly also the margins to be slightly better in the in the weaker seasonality quarters.

Possibly the easy easy only on the reason otherwise.

Kind of like a carload.

Kind of.

Speaker 2: seeing feasible kind of stability in the take rates by the business.

Being feasible kind of a nice table D&B in particular.

The business segment.

Speaker 6: So, Moith, in terms of the stability that you are seeing on or the recovery that you are seeing on the budget hotel side, do you think that take rates have scope to go up from here because typically budget hotels are higher take rates from

Some of it in terms of the stability that you are skiing on.

Or are the recovery that youre seeing on the budget side.

Do you think the take rates have scope to go up.

But I'm guessing that's typically budget hotels at higher degree.

Our properties.

Speaker 2: pretty marginally, if at all, swing and likely to kind of, you know, remain around this range, you know, half a percentage point plus or minus, but no significant changes are expected on the overall

Pretty marginally if at all screen and likely to remain.

Around this range in a half a percentage point plus or minus but no significant changes are expected on the overall take rate.

Ashwin Mehta: And the second question was in terms of, in terms of these, we saw sequentially reduction in terms of hotel and bus ticketing transactions. Now part of it is seasonality, but were there impacts of safe floods which were more accentuated in hotels or bus ticketing compared to air for us or would you say it was largely in line with expectations in terms of seasonality? Largely seasonality. So, I guess, seasonality only, Ashwin. And you know if you go back in history, you will see similar trends between air and hotels. The air has all the use cases. The seasonality is only about leisure segment and which is more sort of reflected always on the hotel business than the air business. Okay. Fair enough.

Speaker 6: And the second question was in terms of, we saw sequentially a reduction in terms of hotel and bus ticketing transactions, now part of it is seasonality, but were there impacts of say floods, which were more accentuated in hotels or bus ticketing compared to air for us, or would you say it was largely in line with expectations in terms of seasonality?

And the second question was in terms of in terms of he saw sequentially.

Action in terms of hotel and bus ticketing transactions now part of it is.

Seasonality, but well they didn't back solve safe blood.

But you had more accentuated than what as a bus ticket they can come back to ask for us.

What do you say it was largely in line with expectations in terms of seasonality largely seasonality.

Speaker 3: It is seasonality only, Ashwin. And if you go back in history, you will see similar trends between air and hotels. The air has all the use cases. The seasonality is only about leisure segment, which is more sort of reflected always on the hotel business than the air business.

Okay seasonality only ashwin.

Go back in history, you will see similar trends between air and hotel and the Airbus has all the use cases, the seasonality is only about leisure segment.

And were too, which will which is more sort of reflected always.

And in the hotel business in EMEA business.

Speaker 1: Okay. Fair enough. Congratulations and all the best. Thank you, Ashwin. Thank you, Ashwin. We'll take the last question now from the line of Aditya Chandrasekhar of UBS. Aditya, you may please ask your question now.

Okay, Okay fair enough, congratulations and all the others.

Ashwin Mehta: Congratulations and all of us. Thank you, Ashwin.

Thank you Ashish and Kieran Thank you Ashwin.

Aditya Chandrasekar: We'll take the last question now from the line of Aditya Chandra Shaker of UBS. Aditya, you may please ask your question now. Yeah, hi. Couple of questions from my side. Firstly, I just wanted to understand your kind of risk assessment of spice rate. What are you seeing on the ground? And if it's possible, would you quantify your overall exposure to spice rate also similar to the, I mean equivalent to the 10 million dollar provision you made for Goa.

Take the last question now from the line of I did touch on the shakeout of UBS.

Aditya Chandrasekar: That's the first question. And second question on the bus side on a Y-O-Y basis. I think we are seeing growth kind of stabilized at around 17% in the last couple of quarters. I just wanted to understand your overall kind of outlook on this segment. And is it kind of stabilizing at these levels or penetrations, kind of saturated in this segment and how we should look at this going ahead?

So the theme of please ask your question.

Speaker 5: Yeah, hi. A couple of questions from my side. Firstly, I just wanted to understand your kind of risk assessment of SpiceJet. What are you seeing on the ground? And if it's possible, could you quantify your overall exposure to SpiceJet also similar to the, I mean, equivalent to the $10 million provision you made for GoAir? That's the first question. And second question, on the bus side,

Aditya Chandrasekar: Thank you. All right.

Yes, Hi, a couple of questions from my side.

Lastly, I just wanted to understand you all kind of risk assessment space yet.

What are you seeing on the ground and if its possible could you quantify your overall exposure to Spice jet also similar to the equal length of that $10 million provision youll made for glad.

What are you seeing on the ground and if its possible could you quantify your overall exposure to Spice jet also similar to the equal length of that $10 million provision youll made for glad.

That's the first question and second question on the bus side.

Speaker 5: On a Y-O-Y basis, I think we are seeing growth kind of stabilized around 17% in the last couple of quarters. Just wanted to understand your overall kind of

On the layaway basis, I think we're seeing that ought to kind of stabilize that that only 17% in the last couple of quarters.

Just wanted to understand your overall kind of outlook on this segment is it kind of stabilizing at this level. It is odd penetration kind of saturated in the segment and how long we should look at this building ahead. Thank you.

Speaker 5: outlook on this segment? Is it kind of stabilizing at these levels or penetrations?

Speaker 5: kind of saturated in this segment and how we should look at this going ahead. Thank you.

Speaker 3: All right, and maybe I can take, I can start with this and Mohit, please feel free to add.

Alright, and then maybe maybe I can take I can start with this and it's been a market where please feel free to add.

Rajesh Magow: And maybe maybe I can take I can start with this and you know, Mohit, please feel free to add. Listen, Aditya, as far as spice rate is concerned again, you know, everything which is their spice rate is a listed company and you know, whatever is there in the public domain is the known to all of us. You know, and they've been spreading just from a day to day operations standpoint, you know, we have only seen in the last, especially in the last few weeks or couple of months that they immediate.

Speaker 3: Listen, as far as budget is concerned, everything which is their budget is a listed company and whatever is there in the public domain is.

Listen attitude as far as price. It is concerned again, you know everything which is there to measure it as a listed company and whatever is there in the public domain is.

Speaker 3: is the known to all of us, you know, and they've been printing just a promo.

Is known to all of us.

We have been creating just a promo.

Speaker 3: day-to-day operations, 10 point, you know, we have only seen in the last, especially in the last

Their operation standpoint are you know we have only seen in the last especially in the last.

Speaker 3: a few weeks or a couple of months.

Few weeks or a couple of months and that the immediate.

Speaker 3: that the immediate, you know, the situation in terms of pressure on the cash flow.

Rajesh Magow: You know, the situation in terms of pressure on the cash flow in terms of couple of payment that they were supposed to be made. They were supposed to be doing, you know, basis the quarter, quarter orders and stuff like that. They they've been honored actually already couple of them, which is good sign. And in terms of actual departures also, you know, contrary to what we might be thinking or generally building a perception, they're adding more planes.

The situation in terms of pressure on the cash flow in terms of a couple of payments that they were supposed to be meant they were supposed to be doing a basis the quarter corridor, those and stuff like that they they've been honored actually.

Speaker 3: in terms of a couple of payments that they were supposed to be made, they were supposed to be doing court orders and stuff like that. They've been honored actually.

Speaker 3: already a couple of them, which is a good sign. And in terms of actual departures also, contrary to what we might be thinking or generally building a perception, they're adding more planes.

Already couple of damage is a good sign and in terms of actual.

Rajesh Magow: You know, at least about six more planes where they are adding during during this season quarter. So I guess we will have to just wait and watch, you know, how they operate. They've been so far able to sort of navigate the situation. I would say, you know, reasonably well, you know, not to say that they're in a, you know, they're in a very good shape because they're obviously not operating at a hundred percent capacity today.

Departures also contrary to what we might be thinking Oh didn't really building a perception that adding more planes.

Speaker 3: you know, at least about six more planes that they are adding during this season quarter. So I guess we will have to just wait and watch, you know, how they operate. They've been so far able to sort of navigate the situation, I would say, you know, reasonably well, you know, not to say that they're in a, you know, they're in a very good shape, because they're obviously not operating at 100% capacity today.

You know at least about six more planes that they are at.

During during this season quarter.

So I guess, we will have to just wait and watch.

How the operator, they have been so far able to sort of navigate the under situation I would say Oh, you know reasonably well and you know not to say that they are at now.

They're in a very good share because they are obviously not operating at 100% capacity today.

Rajesh Magow: From our point of view, we are keeping a close watch and continue to keep sort of monitoring day-to-day operations, seeing the how the schedules are being projected and then accordingly sort of, you know, you know, sort of operate from a day-to-day business standpoint with them. I don't think there is any sort of as or at any particular day, it will be fair for us to be able to start estimating the exposure at this point in time, because, you know, from our point of view, we're just monitoring it and keeping it business as usual based on their volume of business with them. So I don't think that would be fair to sort of estimate at this point in time because there's no real indication of that sort at this point in time.

Speaker 3: From our point of view, we are keeping a close watch and continue to keep sort of.

From our point of view, we are keeping a close watch and continue to keep sort of monitoring day to day operations seeing the how they should do is being projected and then accordingly sort of I'm, you know I'm sort of operate.

Speaker 3: monitoring day-to-day operations, seeing how the schedules are being projected, and then accordingly sort of operate from a day-to-day business standpoint with them.

From a from a day to day business standpoint with them.

Speaker 3: I don't think there is any sort of – at any particular date, it will be fair for us to be able to start estimating the exposure at this point in time, because from our point of view, we're just monitoring it and keeping it business as usual based on their volume of business with them. So, I don't think that would be fair to sort of estimate at this point in time, because there's no real indication of that sort at this point in time.

I don't think there is any.

Sort of as at any particular day, it'll be fair for us to be able to start estimating the exposure at this point in time because from our point of view, we're just monitoring it and keeping it business as usual based on their volume more business with them.

So I don't think that would be fair to sort of estimate at this point in time, because it does there's no real indication of that sort at this point in time.

Rajesh Magow: I guess, you know, your second question was on the birth side. No, I don't think that it has reached a saturation level. I don't think the penetration has reached a saturation level yet. In fact, we've been talking about as part of our, you know, sort of quarterly commentary in the past as well. The next wave of growth in birth segment could is likely to come from two counts. One, there are still under penetrated regions where even the private sector bus market is not necessarily very well penetrated in terms of supply coming online and the adoption from the consumers or buying online.

Speaker 3: I guess your second question was on the bus side. No, I don't think that it has reached a saturation level. I don't think the penetration has reached a saturation level yet. In fact, we've been talking about as part of our quarterly commentary in the past as well. The next wave of growth in bus segment is likely to come from two counts. One, there are still underpenetrated regions.

I guess Oh, you know your second question was on the bus side no I don't think that it has reached a saturation level.

I don't think the penetration of desaturation level yet impacted.

We've been talking about as part of our sort of quarterly.

Commentary in the past as well the next wave of growth in both segments could is likely to come from two counts one there are still underpenetrated regions.

Speaker 3: where even the private sector bus market is not necessarily very well penetrated.

There are even the private sector our bus market.

Is not necessarily very well penetrated.

Speaker 3: in terms of supply coming online and the adoption from the consumers of buying online. The South and the West, for example, are

In terms of supply coming online in <unk> and the adoption from the consumers are buying online.

Rajesh Magow: You know, just south and the west, for example, are, have penetrated well and grow and, you know, have grown and continue to keep growing. But on the north side, it is still under penetrated and that is where, you know, we are focus is we're trying to sort of add more inventory, you know, create more awareness and trying to see if we can just get some more next level of growth from those regions, including.

Hey, there.

Out in the West for example, our have penetrated well and grow and again I'll have grown and continue to keep growing but on the north side of it is still an underpenetrated and that is where you know via our focus is we are trying to sort of add more inventory clears.

Speaker 3: have penetrated well and grow and you know have grown and continue to keep growing but on the north side it is still under penetrated.

Speaker 3: And that is where, you know, where our focus is. We are trying to sort of add more inventory, you know, create more awareness and trying to see if we can just get some more next level of growth from those regions.

Create more awareness and trying to see if we can just get some more next level of growth from from those regions, including that is the second sort of area from where we expect the growth to come in is the non private sector on a supplier now that is completely underpenetrated in a huge amount of.

Speaker 3: including, that is the second, you know, sort of area from where we expect the growth to come in.

Rajesh Magow: That is the second, you know, sort of area from where we expect the growth to come in is the non private sector supply now that is completely under penetrated and a huge amount of opportunity equal the size of opportunity that the private sector, you know, bus space offer. And the beginning of that journey has started already a coming out of pandemic we started to get a lot of RTCs supply on on digitized and on our platform and we're making good progress on that.

Speaker 3: is the non-private sector supply. Now that is completely under penetrated and a huge amount of opportunity, equal the size of opportunity that the private sector bus space offer.

Opportunity equal the size of.

Opportunity that the private sector get all our bus space awful.

Speaker 3: And the beginning of that journey has started already, coming out of pandemic, we started to get a lot of RTCs supply on digitized and on our platform. And we are making good progress on that. Now, the question is to create more and more awareness and also expand our reach.

And in the beginning of the journey has started already coming out of the pandemic really started to get a lot of.

Our tea season.

Supply on.

Digitized and on our platform and we are making good progress on that now the no. The question is to create more and more and more awareness and also expand our reach to get to those consumers who have been traveling through RTC buses also buy online I.

Rajesh Magow: Now the question is to create more and more and more awareness and also expand our reach to get those consumers who've been traveling through RTC buses also buy online. I think that is where our focus is, you know, both these areas for to drive the next level of growth. But I don't think I think, you know, I think it will be early to conclude to say that this 17 or 17 18% would be the sort of steady state growth. I think I think, you know, we do see potential to get it to, you know, mid 20s at some point in time as well.

Speaker 3: to get those consumers who have been traveling through RTC buses.

Speaker 3: also buy online. I think that is where our focus is, both these areas to drive the next level of growth. But I think it will be early to conclude to say that this 17 or 17-18% would be the sort of steady state growth. I think we do see potential to get it to mid-20s at some point in time as well.

I think that is where our focus is.

Both of these areas for us to drive the next level of growth, but I don't think 19.

I think it will be early to conclude to say that this 17 at 17, 18% would be the sort of steady state growth I think I think we do see potential to get into a mid twenty's at some point in time as well.

Aditya Chandrasekar: Thank you. Thank you, Aditya.

Thank you.

Speaker 1: Thank you Aditya. This was the last question, but don't request Rajesh for

Okay. Let's say this was the last question on the Diavik restaurant validation for his closing remarks.

Rajesh Magow: This was the last question, but I'll request Rajesh for introducing remarks. Thanks, Vipul. And thank you, everyone. Thanks for your patience and I wish you all the best. See you next quarter. Thank you, Rajesh.

Speaker 3: Yeah, thanks, Vipul, and thank you, everyone. Thanks for your patience, and I wish you all the best. See you next quarter.

Yeah. Thanks for the call and thank you everyone. Thanks for your patience.

And get all I wish you all the best.

So you will see you next quarter.

Speaker 1: And, Quradi, you may now please disconnect the call. Thank you.

Hey, good idea show them you may now disconnect the call.

Operator: You may now please disconnect the call. Thank you.