Q3 2024 MakeMyTrip Ltd Earnings Call

January 23, 2024

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 24 third quarter earnings webinar.

Hello, everyone and they put a deck vice President Investor Relations at make my trip limited and welcome to our fiscal 'twenty four third quarter earnings to be now.

Today's event will be hosted by our company, by our leadership team, comprising Deep Kalra, 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. At the end of these prepared remarks, we will also be hosting a Q&A session.

Speaker Change: Today's event will be hosted by our company.

Hello everyone.

I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 24 third quarter earnings webinar. Today's event will be hosted by our company and our leadership team, comprising Deep Kalra, 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 Change: <unk>.

Speaker Change: <unk> leadership team comprising deep Kalra, our company's founder and chairman joining him is about dish Margo, a cofounder 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 made available for replay on our IR website. Shortly after the call.

Unnamed Host: will be hosted by our company by our leadership team comprising Deep Kalra, 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 Change: Provision of today's event at the end of these prepared remarks 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 U.S. 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. 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 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 20F, filed with the SEC on July 25, 2022.

Speaker Change: Furthermore, certain statements made during today's event, maybe considered forward looking statements within the meaning of safe Harbor provision of U S. 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 any forward.

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 the Safe Harbor Provision of U.S. 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. 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 changed circumstances. Additional information concerning these statements is 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 25, 2022. Copies of these filings are available from the SEC or from the company's investor relations department. I would now like to turn the call over to Rajesh.

Unnamed Host: 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 the Safe Harbor Provision of the U.S. Private Securities Litigation Reform Act of 1995.

We're looking information daily during this event speaks only as of the state and the company undertakes no obligation to update the information to reflect changed circumstances.

Speaker Change: 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 on July 25th 2023.

Unnamed Host: 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 changed circumstances. Additional information concerning these statements is contained in the Risk Factors and Forward-Looking Statements section of the company's annual report on Form 20-F, filed with the SEC on July 25, 2022. Copies of these filings are available from the SEC or from the company's Investor Relations Department.

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

Copies of these filings are available from the SEC or from the company's Investor Relations Department I would like to now turn over the call over to logic or the euro dish.

Rajesh Magow: Thank you Vipul. Welcome everyone to our third quarter call for fiscal 2024.

Logic: Thank you welcome.

Logic: Welcome everyone to our third quarter call for fiscal 'twenty to 'twenty four.

Rajesh Magow: We are pleased to report another quarter of strong operating performance.

Logic: We are pleased to report another quarter of strong operating performance. During this high season quarter for leisure travel, we witnessed robust demand for leisure travel for domestic as well as outbound traveling.

Rajesh Magow: Over to you, Rajesh.

Rajesh Magow: During this high season quarter for leisure travel, we witnessed robust demand for leisure travel for domestic as well as outbound travel and are pleased to report our highest ever quarterly gross bookings revenue and profit till date.

Rajesh Magow: Thank you, Vipul.

Rajesh Magow: I welcome everyone to our third quarter call for fiscal 2024. We are pleased to report another quarter of strong operating performance. During this high season quarter for leisure travel, we witnessed robust demand for leisure travel for domestic as well as outbound travel and are pleased to report our highest ever quarterly gross bookings revenue and profit till date. Crossbooking for the quarter reached $2.1 billion, growing by 21.7% year-on-year in constant currency terms, while our adjusted operating profit, or adjusted EBIT, grew by 70% year-on-year to $33.4 million as compared to $19.7 million in the same quarter last year.

Rajesh Magow: I would like to now turn the call over to Rajesh. All right, Rajesh? Thank you, Vipul. Welcome, everyone, to our third quarter call for Fiscal 2024. We are pleased to report another quarter of strong operating performance. During this high-season quarter for leisure travel, we witnessed robust demand for leisure travel for domestic as well as outbound travel and are pleased to report our highest ever quarterly gross bookings, revenue, and profit till date. Gross booking for the quarter reached $2.1 billion, growing at 21.7% year-on-year in constant currency terms, while our adjusted operating profit or adjusted EBIT grew by 70% year-on-year to $33.4 million, as compared to $19.7 million in the same quarter last year. As per government estimates, domestic aviation traffic is expected to double from current levels by 2030.

Logic: We are pleased to report our highest ever quarterly gross bookings revenue and profitability.

Rajesh Magow: Crossbooking for the quarter reached $2.1 billion, growing at 21.7% year-on-year in constant currency terms, while our adjusted operating profit or adjusted EBIT grew by 70% year-on-year to $33.4 million as compared to $19.7 million in the same quarter last year.

Logic: Gross bookings for the quarter reached $2 $1 billion growing at 21, 7% year on your all in constant currency terms, while our adjusted operating profit or adjusted EBIT grew by 70% year on year to $32 4 million as compared to $19 $7 million in the same quarter last.

Rajesh Magow: As per government estimates, domestic aviation traffic is expected to double from current levels by 2030.

Logic: Steel.

Logic: As per government estimates domestic aviation driving traffic is expected to double from current levels by 2030.

To cater to this increasing traffic there is continued and increasing investment.

Rajesh Magow: As per government estimates, domestic aviation traffic is expected to double from current levels by 2030. To cater to this increasing traffic, there is continued and increasing investment across all categories of travel infrastructure, resulting in significant upgrades across all categories of transportation, including airports, highways, and rails, and thus offering customers more convenience and joy. The current commitments of close to $11 billion in airport modernization should only help meet the near to medium-term requirements, but for the first time, planned airport capacity, if put in place, could exceed the projected demand for the next 5 to 7 years, which bodes well for the travel and tourism industry. According to a Bernstein report, India has gradually been gaining share of the global travel market, now representing 2% of tourism receipts globally, up from 0. Domestic travel in India is already the fifth largest globally and is expected to become the third largest by 2027.

Logic: All categories of travel infrastructure, resulting in significant upgrades across olive garden degrees of transportation, including airports highways bridges, and those offering customers more convenience and choice.

Rajesh Magow: The current commitments of close to $11 billion in airport modernization should only help meet the near to medium-term requirements but for the first time planned airport capacity if put in place could exceed the projected demand for next 5 to 7 years which bodes well for the travel and tourism industry.

Logic: The current commitments of close to $11 billion in airport modernization should only help meet the near to medium term requirements, but for the first time plan their port capacity, we've put in place could exceed the projected demand for the next five to seven years, which bodes well for the travel and tourism industry.

Rajesh Magow: To cater to this increasing traffic, there is continued and increasing investment across all categories of travel infrastructure, resulting in significant upgrades across all categories of transportation, including airports, highways, and railways, and thus offering customers more convenience and joy. The current commitments of close to $11 billion in airport modernization should only help meet the near to medium-term requirements, but for the first time, planned airport capacity, if put in place, could exceed the projected demand for the next five to seven years, which bodes well for the travel and tourism industry. According to the Bernstein report, India has gradually been gaining a share of the global travel market, now representing 2% of tourism receipts globally, up from 0.7% in 2000.

Rajesh Magow: According to Bernstein report, India has gradually been gaining share of the global travel market, now representing 2% of tourism receipts globally, up from 0.7% in 2000. Domestic travel in India is already the fifth largest globally and is expected to become the third largest by 2027.

Regarding to Bernstein report, India has gradually been gaining share of the global travel market now representing 2% of tourism the seats globally up from 0.7% in 2000 domestic travel in India is already the fifth largest globally and is expected to become the third largest by 2027.

Rajesh Magow: The size and diversity of India contribute to the strength of domestic market and the government's efforts to develop new tourism destinations will help in maintaining this growth momentum.

The size and diversity of India contribute to the strength of domestic market and the government's efforts to develop new tourism destinations will help in maintaining this growth momentum.

Rajesh Magow: The size and diversity of India contribute to the strength of the domestic market, and the government's efforts to develop new tourism destinations will help in maintaining this growth momentum. Outbound travel from India has also recovered to pre-pandemic levels, and the growth momentum is expected to pick up pace in the coming quarters and years. India is expected to be the fifth largest outbound market by 2027. This should lead to Indian outbound tourism being the fastest growing component of overall Indian travel spend. We are excited about these opportunities and remain committed to excellence and innovation, meeting and hopefully exceeding the diverse travel aspirations of Indian travelers. As for our business segments, let me start with our air ticketing business.

Rajesh Magow: Outbound travel from India has also recovered to pre-pandemic levels.

Logic: Outbound travel from India has also recovered to pre pandemic levels.

Rajesh Magow: Domestic travel in India is already the fifth largest globally and is expected to become the third largest by 2027. The size and diversity of India contribute to the strength of the domestic market, and the government's efforts to develop new tourism destinations will help maintain this growth momentum. Outbound travel from India has also recovered to pre-pandemic levels.

Rajesh Magow: and the growth momentum is expected to pick up pace in the coming quarters and years.

Logic: Now and the growth momentum is expected to pick up pace in the coming quarters and years, India is expected to be the fifth largest cellphone market about 2020 seven.

Rajesh Magow: India is expected to be the fifth largest outbound market by 2027. This should lead to India outbound being the fastest growing component of overall India travel spend.

Logic: Should lead to in Euro bond being the fastest growing component of overall, India travel expense.

Rajesh Magow: We are excited about these opportunities and remain committed to excellence and innovation, meeting and hopefully exceeding the diverse travel aspirations of Indian travellers.

Logic: We are excited about these opportunities and remain committed to excellence and innovation meeting and hopefully exceeding the diverse travel explorations of Indian travelers.

Rajesh Magow: Now, and the growth momentum is expected to pick up pace in the coming quarters and years. India is expected to be the 5th largest outbound market by 2027. This should lead to Indian outbound being the fastest growing component of overall Indian travel spend. We are excited about these opportunities and remain committed to excellence and innovation, meeting and hopefully exceeding the diverse travel aspirations of Indian travelers. As for our business segments, let me start with our air ticketing business. During the last quarter, I talked about near-term supply challenges, particularly in the domestic market due to the insolvency of Go First and the grounding of airplanes due to P&W engine issues. Indian carriers are taking various steps, including adding a large number of planes in the coming years to fill the supply gap. As per estimates, collectively, airlines are expected to add about 150 planes during next year, which will be the highest number of additions in a single year.

Rajesh Magow: As for our business segments, let me start with our air ticketing business.

Logic: As for our business segments, let me start with our air ticketing business.

Rajesh Magow: During the last quarter, I talked about near-term supply challenges, particularly in the domestic market, due to the insolvency of go-first and the grounding of airplanes due to P&W engine issues.

Logic: During the last quarter I talked about near term supply challenges, particularly in the domestic market due to the insolvency of go first and the grounding of airplanes due to PNW engine issues.

Rajesh Magow: The Indian carriers are taking various steps, including addition of large number of planes in the coming years to fill the supply gap.

Logic: The Indian carriers are taking various steps, including addition of large number of planes in the coming years to fill the supply gap.

Rajesh Magow: As per estimates, collectively, airlines are expected to add about 150 planes during next year, which will be the highest number of additions in a single year. We are hopeful that the supply situation will start improving from the next financial year.

Logic: That's what estimates collectively and Atlanta are expected to add about 150 planes during next year, which will be the highest number of operations in a single year.

Rajesh Magow: Indian carriers are taking various steps, including adding a large number of planes in the coming years to fill the supply gap. As per estimates, collectively, airlines are expected to add about 150 planes during next year, which will be the highest number of additions in a single year. We are hopeful that the supply situation will start improving in the next financial year. Despite the short-term headwinds, our growth on a flown basis was at 7.2% quarter on quarter, outpacing the market growth of 6%. Allowing us to consolidate our market share at 30% plus levels in the domestic air market. As to our international air ticketing business, we have not only fully recovered, but we have started to grow above the pre-pandemic peak.

Logic: We are hopeful that the supply situation will start improving from an exponentially.

Rajesh Magow: Despite the short-term headwinds, our growth on a flown basis,

Logic: Despite the short term headwinds our growth one off loan basis.

Rajesh Magow: was at 7.2% quarter on quarter, outpaced the market growth of 6%.

Logic: Well, we're at seven 2% quarter on quarter outpaced the market growth of 6%.

Rajesh Magow: Allowing us to consolidate our market share at 30% plus levels in the domestic air market.

Logic: Allowing us to consolidate our market share at 30% plus levels in the domestic air market.

Rajesh Magow: We are hopeful that the supply situation will start improving in the next financial year. Despite the short-term headwinds, our growth on a flown basis was at 7.2% quarter-on-quarter, outpacing the market growth of 6%, allowing us to consolidate our market share at 30% plus levels in the domestic air market. As to our international air ticketing business, we have not only fully recovered, but we have started to grow above the pre-pandemic peak. We continue to innovate and enhance our product proposition. With demand for business and premium economy tickets showing an increasing trend, we have now completely revamped the business class funnel for international flights to provide an enhanced booking experience to our premium users and cater to their specific needs and preferences. We have introduced an industry-first enhanced booking process for business-class flight tickets where customers can preview visuals of cabin comfort, meals, in-flight entertainment, and other amenities.

Rajesh Magow: As to our international air ticketing business, we have not only fully recovered, but have started to grow above the pre-pandemic peak.

Logic: As to our international Air ticketing business, we have not only fully recovered would have started to grow above their pre pandemic peak.

Rajesh Magow: We continue to innovate and enhance our product proposition.

Logic: We continue to innovate and enhance our product proposition with.

Rajesh Magow: With demand for business and premium economy tickets showing an increasing trend, we have now completely revamped the business class funnel for international flights to provide an enhanced booking experience to our premium users and cater to their specific needs and preferences.

Logic: When demand for business and premium economy, a good showing an increasing trend we have now completely revamp the business clubs panel for international flights to provide an enhanced booking experience to our premium users and cater to their specific needs and preferences.

Rajesh Magow: We have introduced an industry-first enhanced booking process for business class flight tickets where customers can preview visuals of cabin comfort, meals, in-flight entertainment, and other amenities.

Logic: We are introducing into steel industry first enhanced booking process, but.

Logic: This class flight tickets, where customers can seaview resort cabin comfort meals in flight entertainment and other amenities customers also have a comprehensive view of the extensive business, where inclusions, including lounge access travel services and priority services and can also preview the airline miles points.

Rajesh Magow: We continue to innovate and enhance our product proposition. With demand for business and premium economy tickets showing an increasing trend, we have now completely revamped the business class funnel for international flights to provide an enhanced booking experience to our premium users and cater to their specific needs and preferences. We have introduced an industry-first enhanced booking process for business class flight tickets where customers can preview visuals of cabin comfort, meals, in-flight entertainment, and other amenities. Customers also have a comprehensive view of the extensive business fair inclusions, including lounge access, shopper services, and priority services, and can also preview airline miles and points before finalizing the booking.

Before finalizing the booking it is early days, but we have started to see increasing engagement on our listing pages.

Rajesh Magow: Additionally, we have further strengthened our UAE proposition wherein customers now have the option to seamlessly buy e-visa for UAE during COVID-19.

Rajesh Magow: Customers also have a comprehensive view of the extensive business fair inclusions, including lounge access, shopper services, and priority services, and can also preview airline miles and points before finalizing the booking. It is early days, but we have started to see increasing engagement on our listing pages. Additionally, we have further strengthened our UAE proposition wherein customers now have the option to seamlessly buy e-visa for UAE during a pandemic during their international flight booking process on our desktop site. The initial response to this has been positive, and this feature will soon be launched on our apps as well.

Logic: Additionally, we have further strengthened our UAE proposition wherein customers now have the option to seamlessly by E visa for UAE during.

Rajesh Magow: Their international flight booking process.

Logic: Their international flight booking process on our desktop site.

Rajesh Magow: On our desktop site, the initial response to this has been positive and this feature will soon be launched on our apps as well. Finally, we have further enhanced our price log feature to now include multi-contract price logs.

Initial response to this has been positive and this feature will soon be launched on our apps is that.

Logic: Finally, we have further enhanced our price lock feature to now include multi contract price lock.

Rajesh Magow: where customers can choose from different time durations for which the prices can be lost.

Logic: Where customers can choose from different time durations for which the breakfast can be locked.

Logic: Our recommendation business, which includes hotels homestead and packages witnessed strong year on year and quarter on quarter growth in the seasonally strong quarter as well.

Rajesh Magow: It is early days, but we have started to see increasing engagement on our listing pages. Additionally, we have further strengthened our UAE proposition, wherein customers now have the option to seamlessly buy an e-visa for UAE during COVID-19. Their international flight booking process. On our desktop site, the initial response to this has been positive, and this feature will soon be launched on our apps as well. Finally, we have further enhanced our price log feature to now include multi-contract price logs, where customers can choose from different time durations for which prices can be lost.

Rajesh Magow: Finally, we have further enhanced our price lock feature to now include multi-contract price locks, where customers can choose from different time durations for which the prices can be locked. Our accommodation business, which includes hotels, homestays, and packages, witnessed strong year-on-year and quarter-on-quarter growth in the seasonally strong quarter as well. During the quarter, we touched our highest ever single-night check-ins of close to about 200,000 people on the back of strong holiday demand. We sold over 63,000 unique domestic hotels across 1,760 cities, giving us unparalleled reach and penetration within India. On the supply side, we continue to expand our supply, and we now offer over 78,000 domestic properties on our platform. Our international outbound business continues to scale well. During the quarter, new direct flights to various destinations like Tashkent, Baku, and Bali have been announced, and key international holiday destinations like Thailand, Sri Lanka, and Malaysia have announced visa waiver or no visa for Indian travelers.

Logic: During the quarter, we touched on highest ever single line chicken's off close to about 200000 people on the back of strong holiday demand.

Rajesh Magow: We sold over 63,000 unique domestic hotels across 1,760 cities, giving us unparalleled reach and penetration within India. On the supply side, we continue to expand our supply and we now offer over 78,000 domestic properties on our platform.

We sold over 62 63000 unique domestic hotels across 1700, 60 cities, giving us unparalleled reach and penetration within India on.

Logic: On the supply side, we continued to expand our supply and we now offer over 70000 domestic properties on our platform.

Rajesh Magow: Our international outbound business continues to scale well. During the quarter, new direct flights to various destinations like Tashkent, Baku, and Bali have been announced, and key international holiday destinations like Thailand, Sri Lanka, and Malaysia have announced waiver or visa for Indian travelers. This is likely to fuel greater demand for these international destinations in the times to come.

Logic: Our international drilling business continues to scale well during the quarter, new direct flights to various destinations like Dutchman Baku and value had been announced and key international holiday destinations like Thailand, Sri Lanka, and Malaysia have announced levered or visa for Indian travelers. This is likely to fuel greater demand for <unk>.

Rajesh Magow: Our accommodation business, which includes hotels, homestays, and packages, witnessed strong year-on-year and quarter-on-quarter growth in the seasonally strong quarter as well. During the quarter, we touched our highest ever single-night check-ins of close to about 200,000 people on the back of strong holiday demand. We sold over 63,000 unique domestic hotels across 1,760 cities, giving us unparalleled reach and penetration within India. On the supply side, we continue to expand our supply, and we now offer over 78,000 domestic properties on our platform. Our international outbound business continues to scale well. During the quarter, new direct flights to various destinations like Tashkent, Baku, and Bali have been announced, and key international holiday destinations like Thailand, Sri Lanka, and Malaysia have announced visa waiver or visa exemption for Indian travelers.

Logic: International destinations in the times to come.

Rajesh Magow: On customer experience side, we enhanced the multi-room booking experience. Users are now shown more suitable room combination suggestions, and they can specify their preferences explicitly, thus simplifying their decision-making process. We have also started offering super value packages.

Logic: On customer experience side, we enhanced our multi room booking experience users are now shown most suitable room combination suggestions and we can specify their preferences explicitly.

Logic: Simplifying their decision making process. We have also started offering supervalu packages.

Rajesh Magow: This is likely to fuel greater demand for these international destinations in the coming times. On the customer experience side, we enhanced the multi-room booking experience. Users are now shown more suitable room combination suggestions, and they can specify their preferences explicitly, thus simplifying their decision-making process.

Rajesh Magow: Bundling various value-added services with the hotel room, which will help bring more value for the customer.

Logic: Bundling various value added services with their hotel room, which will help bring more value for their customers.

Rajesh Magow: Our homestay business continues to grow with increasing coverage of destinations and increasing customer awareness via our category building marketing efforts.

Logic: Our homestay business continues to grow with increasing coverage of destinations and increasing customer awareness.

Logic: Yeah.

Category building marketing efforts during the quarter, we sold about 16, and a half thousand plus unique properties across 800 plus unique destinations.

Rajesh Magow: During the quarter, we sold about 16,500 plus unique properties across 800 plus unique destinations.

Rajesh Magow: We have also started offering super-value packages, bundling various value-added services with the hotel room, which will help bring more value for the customer. Our homestay business continues to grow with increasing coverage of destinations and increasing customer awareness via our category building marketing. During the quarter, we sold about 16,500 plus unique properties across 800 plus unique destinations.

Rajesh Magow: Our holiday packages business continues to scale on the back of our innovative offerings. We have started building on our spiritual tourism product during the quarter. We launched a Yodaya train charter product with 800 passengers. We plan to scale this and other similar offerings in the coming quarter.

Logic: Our holiday packages business continues to scale on the back of our innovative offerings you've started building on a spiritual tourism product during the quarter, we launched our yogurt rain charter product with 800 passengers we plan to scale this and other similar offerings in the coming quarters.

Rajesh Magow: For outbound packages, Bali and Singapore were the top destinations and witnessed strong growth, while new destinations like South Africa, Japan, Kenya have started to grow meaningfully.

Logic: Our outgoing packages valeant, Singapore over the top destinations and witnessed strong growth by new destinations like South Africa, Japan, India has started to grow meaningfully.

Rajesh Magow: Our bus ticketing business witnessed robust growth in Q3. Red Bus is now also available in Hindi, giving us a higher share of new customers from Tier 2 and 3 towns, particularly for bookings on RTCs. We continue to work with various state road transport corporations to bring them online.

Rajesh Magow: This is likely to fuel greater demand for these international destinations in the times to come. On the customer experience side, we enhanced the multi-room booking experience. Users are now shown more suitable room combination suggestions, and they can specify their preferences explicitly, thus simplifying their decision-making process. We have also started offering super value packages. Bundling various value-added services with the hotel room, which will help bring more value for the customer. Our homestay business continues to grow with increasing coverage of destinations and increasing customer awareness via our category building marketing efforts. During the quarter, we sold about 16,500 plus unique properties across 800 plus unique destinations. Our holiday packages business continues to grow on the back of our innovative offerings. We have started building on our spiritual tourism product during the quarter.

Logic: Bush ticketing business witness robust growth in Q3 Red bus is now also available in Hindi, giving us a higher share of new customers from tier two and three towns, particularly for bookings on Arctic seas.

Rajesh Magow: We plan to scale this and other similar offerings in the coming quarter. For outbound packages, Bali and Singapore were the top destinations and witnessed strong growth, while new destinations like South Africa, Japan, and India have started to grow meaningfully. Our bus ticketing business witnessed robust growth in Q3. Red Bus is now also available in Hindi, giving us a higher share of new customers from Tier 2 and 3 towns, particularly for bookings on RTCs.

Logic: We continue to work with various state Road Transport Corporation to bring them online.

Rajesh Magow: The government-controlled bus inventory on our platform has increased meaningfully with the onboarding of UP State RTC and additional inventory being made live by Kerala and Telangana RTCs. A new RTC, Chandigarh Transport Undertaking, has also come onto the platform in this quarter. We have undertaken tech optimization to improve real-time inventory status for RTCs to lower booking errors. The overall sentiment amongst private bus operators is also very positive now, and we expect a steady increase in private bus supply over the next few quarters and should help drive growth.

Logic: The government controlled bus inventory on our platform has increased meaningfully with the onboarding of Upa stared RTC and additional inventory being made late by Caroline Telangana, Rbcs and new RTC technical transport undertaking has also come onto the platform and this quarter we have undertaken.

Rajesh Magow: We continue to work with various state road transport corporations to bring them online. The government-controlled bus inventory on our platform has increased meaningfully with the onboarding of UP State RTC and additional inventory being made live by Kerala and Telangana RTCs. A new RTC, Chandigarh Transport Undertaking, has also come onto the platform in this quarter.

Logic: Optimization to improve real time inventory start this quarter rpc's to lower booking errors. So overall sentiment amongst private bus operators is also very positive now and we expect a steady increase in private bus supply over the next few quarters and should help drive growth.

Rajesh Magow: On our Red Rail app, we are acquiring new customers in Tier 2 and 3 towns, driven by our continued efforts to scale up acquisition, seasonal demand, and driving organic growth by leveraging the Red Bus user base. As a result, we continue to gain market share in train bookings on the back of all our three brands.

Logic: Already a lot we are acquiring new customers in tier two and three towns driven by our continued efforts to scale up acquisition seasonal demand and driving organic growth by leveraging their adverse user base. As a result, we continue to gain market share in crane bookings on the back of all our three brands.

Rajesh Magow: We have undertaken tech optimization to improve the real-time inventory status for RTCs to lower booking errors. The overall sentiment amongst private bus operators is also very positive now, and we expect a steady increase in private bus supply over the next few quarters, which should help drive growth. On our Red Rail app, we are acquiring new customers in Tier 2 and 3 towns, driven by our continued efforts to scale up acquisition, seasonal demand, and driving organic growth by leveraging the Redbus user base. As a result, we continue to gain market share in train bookings on the back of all our three brands. Leveraging the strength of our extensive inventory, we launched a connected travel feature for users to discover confirmed travel options through bus and rail combinations on routes that have lower availability or lesser frequency of trains.

Rajesh Magow: Leveraging on the strength of our extensive inventory, we launched a connected travel feature for users to discover confirmed travel options through bus and rail combinations on routes that have lower availability or lesser frequency of trains.

Logic: Leveraging understand of our extensive inventory we launched the connector travel feature for users to discover confirmed travel options through Boston real combinations on routes that have lower availability on lesser frequency of trains.

Rajesh Magow: We launched a Yodaya train charter product with 800 passengers. We plan to scale this and other similar offerings in the coming quarter. For outbound packages, Bali and Singapore were the top destinations and witnessed strong growth, while new destinations like South Africa, Japan, and Kenya have started to grow meaningfully. Our bus ticketing business witnessed robust growth in Q3. Red Bus is now also available in Hindi, giving us a higher share of new customers from Tier 2 and 3 towns, particularly for bookings on RTCs. We continue to work with various state road transport corporations to bring them online. The government-controlled bus inventory on our platform has increased meaningfully with the onboarding of UP State RTC and additional inventory being made live by Kerala and Telangana RTCs.

Rajesh Magow: Let me now share some details on our brand campaigns during this high season quarter.

Logic: Let me now share some details on our brand campaigns during this high season quarter.

Rajesh Magow: We leveraged the ICC World Cup, which was held in India, with multiple brand campaigns to build and maintain top-of-the-mind recall and showcase our value proposition to our existing and potential customers. During the quarter, MakeMyTrip launched campaigns around hotels and homestays, while GoiWebo launched its campaign with Kareena Kapoor, a well-known Bollywood celebrity, as brand ambassador. During the quarter, we also integrated BookMyForex product offerings on the MMP platform and launched a new brand campaign to drive Forex demand on our platform.

Logic: Leverage the ICC World Cup, which was held in India with multiple brand campaigns to build and maintain top of the mind recall and showcase our value proposition to our existing and potential customers during the quarter make my trip launched campaigns around hotels and homestead Miami.

Rajesh Magow: Let me now share some details on our brand campaigns during this high-season quarter. We leveraged the ICC World Cup, which was held in India, with multiple brand campaigns to build and maintain top-of-the-mind recall and showcase our value proposition to our existing and potential customers. During the quarter, MakeMyTrip launched campaigns for hotels and homestays, while GoIvivo launched its campaign with Kareena Kapoor, a well-known Bollywood celebrity, as its brand ambassador.

Logic: We will launch the campaign with getting a couple of well known Bollywood celebrating and brand.

Logic: <unk> during the quarter. We also integrated book My Forex product offerings on the MSP platform and launched a new brand campaign to drive products demand on our platforms.

Rajesh Magow: Our corporate travel business, we have both our platforms, MyBiz and Quest2Travel, are scaling up steadily with every passing quarter. Our active SME corporate customers count on MyBiz is now over 56,000, and for Q2T, the active customer count has reached 334 large corporates.

Logic: Our corporate travel business, we have both her platforms my bids and Crestwood traveled are scaling up steadily with every passing quarter, our active SME corporate customers count on my base is now over 56000 and for Q2 to be the active customer count has reached 334 large corporates.

Rajesh Magow: During the quarter, we also booked myForex product offerings on the MMP platform and launched a new brand campaign to drive Forex demand on our platform. Our corporate travel business, we have both our platforms MyBiz and Quest2Travel, is scaling up steadily with every passing quarter. Our active SME corporate customers count on MyBiz is now over 56,000, and for Q2T, the active customer count has reached 334 large corporates. We continue to innovate our product offering based on customer feedback. We recently reimagined our MyBiz homepage, offering corporate customers the capability to customize the homepage according to their preferences in terms of theme and layout.

Rajesh Magow: A new RTC, Chandigarh Transport Undertaking, has also come onto the platform in this quarter. Additionally, we have undertaken tech optimization to improve real-time inventory status for RTCs to lower booking errors. The overall sentiment amongst private bus operators is also very positive now, and we expect a steady increase in private bus supply over the next few quarters, which should help drive growth. On our Red Rail app, we are acquiring new customers in Tier 2 and 3 towns, driven by our continued efforts to scale up acquisition, seasonal demand, and driving organic growth by leveraging the Red Bus user base. As a result, we continue to gain market share in train bookings on the back of all our three brands. Leveraging on the strength of our extensive inventory, we launched a connected travel feature for users to discover confirmed travel options through bus and rail combinations on routes that have lower availability or lesser frequency of trains.

Rajesh Magow: We continue to innovate our product offering based on customer feedback. We recently reimagined our MyBiz homepage, offering the corporates the capability to customize the homepage according to their preferences in terms of theme and layout. Additionally, we have now provided the option to users to enter their preferences in terms of seats and frequent flyer numbers, leading to greater personalization for corporate employees on the platform. We have also enhanced our workflow to include ground transport options in our corporate offerings.

Logic: We continue to innovate our product offering based on customer feedback, we recently re imagined <unk> homepage offering the corporates the capability to customize the homepage. According according to their preferences in terms of team and lay out.

Logic: Traditionally we have now provided the auction to users who entered their preferences in terms of seats and frequent flyer numbers, leading to greater personalization for our corporate employees on the platform. We have also enhanced our workflow to include ground transport options in our corporate offerings.

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

Speaker Change: With this let me now hand over the call to more here, but the financial highlights of the quarter.

Mohit Kabra: Additionally, we have now provided the option for users to enter their preferences in terms of seats and frequent flyer numbers, leading to greater personalization for corporate employees on the platform. We have also enhanced our workflow to include ground transport options in our corporate offering. With this, I now hand over the call to Mohit for the financial highlights of the quarter. Thank you.

Mohit Kabra: Thank you.

More: Thank you.

Mohit Kabra: Thanks Rajesh, and hello everyone.

More: Thanks, Mitch and Hello, everyone.

Mohit Kabra: During the first quarter of this fiscal year 2024 I had called out that while the pandemic is now well and truly behind us,

More: During the first quarter of this fiscal year for.

Carlo that while the pandemic is not willing to leave behind us.

Mohit Kabra: The business is well positioned to leverage the investments made during the pandemic impacted years in key strategic areas such as building wider offering of travel and travel related services, driving supply side expansion and choices for our customers, and the technology investment in building efficiencies, improved personalization, and curated platforms to scale new demand segments.

The business is well positioned deliveries investments made during the pandemic impacted yours in key strategic areas, such as building wider offering of gathering related services.

Mohit Kabra: Thanks Rajesh and hello everyone. During the first quarter of this fiscal year 2024, I called out that while the pandemic is now well and truly behind us, the business is well positioned to leverage the investments made during the pandemic-impacted years in key strategic areas such as building a wider offering of travel and travel-related services, driving supply-side expansion and choices for our customers, and the technology investment in building efficiencies, improved personalization, and curated platforms to scale new demand segments It is heartening that these have helped us achieve multiple milestone numbers across financial and operating metrics such as gross bookings, revenues, and operating profits during this seasonally strong quarter. Gross bookings for the quarter grew by 21.7% year-on-year in constant currency terms to an all-time quarterly high of $2.1 billion compared to $1.7 billion in the same quarter last year. Revenue as per IFRS grew by 26.9% year on year in constant currency terms to $14.2 million from $170.5 million in the same quarter last year. EBITDA witnessed strong growth and more than doubled to $29.4 million as compared to $14.3 million during the same quarter last year.

More: I think supply chain expansion and charges on our customers and the technology in the space and building efficiencies improved personalization and curative platform to scaling new demand segment.

Mohit Kabra: It is heartening that these have helped us achieve multiple milestone numbers across financial and operating metrics such as gross bookings, revenues, and operating profits during this seasonally strong quarter.

More: It is heartening to these have helped us achieve multiple milestone numbers across financial and operating metrics such as gross bookings revenues and operating profit during this seasonally strong quarter.

Mohit Kabra: Grounds bookings for the quarter grew by 21.7% year-on-year in constituency terms to an all-time quarterly high of $2.1 billion compared to $1.7 billion in the same quarter last year.

More: Gross bookings for the quarter grew by 21, 7% year on year in constant currency terms to an all time quarterly high of $2 1 billion.

Compared to $1 $7 billion in the same quarter last year.

Mohit Kabra: Revenue, as per IFRS, grew by 26.9% year-on-year in constant currency terms to $114.2 million from $170.5 million in same quarter last year. EBITDA witnessed strong growth and has more than doubled to $29.4 million as compared to $14.3 million during the same quarter last year.

More: Revenue grew by 26, 9% year on year in constant currency terms.

Speaker Change: Let me now share some details on our brand campaigns during this high-season quarter. We leveraged the ICC World Cup, which was held in India, with multiple brand campaigns to build and maintain top-of-the-mind recall and showcase our value proposition to our existing and potential customers. During the quarter, MakeMyTrip launched campaigns around hotels and homestays, while GoiWebo launched its campaign with Kareena Kapoor, a well-known Bollywood celebrity, as its brand ambassador. During the quarter, we also integrated BookMyForex product offerings on the MMP platform and launched a new brand campaign to drive Forex demand on our platform. Our corporate travel business, we have both our platforms, MyBiz and Quest2Travel, is scaling up steadily with every passing quarter. Our active SME corporate customers count on MyBiz is now over 56,000, and for Q2T, the active customer count has reached 334 large corporates. We continue to innovate our product offering based on customer feedback.

Speaker Change: 214 million, Paul would be $2 million.

Speaker Change: $175 million.

Paul: And the same quarter last year.

EBITDA witnessed strong growth and has more than doubled to $29 4 million as compared to $14 3 million during the same quarter last year.

Mohit Kabra: registered operating profit or registered EBIT, registered a growth of about 70% year-on-year and reached $33.4 million compared to $19.7 million in the same quarter last year.

Paul: Operating profit or adjusted EBITDA.

Paul: Let's turn a growth of about 70% year on year and reached $33 4 million.

Paul: Compared to $97 million in the same quarter last year.

Mohit Kabra: and sister operating margin for the business has expanded by about 50 basis points to 1.6% of gross bookings compared to about 1.1% during the same quarter last year.

Paul: Adjusted operating margin for the business is.

Paul: It has expanded by about 50 basis points to one 6% of gross bookings compared to a $100 one per se than the same quarter last year.

Mohit Kabra: Registered Operating Profit or Registered EBIT registered a growth of about 70% year-on-year and reached $33.4 million compared to $19.7 million in the same quarter last year. Similarly, the Interested Operating Margin for the business expanded by about 50 basis points to 1.6% of gross bookings compared to about 1.1% during the same quarter last year. On a YTD basis as well, the adjusted operating margin stands at 1.55% versus 1.05% in the first three quarters of the previous year. Our eight ticketing gross bookings for the quarter came in at $1.3 billion, witnessing a year-on-year growth of 19.8% in constant currency. Registered Margin stood at about $79.2 million, registering a year-on-year growth of 14.2% in constant currency. Take rates for the air-degrading business were in line at about 6.3%, as mentioned by Rajesh.

Mohit Kabra: On a YTD basis as well, the adjusted operating margin stands at 1.55% versus 1.05% in the first three quarters of the previous year.

Paul: On a YTD basis as well the adjusted operating margin stands at five 5% versus 1.05% in the first three quarters of the previous year.

Mohit Kabra: Eight ticketing gross bookings for the quarter came in at $1.3 billion, witnessing a year-on-year growth of 19.8% in constant currency.

Paul: E ticketing gross bookings for the quarter came in at $1 3 billion weaknesses.

Paul: Weakness in a year on year growth of 19, 8% in constant currency.

Mohit Kabra: The adjusted margin stood at about $79.2 million, registering a year-on-year growth of 14.2% in constant currency.

Paul: And just imagine stood at about $79 2 million.

Paul: String of year on year growth of 14, 2% in constant currency.

Speaker Change: Take rates for the air ticketing business were in line at about 6.3%, as mentioned by Rajesh. While the longer-term outlook for growth in the domestic aviation market is strong, with large aircraft orders having been placed by the leading carriers, there are short-term capacity headwinds given issues around supply and servicing of aircraft engines. We expect that these headwinds will start easing out by the next financial year.

Paul: The acreage what the ticketing business were in line at about six 3% as mentioned by Dr. Dish, maybe longer term outlook for growth in the domestic aviation market is strong.

Paul: He is not others, having been players by building carriers do not a short term capacity has been given issues around supply and servicing off even opinions. We expect these headwinds will start using all by the next financial year.

Speaker Change: Gross bookings for the quarter for the hotels and packages segment came in at $559 million, witnessing a strong growth of 27% year-on-year on constant currency basis. Linked to seasonality and improved pricing, the adjusted margin growth came in much stronger at 38.8% year-on-year on constant currency terms and stood at $98.8 million during the quarter.

Paul: Gross bookings for the quarter for the hotels and packages segment came in at $559 million witnessing a strong growth of 27% year on year on constant currency basis.

Mohit Kabra: While the longer-term outlook for growth in the domestic aviation market is strong, with large aircraft orders having been placed by the leading carriers, there are short-term capacity headwinds given issues around supply and servicing of aircraft engines. However, we expect that these headwinds will start easing out by the next financial year. Grants bookings for the quarter for the hotels and packages segment came in at $559 million, witnessing a strong growth of 27% year on year on a constant currency basis. Linked to seasonality and improved pricing, the adjusted margin growth came in much stronger at 38.8 percent year-on-year on constant currency terms and stood at 98.8 million dollars during the quarter. Tickets for the quarter were in line at about 17.7% in this segment.

Paul: Linked to seasonality and improved pricing the adjusted margin growth came in much stronger than it would be eight 8% year on year on constant currency terms and stood at $98 $8 million during the quarter.

Speaker Change: Take rates for the quarter were in line at about 17.7% in this segment.

Speaker Change: Thanks Rich for the quarter were in line at about 17, 7% in this segment.

Speaker Change: We witnessed strong growth across both domestic and international destinations with our international hotel business surpassing the pre-pandemic peak. We continue to work on sharper targeting of various demand segments via a multi-platform approach while also increasing the breadth of our offering to directly contracted hotels, both in the domestic as well as the international markets. This two-pronged approach is helping us drive strong growth in this business segment.

Speaker Change: We witnessed strong growth across both domestic and international destinations with our international wholesale business, surpassing the pre pandemic peak because you need to work on sharper targeting of media demand segments via our multi platform approach, while also improving the topline offering through directly contracting with edge.

Speaker Change: We recently reimagined our MyBiz homepage, offering corporates the capability to customize the homepage according to their preferences in terms of theme and layout. Additionally, we have now provided the option for users to enter their preferences in terms of seats and frequent flyer numbers, leading to greater personalization for corporate employees on the platform. We have also enhanced our workflow to include ground transport options in our corporate offerings. With this, I now hand over the call to Mohit for the financial highlights of the quarter.

Mohit Kabra: We witnessed strong growth across both domestic and international destinations, with our international hotel business surpassing the pre-pandemic peak. We continue to work on sharper targeting of various demand segments via a multi-platform approach while also increasing the breadth of our offering through directly contracted hotels, both in the domestic as well as the international markets. This two-pronged approach is helping us drive strong growth in this business segment. In our bus ticketing business, gross bookings for the quarter stood at $269.8 million, growing at 20.3% year on year in constant currency terms.

Speaker Change: In the domestic as well as the international markets. These two prong approach is helping us drive strong growth in this business segment.

Speaker Change: In our bus ticketing business, gross bookings for the quarter stood at $269.8 million, growing at 20.3% year-on-year in constant currency terms. Adjusted margin stood at $26.9 million, registering a strong year-on-year growth of over 33.8% in constant currency.

Speaker Change: In our bus ticketing business, whereas bookings for the quarter stood at $269 8 million growing 23% year on year in constant currency terms and just sort of margin stood at $26 9 million registering a strong year on year growth of over 33, 8% in constant currency.

Speaker Change: Take rates for the budge business again came in line at about 10% for the quarter.

Speaker Change: Take rates for the bus business again came in line and about 10% for the quarter.

Speaker Change: During this high-season quarter, we invested behind our brand campaigns to drive top-of-mind recall for our brands, further thus helping us increase the mix of organic traffic. As a result, the marketing and sales promotion cost for the quarter came in slightly higher at 4.9% compared to the 4.6% in the previous low-season quarter, but were lower than the 5.2% in the comparable quarter of last year.

Speaker Change: During this high season quarter, we invested behind our brand campaigns to drive top of mind recall part of our brand further.

Mohit Kabra: Thank you.

Mohit Kabra: Adjusted margin stood at $26.9 million, registering a strong year-on-year growth of over 33.8% in constant currency; take rates for the birth business again came in line at about 10% for the quarter. During this high-season quarter, we invested in our brand campaigns to drive top of mind recall for our brands. Further, thus helping us increase the mix of organic traffic. As a result, the marketing and sales promotion cost for the quarter came in slightly higher at 4.9% compared to the 4.6% in the previous low season quarter, but it was lower than the 5.2% in the comparable quarter of last year. While the return on these brand campaigns tends to build over a longer duration, the initial response has been positive and should help us continue to target around 70% of our orders coming in from our existing customers or via repeat orders. All other costs were largely in line, and we continue to drive year-on-year efficiencies in our fixed cost base.

Mohit Kabra: Thanks Rajesh, and hello everyone. During the first quarter of this fiscal year 2024, I called out that while the pandemic is now well and truly behind us, the business is well positioned to leverage the investments made during the pandemic-impacted years in key strategic areas such as building a wider offering of travel and travel-related services, driving supply side expansion and choices for our customers, and the technology investment in building efficiencies, improved personalization, and curated platforms to scale new demand segments. It is heartening that these have helped us achieve multiple milestone numbers across financial and operating metrics such as gross bookings, revenues, and operating profits during this seasonally strong quarter. Grounds bookings for the quarter grew by 21.7% year-on-year in constituency terms to an all-time quarterly high of $2.1 billion compared to $1.7 billion in the same quarter last year.

Speaker Change: It is helping us increase our mix of organic traffic as a result.

Speaker Change: Marketing and sales promotion cost by the quarter came in slightly higher at four 9% compared with a four 6% in the previous low season quarter, but lower than the five 2% in the comparable quarter of last year.

Speaker Change: While the return on these brand campaigns tends to build over a longer duration, the initial response has been positive and should help us continue to target around 70% of our orders coming in from our existing customers or via repeat order.

Speaker Change: The return on these planned campaigns tends to build over a longer duration. The initial response has been positive and should help us continue to target around 70% of orders coming in from an existing customers. All I repeat orders all other costs were largely in line and we continue to drive you know in Europe.

Speaker Change: All other costs were largely in line and we continue to drive year-on-year efficiencies in our fixed cost basis.

Speaker Change: Fees in our fixed cost base.

Speaker Change: Another highlight of the quarter was our strong working capital management during peak seasonality. While the previous quarter had seen a deployment of about $12 million in working capital as we were getting into peak seasonality, we saw a much higher working capital release of about $35 million during this quarter. Accordingly, compared to the $37 million in cash operating profits for the quarter, the cash position has improved by almost $70 million over the previous quarter, taking our total cash position to about $608 million at the end of the quarter.

Speaker Change: Another highlight of the quarter was a strong working capital management during peak seasonality by the previous Kadow Athena deployment of about $10 million in working capital as we were getting into peak seasonality. We saw a much higher working capital needs of almost $35 million during this quarter accordingly competitor.

Speaker Change: The $37 million in cash operating profit for the quarter. The cash position has improved by almost $70 million.

Mohit Kabra: Another highlight of the quarter was our strong working capital management during peak seasonality. While the previous quarter had seen a deployment of about $12 million in working capital as we were getting into peak seasonality, we saw a much higher working capital release of about $35 million during this quarter. Accordingly, compared to the $37 million in cash operating profits for the quarter, the cash position improved by almost $70 million over the previous quarter, taking our total cash position to about $6-8 million at the end of the quarter. During the last quarter, we announced the signing of the agreement to take a majority position in Savari car rental, and I am happy to report that the transaction was concluded by early December. The teams are working on consolidating all the supply with Savari and thereby driving efficiencies in supply acquisition and management.

Speaker Change: With the previous quarter, taking our total cash position to have all $608 million at the end of the quarter.

Speaker Change: During the last quarter, we announced the signing of the agreement to take a majority position in Savari car rentals and I am happy to report that the transaction was concluded by early December. The teams are working on consolidating all this supply with Savari and thereby driving efficiencies in supply acquisition and management. With this, we expect to drive...

Speaker Change: During the last quarter, we announced the signing of the agreement to take a majority position in so any car rentals and I'm happy to report that the transaction was concluded by early December.

Speaker Change: The teams are working on consolidating all this supply with salary and thereby driving efficiencies in supply acquisition and management with dish, we expect today.

Speaker Change: Much better efficiencies in our supply acquisition facilitating the scaling up of our intercity cab business. We recently filed an intimation for our 2028 note holders on their right to tender the notes for repurchase at par by the company at the end of the third year of the notes as per the terms and conditions of the indenture on 15th February 2024. We shall update the progress of the tender process in due course.

Speaker Change: Much better efficiencies in our supply position. So it's really hitting the scaling up of our intercity cab business. We recently filed an inhibition, but at 2028 note holders on their right to tender their notes were repurchased at par by the company at the end of the earlier of the northeast, where the terms and conditions of Indonesia.

Mohit Kabra: Revenue, as per IFRS, grew by 26.9% year-on-year in constant currency terms to $114.2 million from $170.5 million in the same quarter last year. EBITDA witnessed strong growth and more than doubled to $29.4 million as compared to $14.3 million during the same quarter last year. Registered operating profit, or registered EBIT, registered a growth of about 70% year-on-year and reached $33.4 million compared to $19.7 million in the same quarter last year, and sister operating margin for the business expanded by about 50 basis points to 1.6% of gross bookings compared to about 1.1% during the same quarter On a YTD basis as well, the adjusted operating margin stands at 1.55% versus 1.05% in the first three quarters of the previous year. Eight ticketing gross bookings for the quarter came in at $1.3 billion, witnessing a year-on-year growth of 19.8% in constant currency. The adjusted margin stood at about $79.2 million, registering a year-on-year growth of 14.2% in constant currency. Take rates for the air ticketing business were in line at about 6.3%, as mentioned by Rajesh.

Speaker Change: On 15 February 2020 for Michelle amid the progress of the tender process in due course.

Mohit Kabra: With this, we expect to drive much better efficiency than our supply acquisition, facilitating the scaling up of our intercity cab business. We recently filed an intimation for our 2028 note holders on their right to tender the notes for repurchase at par by the company at the end of the third year of the notes as per the terms and conditions of the indenture on 15 February 2024. We shall update the progress of the tender process in due course. With that, I'd like to turn the call back to Vipul for Q&A. Thanks, Mohit.

Speaker Change: With that, I'd like to turn the call back to Vipul for Q&A.

Speaker Change: With that I'd like to turn the call back to people.

Speaker Change: Okay.

Vipul Garg: Thanks, Mohit.

Speaker Change: Thanks Mohit.

Vipul Garg: Anyone wishing to ask a question from the management may click on the raise hand option and we will take the questions one by one. The first question is from the line of Vijit Jain of Citi. Vijit, you may please ask your question now.

Speaker Change: Yep.

Speaker Change: Wishing to ask a question from the management mandates may click on the raise hand option Oh, and we will take the questions. One by one. The first question is from the line of video Gen of City Widget Eva. Please ask your question now.

Eva: And congratulations.

Eva: On a basic set of numbers yet again.

My first question is you know just looking at the hotels and packages business. Obviously has done really very well in the current quarter I was wondering on two things. One can you call out any specific benefits in terms of you know the either the average realizations per room night or.

Vijit Jain: Anyone wishing to ask a question from the management may click on the raise hand option, and we will take the questions one by one. The first question is from the line of Vijit Jain of Citi. Vijit, you may please ask your question now. Thanks, Rupul, and congratulations on a terrific set of numbers yet again. My first question is, you know, just looking at the hotels and packages, business obviously has done really, very well in the current quarter. I was wondering about two things.

Eva: In terms of your profitability that you had during this quarter because of you know both cricket World Cup as well as other.

Eva: In general our travel appetite is there anything.

Rajesh Magow: One, can you call out any specific benefits in terms of, you know, either the average realizations per room night or in terms of your profitability that you had during this quarter because of, you know, both the Cricket World Cup as well as other, in general, travel appetite? Is there anything special or any extraordinary gains that you had in this quarter from that side? And how should one think about pricing and your margins in this segment going forward? That's my first question. Yeah, maybe I can take that, Vijit, and thank you.

Eva: Any special Oh, any extraordinary gains that you had in this quarter from that trade and how should we think about.

Pricing and your margins in this segment going forward.

Speaker Change: That's my first question.

Speaker Change: Yeah, maybe maybe I can take that Richard and thank you.

Mohit Kabra: While the longer-term outlook for growth in the domestic aviation market is strong, with large aircraft orders having been placed by the leading carriers, there are short-term capacity headwinds given issues around supply and servicing of aircraft engines. However, we expect that these headwinds will start easing out by the next financial year. Gross bookings for the quarter for the hotels and packages segment came in at $559 million, witnessing a strong growth of 27% year-on-year on a constant currency basis. Linked to seasonality and improved pricing, adjusted margin growth came in much stronger at 38.8% year-on-year on constant currency terms and stood at $98.8 million during the quarter. Take rates for the quarter were in line at about 17.7% in this segment. We witnessed strong growth across both domestic and international destinations, with our international hotel business surpassing the pre-pandemic peak.

Speaker Change: You're right.

Speaker Change: And by the packages growth.

Speaker Change: Given that this is also a season quarter, then we had the demand momentum, especially.

Speaker Change: You know after World Cup, it sort of picked up significantly because still the World Cup you know it will.

Speaker Change: Sort of the focus was lot more while there were some gains for specific cities.

Rajesh Magow: You know, you're right. Hotel and package growth, given that this is also a seasonal quarter, and we had the demand momentum, especially after the World Cup, it sort of picked up significantly because till the World Cup, you know, it was sort of, the focus was a lot more while there were some gains for specific cities where India was fishing in terms of their World Cup games. But largely, people were sort of focused on watching, you know, World Cup matches over the weekend. And therefore, the first half of that quarter, of this quarter till the World Cup was, relatively speaking, the seasonality momentum hadn't really picked up. But the moment the World Cup was over, it sort of took off.

Speaker Change: The India.

Speaker Change: We'll be seeing in terms of.

Speaker Change: The World Cup games, but largely people were sort of focused on watching.

Speaker Change: On World Cup matches over the weekend.

Speaker Change: And therefore in the first half of third quarter of this quarter till the World Cup was.

Speaker Change: Relatively speaking to the the seasonality momentum has really picked up but the moment World Cup was awarded sort of took off.

Speaker Change: And I guess sort of more than made up.

Speaker Change: Overall on a quarter basis. So overall seasonality momentum was a woman towards grade more specific to the.

To your question was there anything extraordinary I wouldn't say there was anything extraordinary or temporary in nature. The mix. If you will see our overall mix of get all revenue on revenue basis contribution coming in from the hotel and packages has improved from 40% to 45%.

Rajesh Magow: And I guess, you know, sort of made up for it, you know, overall on a quarter basis. So overall seasonality momentum was great. But specific to your question, was there anything extraordinary? I won't say there was anything extraordinary or temporary in nature.

Mohit Kabra: We continue to work on sharper targeting of various demand segments via a multi-platform approach while also increasing the breadth of our offering to directly contracted hotels, both in the domestic as well as the international markets. This two-pronged approach is helping us drive strong growth in this business segment. In our bus ticketing business, gross bookings for the quarter stood at $269.8 million, growing at 20.3% year-on-year in constant currency terms. Adjusted margin stood at $26.9 million, registering a strong year-on-year growth of over 33.8% in constant currency.

Speaker Change: Now, which is a which is right and that is under back off.

Speaker Change: The overall sort of mix changing but from a demand.

Rajesh Magow: The mix, if you will see our overall mix of, you know, revenue on a revenue basis, contribution coming in from the hotel and packages has improved from 40 to 45% now, which is great. And that is on the back of, you know, the overall sort of mix changing. But from a demand standpoint, all segments actually saw demand going up. And I guess additionally, the emerging trend for homestays specifically has also started helping because that has added, on one side, a new set of supply and also new demand use cases that have also emerged off late, which has added momentum to the overall demand on the hotel and accommodation side. And within packages, we saw outbound packages, you know, sort of coming back this quarter with the bank as well.

Speaker Change: In general standpoint, all segments actually the MISO demand going up.

Speaker Change: And Ah and I guess Additionally, the emerging trend on home stays specifically has also started helping because that is added on one side, a new set of supply and and also new demand use cases.

Speaker Change: You know their tariff for notable swim moisture off late which is which is which has added momentum to the overall demand.

Speaker Change: On the on the hotel.

Speaker Change: And recommendations heightened within packages, we saw going back it is.

Speaker Change: Sort of coming back in this quarter with a bang as well.

Speaker Change: So I would say overall, it's a it's a bunch of factors, but lot more on the on.

Speaker Change: On the demand side.

Mohit Kabra: Take rates for the budge business again came in line at about 10% for the quarter. During this high-season quarter, we invested in our brand campaigns to drive top-of-mind recall for our brands, further thus helping us increase the mix of organic traffic.

Speaker Change: And and sort of all segments sort of rising.

Speaker Change: And which is helping the overall hotel and packages business grown grown this corridor.

Speaker Change: Got it right that you should just take that hotel, taking Uh huh.

Rajesh Magow: So I would say overall, it's a bunch of factors, but a lot more on the demand side, and all segments are sort of rising, which is helping the overall hotel and package business grow this quarter. Got it Rajesh.

Speaker Change: Do you have any comment to make on in general the demand and the supply situation at least on the premium hotel are the branded hotel space in India. How do you think that evolving and do you think adi's therefore remain resilient.

Mohit Kabra: As a result, the marketing and sales promotion costs for the quarter came in slightly higher at 4.9% compared to the 4.6% in the previous low-season quarter, but they were lower than the 5.2% in the comparable quarter of last year. While the return on these brand campaigns tends to build over a longer duration, the initial response has been positive and should help us continue to target around 70% of our orders coming in from our existing customers or via repeat orders. All other costs were largely in line, and we continue to drive year-on-year efficiencies in our fixed cost base. Another highlight of the quarter was our strong working capital management during peak seasonality. While the previous quarter had seen a deployment of about $12 million in working capital as we were getting into peak seasonality, we saw a much higher working capital release of about $35 million during this quarter.

Speaker Change: Even go up well it doesn't yet and then related question to that or do you think that is kind of accretion that segment impacting Arctic.

Rajesh Magow: Rajesh, just taking on that hotel thing, do you have any comment to make on, in general, the demand and the supply situation, at least in the premium hotel or the branded hotel space in India? How do you think that is evolving, and do you think ADRs therefore will remain resilient or even go up further from here? And a related question to that, do you think that is kind of impacting or bringing some shift over into the international outbound side from India? You did mention international outbound is doing very well. So I'm just wondering if you're seeing some kind of a shift there and how that affects you in general. Yeah, no, so I think it's a good question.

Speaker Change: Bringing some shift over into the international bauxite from India. You did mention international outbound is doing very well. So I'm just wondering if you're seeing some kind of a shift there and how does that affect you in general.

Speaker Change: Yeah, no. So I think it's a good question.

Speaker Change: So if you look at our core.

Speaker Change: Last couple of quarters data or more.

Speaker Change: In the eight years on the premium segment I would say even on the mid segment have been fairly robust 119, we should never forget our sort of factoring in.

The two years Lumpier period, where there was a <unk>.

Speaker Change: Took over there was no real price increases on the on the hotel side on non segment that had happened. So if you factor that in then and then just to sort of overall cumulative inflation and normal inflation for lost I would say I'd say about three years.

Rajesh Magow: So if you look at, you know, the past couple of quarters' data or more, and the ideas on the premium segment, I would say even the mid segment has been fairly robust. But I think we should never forget, sort of factoring in the two-year lull period where there was, you know, thanks to COVID, there was no real price increase on the hotel side on all segments that had happened. So if you factor that in and adjust for sort of overall cumulative inflation and normal inflation for the last, I would say, say, about three years, you would realize that the price increase is about 10%, which is fairly reasonable.

Mohit Kabra: Accordingly, compared to the $37 million in cash operating profits for the quarter, the cash position improved by almost $70 million over the previous quarter, taking our total cash position to about $608 million at the end of the quarter. During the last quarter, we announced the signing of the agreement to take a majority position in Savari car rental, and I am happy to report that the transaction was concluded by early December. The teams are working on consolidating all this supply with Savari and thereby driving efficiencies in supply acquisition and management. With this, we expect to drive... much better efficiencies in our supply acquisition, facilitating the scaling up of our intercity cab business.

Speaker Change: Would realize that the price increase is about 10% which is fairly reasonable.

Speaker Change: My view I don't see at this sort of as an exceptional price increase accepting.

For certain days, where there will be.

Speaker Change: Demand exceptional demand over the long weekends et cetera, there could always be the case, because it would be more demand, then and and less supply and then because of that gap that you know there could be.

Rajesh Magow: In my view, I don't see this sort of as an exceptional price increase, excepting for certain days where there will be, you know, demand, exceptional demand over the long weekends, etc. That would always be the case because there will be more demand and, and, and less supply. And then because of that gap, there could be, you know, an increase in prices, which, in my mind, is very normal. And that happens in any market.

Speaker Change: The increase in prices, which are which to my mind is very normal and that happens in any market.

Speaker Change: But otherwise I think the.

There is a certain degree of stability in pricing in terms of the new base that is sitting on setting setting and in the market.

Mohit Kabra: We recently filed an intimation for our 2028 note holders on their right to tender the notes for repurchase at par by the company at the end of the third year of the notes as per the terms and conditions of the indenture on 15th February 2024. We shall update the progress of the tender process in due course.

Speaker Change: And which I think is sustainable.

Speaker Change: In like in an overall level.

Speaker Change: Now outside of that I think will be a function of where they are and further increase from your.

Rajesh Magow: But otherwise, I think, you know, there is a certain degree of stability in pricing, in terms of the new base that is setting in the market, and which I think is sustainable at, you know, like, an overall level. Now, outside of that, it will be a function of whether it will further increase from here. Or, you know, sort of sometimes in the market where in certain weeks, certain weekends, certain times of year, etc., the prices could go more or could go less will be a function of how much demand there is and how much, you know, what's the sort of demand and supply gap equation that works out. But it's going to be a very normal sort of up and down that we would see.

Speaker Change: Or sort of sometimes in the market we're.

Speaker Change: In in certain weeks have been weekend, so it in and around the events et cetera. The prices could go more or could go less will be a function of how much demand and how much worse, the sort of demand and supply gap equation that works out, but it's going to be a very normal sort of up and down there.

Mohit Kabra: With that, I'd like to turn the call back to Vipul for Q&A.

Vipul Garg: Thanks, Mohit. Anyone wishing to ask a question from the management may click on the raise hand option, and we will take the questions one by one. The first question is from the line of Vijit Jain of Citi. Vijit, you may please ask your question now.

Speaker Change: We would see.

Speaker Change: I think there is a new base that is set up there from a demand standpoint, we've seen customers in general sort of upgrading.

Speaker Change: And on the back of Ah I thing its a its a behavior change that we have noticed it in terms of maybe taking more holidays. So maybe spending more percentage of their liberal disposable income and consumers pocket to experience travel, which means more demand in the.

Rajesh Magow: I think there is a new base that is set up where from a demand standpoint, we've seen, you know, customers in general sort of upgrading on the back of I think it's a behavior change that we have noticed in terms of maybe taking more holidays or maybe spending more percentage of the available disposable income in consumers' pockets to experience travel, which means more demand in the market. So, there is definitely more, you know, upside to the demand, which is helping. And, therefore, and, you know, within that, I think it's also a behavior of upgrading from a particular segment to the next level. And for a mid-segment to, let's say, a premium segment.

Vijit Jain: My last question, just on the international outbound from India, if you can give any color on where you're seeing, in terms of channels at least, where you're seeing growth from? Is it coming more on the packages side? Because you also have a direct holiday booking feature available on your platform, and then there's the travel agent business also that you do. So I'm just wondering where you see the most momentum overall? My question is more on the international outbound side, but maybe if the answer is relevant to domestic as well, you can answer that.

Speaker Change: Our market.

Speaker Change: So.

Speaker Change: There is definitely more upside.

Speaker Change: What I'm, saying on the demand which is helping.

Speaker Change: And therefore and within that I think it's also a behavior of.

Speaker Change: Upgrading from or particular segment to the next level.

Speaker Change: And for the mid segment to let's say a premium segment and last point I would make on this one so is that.

Speaker Change: It is also specifically to premium segment.

Speaker Change: A lot of the Eaton on leisure travel events like whether it is the corporate offsite on it so specifically.

Speaker Change: The mice activities or for that matter our ratings.

Rajesh Magow: And last point I would make on this also is that, you know, specifically in the premium segment, a lot of the non-leisure travel events, like whether it is the corporate offsites, or, you know, specifically, the mice activities, or, for that matter, weddings, you know, that during the season, you know, more and more, you see the trend of these events happening in hotels. And because of that, obviously, there is more demand relative to the historical period. And that's also sort of helping, you know, sustain the price levels that you would typically see or are seeing in the market. But I think all the factors will have to be brought together to analyze and jump to conclusions in terms of whether this is sort of sustainable or not.

Speaker Change: During the season.

Speaker Change: All right.

Speaker Change: Thanks, Rajesh. I'll jump back into the.

Speaker Change: More and more you see the trend off for these events happening in the hotels and because of which obviously there is more demand.

Rajesh Magow: Thanks, Vijit.

Speaker Change: To the to the historical period, and that's also sort of helping them.

Speaker Change: The next question is from the line of Sachin Salgaonkar of Bank of America.

Speaker Change: Staining the price levels that you would typically see or are seeing in the market, but I think all the fact that we'll have to be brought together to analyze and jump to conclusion in terms of what kind of whether this is sort of sustainable or not in my view. There is certain level. These are sustainable.

Sachin Salgaonkar: Sachin, you may please ask your question.

Sachin Salgaonkar: Thanks, Vipul.

Sachin Salgaonkar: Congratulations again on a fantastic set of numbers. You know, I have three questions. First question, just wanted to understand pent-up demand versus actual demand where consumers are traveling a bit more. And clearly, when we look at this quarter's numbers on a base of 36% growth, you guys are showing more like a 27% YY growth. It does indicate that while pent-up demand is behind, growth is strong. So, the question out here is, and I know it's difficult for you guys and you don't give guidance, but should general growth for the sector continue to remain strong in the next 12 to 18 months? And if you could help understand what are some of the drivers in terms of our Indians traveling a lot more than before, or has something changed which is leading to that growth? And the related question is, of course, any color you could give in terms of how this upcoming quarter is trending, that would be helpful.

Speaker Change: Plus minus 10% up and down that will happen, which will be a function of regular demand and supply gap.

Vijit Jain: My last question, just on the international outbound from India, if you can give any color on where you're seeing, in terms of channels at least, where you're seeing growth from? Is it coming more in the packages side? Because you also have direct holiday booking feature available on your platform and then there's the travel agent business also that you do. So I'm just wondering where do you see the most momentum overall? My question is more on the international outbound side, but maybe if the answer is relevant in domestic as well, you can answer.

Got it and just my last question just on the international outbound from India. If you can give any color on where you're seeing in terms of channels at least where you're seeing growth from is it coming more in the packages side or because you also have a direct you know holiday booking.

Rajesh Magow: In my view, there is, you know, a certain level that these are sustainable, with plus minus 5-10% up and down that will happen, which will be a function of regular demand and supply gaps. Rajesh, my last question, just on the international outbound from India, if you can give any color on where you're seeing, in terms of channels at least, where you're seeing growth from, is it coming more on the packages side or because you also have a direct, you know, holiday booking feature available on your platform and then there's the travel agent business also that you do. So, I'm just wondering where you see the most momentum overall. My question is more on the international outbound side, but maybe if the answer is relevant and domestic as well, you can answer that. Sure. So specifically on international travel, we have seen momentum in our business on the packages side for sure. Like I was mentioning earlier, I think it's part of the script as well.

Speaker Change: Karen available on your platform and then there's a the travel agent business also that you too. So I'm, just wondering where do you see the most momentum overall.

Speaker Change:

Speaker Change: My question is more on the rationale, but maybe the answer is relevant in domestic as well you can answer that Joe.

Joe: So the specifically on on international travelers, we have seen.

Speaker Change: Yeah, Sachin, so thank you, firstly. And I would actually say two factors. And I would stay away from saying whether it is six months or 12 months or 18 months, but two fundamental factors, you know, from an outlook standpoint, we feel clearly that that seems to be happening. And one is on the demand side. And the second one is just the overall improvement of the infrastructure. On the demand side, from a consumer behavior standpoint, we certainly have seen now, there is a pattern that is emerging where the frequency of breaks that consumers were taking earlier is definitely going up. Point number one. Point number two, which, in my mind, is a fundamental change. Point number two is that we've also seen some new, you know, use cases that are sort of emerging, which is also adding to, you know, the regular standard use cases for travel.

Joe: Momentum on our business on packages side for sure like I was mentioning earlier and I think it's part of this group as well.

Joe: And because we would expecting them into cortisol you know I'll go under recovery on outbound was relatively slower and we were expecting that to sort of pickup at some point and it has picked up in this quarter.

Joe: And that is on packages. It's also on international hotels, we've seen similarly for flights as well and in fact, Oh, what also adds two to this international travel momentum is there.

Rajesh Magow: And because we were expecting, I mean, two quarters ago, the recovery on outbound was relatively slow, and we were expecting that to sort of pick up at some point, and it has picked up in this quarter. And that is on packages, it's also on international hotels, and we have seen similarly for flights as well. And in fact, you know, what also adds to this international travel momentum is the, you know, as I was mentioning, even in this script, the announcement that happened on either direct connectivity, you know, solving for direct connectivity, like, you know, the three examples that I gave, and similarly for making the visa process, you know, more easier, smoother, and convenient for people. That definitely sort of helps because then there is a comparison point with the domestic, you know, sort of comparable destination versus an outbound destination, and then you end up taking the call.

Joe: He was mentioning even in this part of the script today.

Joe: The announcement that happened on either their direct connectivity.

Joe: All in for Derek and activity like you know the three examples that.

Joe: And that I gave and similarly for making the visa.

Joe: More easier and smoother and convenient for people.

Joe: That definitely sort of helps because then there is a comparison point the domestic.

Joe: Sort of a comparable destination versus.

Speaker Change: So, you know, when I say use cases, it's effectively the purpose for travel. So the purpose of travel is for leisure, for pilgrimage, for, you know, visiting family, etc. was a standard purpose for travel or for work. But we've also seen new use cases now. There's more and more emerging, and specifically, you know, in the echo space, we are seeing, you know, alternative accommodation getting benefitted from it, the celebration use case of the milestone, you know, sort of celebration use case in the family with friends, extended family, group travel, you know, trying to celebrate whether it's a birthday or an anniversary or, you know, some other family milestone. And getting together and sort of doing the celebration, et cetera, more than what used to happen in the past.

Joe: In short all old bone definition, and then you end up taking the call.

Joe: And the fact that the.

Outbound travel voice law or what.

Joe: It's literally sort of slow to pick it up and get back to pre pandemic level. It is nowadays to pre pandemic level because of the demand coming back.

Joe: In terms of channels, we see it in a large part of it is coming from our holiday packages business this quarter.

Rajesh Magow: And the fact that outbound travel was slow, was a little sort of slow to pick it up and get back to pre-pandemic levels, it has now reached pre-pandemic levels because of demand coming back. In terms of channels, we see a large part of it coming from our holiday packages business this quarter. Standalone bookings, not necessarily packages with respect to hotels or flights, our B2B channel also contributes.

Joe: Standalone bookings not necessarily packages with respect to waters of lights out would be to be a channel also contributes in fact.

Joe: Pleasantly surprised with the contribution coming in from that.

As well besides the B to C, which is a regular sort of a channel which are mainly see the demand coming back on an overall platform.

Joe: In terms of traffic growth.

Joe: All sort of.

Broader tensor, which says we have on our platform and get benefited out of it.

Rajesh Magow: In fact, pleasantly surprised with the contribution coming in from there as well, besides the B2C, which is the regular sort of channel, which when we see the demand coming back on an overall platform in terms of traffic growth, you know, all sorts of, you know, products and services we have on our platform can get benefitted from it. Alright, thanks Rajesh, I'll jump back into the, Thanks, Vijit. The next question is from the line of Sachin Salgaonkar of Bank of America. Sachin, you may please ask your question.

Speaker Change: All right. Thanks, Rajesh. I'll jump back into the.

Speaker Change: Alright, thanks, guys I'll jump back into the queue.

Speaker Change: Thanks, Vijit. The next question is from the line of Sachin Salgaonkar of Bank of America. Sachin, you may please ask your question.

Speaker Change: Ah. Thanks, Richard The next question is from the line up for such a telecom cut off of Bank of America, such any repeat ask a question.

Speaker Change: So these are the two consumer demand side, you know, on the behavior, on the buying behavior of travel or, or spending more on travel experiences clearly are emerging that we can see. And on the other side, I would say from an overall outlook standpoint that the infrastructure improvement and the expansion is definitely going to add more because more and more. You know, we make it smoother, easier and convenient for, for the travelers and also develop infrastructure and then, and in the new destinations, you know, we've started creating huge amount of awareness for instance, of nearby destination to any key destination and we've seen demand picking up on on those destinations now tomorrow like I was just mentioning in the script you know the spiritual tourism now if that picks up let's say the Yodaya event which is likely to happen because there's also an infrastructure development that has happened in that city I see no reason why people and more number of people would want to sort of travel and experience for some of these new destinations which they had not really explored in the past or the the use case earlier was you know I'm going for offering for prayers and you know sort of hardcore pilgrimage use case it might just be an experience emerge into a new you know sort of use case where people would want to go visit these destinations more for historical reasons right so so I would say these are the two big factors that I think are more permanent in nature than temporary as we have sort of seen the pattern emerging and that should help the the outlook or the growth outlook for for travel and tourism industry going forward you know so that that would be my take on it Sachin.

Sachin Salgaonkar: Thanks, Vipul. Congrats again for a fantastic set of numbers. You know, I have three questions. First question, just wanted to understand, you know, on pent-up demand versus actually demand where consumers are traveling a bit more. And clearly, when we look at this quarter numbers on a base of 36% growth, you guys are showing more like a 27% YY growth. It does indicate that while the pent-up demand is behind, the growth is strong. So, the question out here is, and I know it's difficult for you guys and you guys don't give a guidance, but should general growth for the sector continue to remain strong in next 12 to 18 months? And if you could help understand what are some of the drivers in terms of our Indians traveling a lot more than before, or has something changed which is leading to that growth? And the related question is, of course, any color you could give in terms of how, you know, this upcoming quarter is trending, that would be helpful.

Speaker Change: Thanks, guys. Congrats again put up fantastic checkups named Budge.

Speaker Change: I have three questions.

First question just wanted to understand you know on pent up demand versus actually demanded where consumers are traveling a bit more.

Speaker Change: And clearly when we look at this quarter numbers on a base of 36% growth that you guys are showing more of like a 27%.

Sachin Salgaonkar: Thanks Vipul, congrats again for a fantastic set of numbers. You know, I have three questions. First question: just wanted to understand pent-up demand versus actual demand where consumers are traveling a bit more. And clearly, when we look at this quarter's numbers on a base of 36% growth, you guys are showing more like 27% yoy growth. It does indicate that while pent-up demand is behind, growth is strong. So the question out here is, and I know it's difficult for you guys and you guys don't give guidance, but should general growth for the sector continue to remain strong in the next 12 to 18 months? And if you could help understand what are some of the drivers in terms of our Indians traveling a lot more than before, or has something changed which is leading to that growth? And the related question is, of course, any color you could give in terms of how this upcoming quarter is trending, that would be helpful. Yeah, Sachin, so thank you, firstly.

Speaker Change:

Speaker Change: It does indicate that while the pent up demand is behind the growth is strong. So the question out here it is.

Speaker Change: And I know, it's difficult for you guys and you guys don't give a guidance but should.

Speaker Change: Generally good outside the sector continued to remain strong in next 12 to 18 months and if you could help us understand what are some of the drivers in terms of I didn't get traveling a lot more than before but has something changed which is adding to that growth and a related question is of course any color you could give in terms of how.

Speaker Change: This upcoming quarter this training that could be at play.

Vipul Garg: Yeah, Sachin, so thank you, firstly. And I would actually say two factors. And I would stay away from saying whether it is six months or 12 months or 18 months, but two fundamental factors, you know, from an outlook standpoint, we feel clearly that seems to be happening. And one is on the demand side. And the second one is on just the overall improvement of the infrastructure. On the demand side, from a consumer behavior standpoint, we certainly have seen now, there is a pattern that is emerging where the frequency of breaks that the consumers were taking earlier is definitely going up. Point number one. Point number two, which to my mind is a fundamental change. Point. Number two is that we've also seen some new, you know, use cases that are sort of emerging, which is also adding to, you know, the regular standard use cases for travel. So, you know, when I say use cases, it's effectively purpose for travel. So purpose for travel for leisure, for pilgrimage, for, you know, visiting family, etc. was a standard purpose for travel or for work. But we've also seen now new use cases. There's more and more emerging, and specifically, you know, in the echo space, we are seeing, you know, alternative accommodation getting benefited out of it, the celebration use case of the milestone, you know, sort of celebration use case in the family with the friends, extended family, group travel, you know, trying to celebrate whether it's a birthday or an anniversary or, you know, some other family milestone. And getting together and sort of doing the celebration, et cetera, more than what used to happen in the past. So these are the two consumer demand side, you know, on the behavior, on the buying behavior of travel or, or spending more on travel experiences clearly are emerging that we can see. And on the other side, I would say from an overall outlook standpoint that the infrastructure improvement and the expansion is definitely going to add more because more and more. You know, we make it smoother, easier and convenient for, for the travelers and also develop infrastructure and then, and in the new destinations, you know, we've started creating huge amount of awareness for instance.

Speaker Change: Yes, it's until thank you, firstly and I would actually say two factors and I would stay away from saying, whether it is six months or 12 months or 18 months, but two fundamental factors. So you know from an outlook standpoint, we feel.

Speaker Change: Clearly that seems to be happening and one is on the demand side.

Speaker Change: And the second one is on just the overall improvement of the infrastructure.

Rajesh Magow: And I would actually say two factors. And I would stay away from saying whether it is six months or 12 months or 18 months. But two fundamental factors, you know, from an outlook standpoint, we feel clearly that that seems to be happening. And one is on the demand side. And this and the second one is just the overall improvement of the infrastructure. On the demand side, from a consumer behavior standpoint, we certainly have seen now that there is a pattern that is emerging where the frequency of breaks that consumers were taking earlier is definitely going up. Point number one.

Speaker Change: On the demand side from a consumer behavior standpoint, we certainly have seen now there is a pattern that is emerging with the.

Sachin Salgaonkar: I got it very clear, Rajesh.

Speaker Change: Second question, and it's just picking up from where you left. Clearly, demand is good, and some new cases are coming. So does that mean MakeMyTrip doesn't have to spend so much on marketing going forward?

Speaker Change: The frequency of breaks the consumers were taking earlier.

Speaker Change: <unk> is definitely going up a point number one point number two which to my mind is a fundamental change on point number two is that we've also seen some new.

Speaker Change: And as a percentage of GMB, it could be much lower than, let's say, the earlier guide at 5%? Go ahead Mohit. Go ahead. Sure, maybe I can take that. And you know, we've largely remained within the 5% kind of guidance that we had rolled out such into the year. And therefore, I believe that continues to hold good. I mean, overall, if you really see this quarter also, and generally we tend to do this, if you look at historical data also, during peak seasonality quarters, you know, like Q1 and Q3, we generally tend to kind of, you know, spend a little more on the brand marketing side, which is what we have seen even during this quarter. But even with that, you know, the overall spend came in at about 4.9%, and still kind of, you know, well below the 5.3% in the same quarter last year. So I guess the 5% kind of a ballpark number should be a good number to kind of, you know, keep in mind. At least for this year. And we'll continue to see if we can kind of keep building efficiencies, some efficiency with scale in the coming years as well. Very clear.

Speaker Change: Use cases that are sort of emerging which is oh.

Speaker Change: Also adding to.

Speaker Change: The regular standard use cases for travelers. So you know when I say use cases, it's effectively purpose for travelers. So purpose for travel for leisure for pilgrimage for visiting family et cetera was the standard purpose, we're traveling all four vote.

Rajesh Magow: Point number two, which is, in my mind, a fundamental change. Point number two is that we've also seen some new, you know, use cases that are sort of emerging, which is also adding to, you know, the regular, standard use cases for travel. So, you know, when I say use cases, it's effectively a purpose for travel. So, purpose for travel for leisure, for pilgrimage, for, you know, visiting family, et cetera, was a standard purpose for travel or for work.

Speaker Change: But we've also seen now new use cases, more and more of a margin.

Speaker Change: And specifically.

Speaker Change: On the cost base, we are seeing.

Speaker Change: Our alternative accommodation getting benefit out of it and the celebration use case or the milestone.

Speaker Change: And get a sort of a celebration use case and the family with the friends <unk> family Group travel.

Rajesh Magow: But we've also seen new use cases more and more emerging. And specifically, you know, in the eco space, we are seeing, you know, alternative accommodation getting benefitted from it. The celebration use case of the milestone, you know, sort of celebration use case in the family with the friends, extended family, group travel, you know, trying to celebrate whether it's a birthday or an anniversary or, you know, some other family milestone and getting together and sort of doing the celebration, et cetera, more than what used to happen in the past.

Speaker Change: Trying to celebrate whether to both the dealer and then we will see you are.

Speaker Change: Some other families a milestone.

Speaker Change: And getting together and sort of doing the celebration et cetera are more than what used to happen in the past. So these are the two.

Speaker Change: Consumer demand side.

Speaker Change: On the behavior on the buying behavior of traveler or spending more on travel experiences clearly automotive that we can see and on the other side I would say from an overall outlook standpoint the infrastructure.

Speaker Change: Our improvement in the expansion is definitely going to add more because more and more.

Rajesh Magow: So, these are the two consumer demand side, you know, on the behavior, on the buying behavior of travel or spending more on travel experiences clearly are emerging that we can see. And on the other side, I would say from an overall outlook standpoint that the infrastructure improvement and the expansion is definitely going to add more because more and more, you know, we make it smoother, easier, and convenient for the travelers and also develop infrastructure in the new destinations. You know, we've started creating huge amount of awareness, for instance, of nearby destination to any key destination and we've seen demand picking up on on those destinations. Now tomorrow like I was just mentioning in the script you know the spiritual tourism now if that picks up let's say the Yodaya event which is likely to happen because there's also an infrastructure development that has happened in that city I see no reason why people and more number of people would want to sort of travel and experience for some of these new destinations which they had not really explored in the past or the the use case earlier was you know going for offering for prayers and you know sort of hardcore pilgrimage use case it might just be an experience you emerge into a new you know sort of use case where people would want to go visit these destinations more for historical reasons right so so I would say these are the two big factors that I think are more permanent in nature than temporary as we have sort of seen the pattern emerging and that should help the the outlook or the growth outlook for for travel and tourism industry going forward you know so that that would be my take on it Sachin. Got it very clear, Rajesh. Second question, and it's just taking from where you left.

Speaker Change: And my last question, and anecdotally, I'm sure you guys also want to see it. There is also a school of thought that is coming that traveling around is becoming expensive in India. For example, in New Year's, traveling to Goa was a bit more expensive than, let's say, going to Thailand or Bali. Is that something, a risk you guys are seeing, which could potentially impact some demand? And how do you guys think in that direction? You know, I would say, Sachin, I think we should see this scenario more as a healthy competition between the destinations. Now, whether it is going to be a domestic market destination or an international market or comparable to domestic destinations for that matter, in the peak period, I don't think this will have an impact on demand. It would actually, in turn, mean that, you know, there will be healthy competition between the markets.

Speaker Change: You know, we make it smarter easier.

Speaker Change: And convenient for for the travelers.

Speaker Change: What sort of develop infrastructure and then and in the new destinations.

Speaker Change:

Speaker Change: We have started creating huge amount of awareness for instance.

Vipul Garg: of nearby destination to any key destination and we've seen demand picking up on on those destinations now tomorrow like I was just mentioning in the script you know the spiritual tourism now if that picks up let's say the Yodaya event which is likely to happen because there's also an infrastructure development that has happened in that city I see no reason why people and more number of people would want to sort of travel and experience for some of these new destinations which they had not really explored in the past or the the use case earlier was you know I'm going for offering for prayers and you know sort of hardcore pilgrimage use case it might just be an experience emerge into a new you know sort of use case where people would want to go visit these destinations more for historical reasons right so so I would say these are the two big factors that I think are more permanent in nature than temporary as we have sort of seen the pattern emerging and that should help the the outlook or the growth outlook for for travel and tourism industry going forward you know so that that would be my take on it Sachin.

Speaker Change: <unk>.

Speaker Change: Nearby destination to any key destination and we've seen demand picking up on on those destinations now or tomorrow like I was just mentioning in the script.

Speaker Change: You know the spiritual tourism if tactics out let's say the are you there Ya man, which is likely to happen.

Speaker Change: Because there's also an infrastructure development that has happened in that city.

Speaker Change: I see no reason why people in more number of people, who would want to sort of travel and experience.

Speaker Change: For some of these new destinations, which they had not really explored in the past or the the use case earlier was you know.

Speaker Change: Not going for offering for prayers and sort of hardcore pilgrimage use case it might just be an experience.

Speaker Change: Emerge into a new.

Speaker Change: You know sort of use case, where people would want to go.

Speaker Change: And visit these destinations more for historical reasons right. So so I would say these are the two big factors that I think are more permanent in nature than temporary as we've sort of seen the pattern emerging and that should help the the outlook on the growth outlook for.

Speaker Change: And, you know, from that point of view, because I don't think that's going to impact the travel demand, because if, let's say, all three, you know, hypothetically, comparable destinations are pretty expensive, then people will still travel, but they might go to a, you know, their plan B destination. But it may not mean that they would not travel, you know, so I don't see that scenario happening, given, at least based on whatever patterns that we've seen.

Speaker Change: For travel and tourism industry going forward.

Speaker Change: So that that would be my take on it its sachin.

Sachin Salgaonkar: Got it very clear, Rajesh. Second question, and it's just taking from where you left. Clearly, demand is good and some new cases are coming. So does that mean MakeMyTrip doesn't have to spend so much on marketing going ahead? And as a percentage of GMB, it could be much lower than, let's say, the earlier guide at 5%?

Articulated here that just second question and it's just taking somebody you are left.

Speaker Change: Demand is good in some new cases are coming so does that mean.

Speaker Change: And what that would mean is that, you know, every player in the ecosystem would start to sort of look at specific markets and would start to look at all the data and accordingly price their products rather than, you know, sort of taking one destination as a threat to the other.

Speaker Change: Make sure it doesn't have to spend so much on marketing going ahead, and as a percentage of G. M. B it could be much lower than let's say the earlier they get five questions.

Sachin Salgaonkar: Go ahead Mohit, go ahead. Sure, maybe I can take that. And you know, we've largely remained, you know, within the 5% kind of a guidance that we had rolled out such into the year. And therefore, I believe that continues to hold good. I mean, overall, if you really see this quarter also, and generally we tend to do this, if you look at historically also, during peak seasonality quarters, you know, like Q1 and Q3, we generally tend to kind of, you know, spend a little more on the brand marketing side, and which is what we have seen even during this quarter. But even with that, you know, the overall spends came in at about, you know, 4.9%, and still kind of, you know, well below the 5.3% in the same quarter previous year. So I guess the 5% kind of a ballpark number should be a good number to kind of, you know, keep in mind. At least for this year. And we'll continue to see if we can kind of keep building efficiencies, some efficiencies with the scale in the coming years as well.

Speaker Change: And so go ahead, Mike Gregg, but maybe I can take that.

Speaker Change: So I think that is what is likely to happen, rather than, you know, overall. Because it's expensive, and therefore, I would not really travel.

Rajesh Magow: Clearly, demand is good, and some new cases are coming. So does that mean MakeMyTrip doesn't have to spend so much on marketing going forward? And as a percentage of GMB, it could be much lower than, let's say, the earlier guided 5%? So, maybe I can take that.

Mike Gregg: We've largely remained.

Mike Gregg: Within the 5% kind of a guidance that we are told entre into the ear and therefore I believe that continues to hold but I mean overall, if we really see this quarter also internally we tend to do this if you look at historically also during peak seasonality quarters like Q1, and Q3 be generally tend to end up spending a little.

Rajesh Magow: Very clear, Rajesh.

Mohit Kabra: And, you know, we've largely remained within the 5% kind of guidance that we had rolled out such into the year. And therefore, I believe that continues to hold good. I mean, overall, if you really look at this quarter also, and generally we tend to do this, if you look at historical data also, during peak seasonality quarters, you know, like Q1 and Q3, we generally tend to kind of spend a little more on the, on the, on the brand marketing side, which is what we have seen even during this quarter. But even with that, you know, the overall spend came in at about 4.9%. And still kind of, you know, well below the 5.3% in the same quarter last year.

Rajesh Magow: Thank you and all the best.

Mike Gregg: More on the on the on the brand marketing side, and which is what we have seen even during this quarter, but even with that.

Speaker Change: Thank you.

Rajesh Magow: Thank you, Sachin.

Mike Gregg: Overall expenses came in at about <unk>.

Mike Gregg: Four 9%.

Rajesh Magow: Thanks, Sachin.

Mike Gregg: I understand you're kind of well below the five 3% in the same quarter previous year. So I guess would be the 5% kind of a ballpark number should be a good number to kind of keep in mind at least for this year and we'll continue to see if you can kind of keep building.

Mike Gregg: Efficiencies.

Mike Gregg: Some efficiencies really scale in the coming years as well.

Speaker Change: Very clear. And my last question, and anecdotally, I'm sure you guys also want to see it. There is generally also a school of thought that is coming that traveling around is becoming expensive in India. For example, in New Year's, traveling to Goa was a bit more expensive than, let's say, going towards Thailand or Bali. Is that something, a risk what you guys are seeing, which could potentially impact some demand? And how do you guys think in that direction?

Mike Gregg: Articulate a very clear and my last question and anecdotally I'm sure you guys are just when they're seeing it. They're generally also a school of thought is coming that travelers are traveling around as it became very expensive in India.

Mohit Kabra: So I guess the 5% kind of a ballpark number should be a good number to kind of, you know, keep in mind, at least for this year. And we'll continue to see if we can kind of keep building efficiencies; some efficiencies will scale in the coming years as well. Mohit, very clear. And my last question, and anecdotally, I'm sure you guys also want to see it.

Rajesh Magow: The next question is from the line of Aditya Suresh of Macquarie.

Aditya Suresh: Aditya, you may please ask your question. Hi, thank you so much. I have a few questions.

Mike Gregg: Example, in EMEA is traveling to go a little bit more expensive than let's say going to watch out of Thailand, or Bali is that something I guess, what you guys are seeing which could potentially impact.

Aditya Suresh: The first one was on the B2B PC.

Aditya Suresh: You spoke a lot about on the B2C side, but on the B2B segment, you seem to have kind of scaled that.

Mike Gregg: There's some demand.

And you know how do you guys think in diabetics.

Rajesh Magow: There is also a school of thought coming that traveling around is becoming expensive in India. For example, in New Year's, traveling to Goa was a bit more expensive than, let's say, going to Thailand or Bali. Is that something of a risk you guys are seeing, which could potentially impact, you know, some demand? And you know, how do you guys think in that direction? You know, I would say, Sachin, I think we should see this scenario more as a healthy competition between the destinations.

Speaker Change: You know, I would say, Sachin, I think we should see this scenario more from a healthy competition between the destinations. Now, whether it is going to be a domestic market destination or an international market or comparable to domestic destinations for that matter in the peak period. I don't think this will have an impact on demand. It would actually in turn mean that, you know, there will be healthy competition between the markets. And, you know, from that point of view, because I don't think that's going to impact the travel demand, because if let's say all three, you know, hypothetically, comparable destinations are pretty expensive, then people will still travel, but they might go to a, you know, their plan B destination. But it may not mean that they would not travel, you know, so I don't see that scenario happening, given at least based on whatever patterns that we've seen. And which therefore would mean is that, you know, every in the ecosystem, people would start to sort of look at specific markets would start to look at all the data and accordingly price their products, rather than, you know, sort of taking one destination as a threat to the other. So I think that is what is likely to happen, rather than, you know, overall. Because it's expensive and therefore I would not really travel.

Aditya Suresh: You now have a partnership with Zoho as well.

Mike Gregg: No I would say is that Tonight, and we should see this scenario more from a healthy competition between the destinations.

Aditya Suresh: Rajesh, would you mind kind of giving us an update on that segment and what that may mean, whether that be growth or the impact on working capital and the likes?

Mike Gregg: Now whether it is going to be a domestic market destination or in international market are comparable to a domestic destination for that matter all.

In the peak period I don't think this will have an impact on demand.

Speaker Change: I'll be really curious to understand that.

Rajesh Magow: Yeah, sure, Aditya.

Mike Gregg: The burden it would actually in turn means that our.

Aditya Suresh: No, I think it's a good question, and I think we gave a couple of data points to give an indication of how our, you know, corporate business is growing. And, you know, just from an outlook standpoint, I do see, you know, there is headroom for growth there.

Mike Gregg: There will be healthy competition between the markets.

Rajesh Magow: Now, whether it is going to be a domestic market destination or an international market or comparable to domestic destination for that matter, in the peak period, I don't think this will have an impact on demand. It would actually in turn mean that, you know, there will be healthy competition between the markets. And, you know, from that point of view, because I don't think that's going to impact the travel demand, because if let's say all three, you know, hypothetically, comparable destinations are pretty expensive, then people will still travel, but they might go to, you know, their plan B destination, but it may not mean that they would not travel, you know, so I don't see that scenario happening, given at least based on whatever patterns that we've seen in emerging, and which therefore would mean is that, you know, every in the ecosystem, people would start to sort of look at specific markets would start to look at all the data and accordingly price their products, rather than, you know, sort of taking one destination as a threat to the other. I think that is what is likely to happen, rather than, you know, overall, because it's expensive, and therefore I would not really travel, very clear Rajesh. Thank you and all the best.

Mike Gregg: And you know from that point of view, because I don't think that's going to impact their travel demand because if let's say all three hypothetically comparable destinations are pretty expensive then people will still travel, but they might go to their.

Aditya Suresh: There is actually good headroom for growth there. And the way our product has been sort of recognized in the market for whatever it's worth, from, you know, just from a voice of customer standpoint, we feel very confident that this is definitely going to add more and more growth avenues for us, both in the small and medium enterprises, as well as in the large enterprises, for both the platforms that we have, whether it is MyBiz or Quest2Travel. Thank you. And the other point I would also make is that what we are trying to do on the product side, just enhance, just continue to keep enhancing the experience significantly, just based on feedback, you know, keep sort of adding more features for our B2B customers, which is a delightful experience for them.

Mike Gregg: Their plan B destination, but it may not mean that they will not travelers.

Mike Gregg: So I don't see that scenario happening and given at least based on whatever items, there that we've seen in emerging and which therefore would mean.

Mike Gregg: Is that you know every in the ecosystem.

Mike Gregg: People would start to sort of look at a specific market would start to look at all the data and accordingly price their products rather than.

Mike Gregg: Sort of taking inbound destination.

Mike Gregg: As a threat to the adult I think that is what is likely to happen.

Rather than you know overall, because it's expensive and it's what I would not read any traveled.

Speaker Change: Very clear, Rajesh. Thank you and all the best. Thank you. Thank you, Sachin.

Speaker Change: Can I just thank you and all the best Thank you.

Speaker Change: Thanks Sachin. The next question is from the line of Aditya Suresh of Macquarie. Aditya, you may please ask your question.

Speaker Change: The next question is from the line of Auditor Serratia from Macquarie.

Auditor Serratia: Please ask your question.

Aditya Suresh: Hi, thank you so much. I have a few questions. The first one was on the B2B PC. You spoke a lot about on the B2C side, but on the B2B segment, you seem to have kind of scaled that. You now have a partnership with Zoho as well. Rajesh, would you mind kind of giving us an update here on that segment and what that may mean for whether that be growth or the impact on working capital and the likes? I'll be really curious to understand that.

Auditor Serratia: Alright, thank you so much.

Auditor Serratia: Two questions. So first one was on the the beta BPC you spoke a lot about on the beach, He said, but oh the B to B segment are you you seem to have kind of scale that you now have a punch so who is the Oh geez would you mind could you give me some detail on that on that segment and what that really mean forward, but it would be growth or cause.

Unnamed Host: Thank you. Thank you. Thanks, Sachin.

Aditya Suresh: The next question is from the line of Aditya Suresh of Macquarie. Aditya, you may please ask your question now. Thank you so much.

Aditya Suresh: And this is that we have our retention rate, which is like... You know, benchmarked with the world's last B2B outfit already. And we continue to keep doing that on two counts. One, adding more products and more use cases so that it becomes a one-stop platform for the corporates. And the second is, you know, like the way we conceptually do personalization on B2C, you know, use that concept to actually deliver a personalized customer experience for the corporate travelers. Which would be very different than B2C because the behavior when you buy your own travel for your personal purpose is very different than what you end up doing it as part of your work trip on any of the corporate booking platforms. And we have great insights into that, and we are focusing on that and just enhancing the customer experience significantly to make it very, very smooth and easier for corporate travelers. So in those two areas, we've been working very hard.

Aditya Suresh: I have a few questions. The first one was about the B2B piece. You spoke a lot about the B2C side, but in the B2B segment, you seem to have kind of scaled that. You now have a partnership with Zoho as well.

Auditor Serratia: The impact from working capital in the lakes.

Speaker Change: Really curious to understand that thank you.

Rajesh Magow: Yeah, sure, Aditya. No, I think it's a good question. And I think we gave a couple of data points to give an indication of how our, you know, corporate business is growing. And, you know, just from an outlook standpoint, I do see, you know, there is headroom for growth there. There is actually good headroom for growth there. And the way the, you know, our product has been sort of recognized in the market for whatever it's worth, from, you know, just from a voice of customer standpoint, we feel very confident that this is, this definitely is going to add more and more sort of growth and growth avenues for us, both in the small and medium enterprises, as well as in the large enterprises for both the platforms that we have, whether it is MyBiz or Quest2Travel. Thank you. And the other point I would also make is that what we are trying to do on the product side, just enhance, just continue to keep enhancing the experience significantly, just based on feedback, you know, keep sort of adding more features for our B2B customers, which is a delightful experience for them. And this is that we have our retention rate, which is like... You know, benchmarked with the world's last B2B outfit already. And we continue to keep doing that on two counts. One, adding more products and more use cases so that it becomes a one-stop platform for the corporate. And the second is, you know, like the way conceptually we do personalization on B2C, you know, use that concept to actually do a personalized customer experience for the corporate travelers. Which would be very different than B2C, because the behavior when you buy your own travel for your personal purpose is very different than what you end up doing it as part of your work trip on any of the corporate booking platform. And we have great insights on that, and we are focusing on that and just enhancing the customer experience significantly to make it very, very smooth and easier for the corporate travelers. So on those two areas, we've been working very hard. And we continue to keep sort of rolling out new features. And, you know, so therefore, looking at the growth that we already have, the acquisition engine that has already been established, and how the wallet share is sort of increasing, and the fact that our product will continue to keep improving to become world-class, I definitely believe there is a lot of headroom for growth for us in the B2B segment.

Speaker Change: Yes, sure that there are no I think it's a good question and I think we gave a couple of data points to give an indication of our corporate business is growing.

Rajesh Magow: Rajesh, would you mind kind of giving us an update here on that segment and what that may mean for, whether that be growth or the impact on working capital and the likes? I'll be really curious to understand that. Yeah, sure, Aditya. No, I think it's a good question.

Speaker Change: And.

Speaker Change: Just from an outlook standpoint, I do see you know there is headroom for growth that there's there's actually good headroom for growth there.

Speaker Change: And the way they are.

Rajesh Magow: And I think we gave a couple of data points to give an indication of how our, you know, corporate business is growing. And, you know, just from an Outlook standpoint, I do see, you know, there is headroom for growth there. There's actually good headroom for growth there.

Speaker Change: Our product has been sort of recognized in the market for whatever toward.

Speaker Change: From a just from a voice of customer standpoint, we feel very confident.

This is a this definitely is going to add more and more sort of.

Growth of AUM growth avenues for us.

Rajesh Magow: And the way our product has been sort of recognized in the market for whatever it's worth, from a voice of customer standpoint, we feel very confident that this is definitely going to add more and more growth avenues for us, both in the small and medium enterprises, as well as in the large enterprises, for both the platforms that we have, whether it is MyBiz or Quest to Travel. And the other point I would also make is that what we are trying to do on the product side, just enhance, just continue to keep enhancing the experience significantly, just based on feedback, you know, keep sort of adding more features for our B2B customers, which is a delightful experience for them. And this is that we have our retention rate, which is, you know, benchmarked with the world's best B2B outfit already. And we continue to keep doing that on two counts.

Both in the small and medium enterprises as well as in the large enterprises. The both the platforms that we have that it is my base or quest to travel.

Speaker Change: And in the other the other point I would also make is that what we're trying to do on the broader two side just enhance discontinued to keep enhancing the experience significantly.

Speaker Change: Based on feedback.

Speaker Change: Keep sort of adding more features for the for a b to be customized which are which is which is a delightful experience for them and they said that we'd have a retention rate which is like.

Aditya Suresh: And we continue to keep sort of rolling out new features. And, you know, therefore, looking at the growth that we already have, the acquisition engine that has already been established, and how the wallet share is sort of increasing, and the fact that our product will continue to keep improving to become world-class, I definitely believe there is a lot of headroom for growth for us in the B2B segment. As you add to your other part, which is, you know, on the working capital and, you know, the overall margins on the B2B side, I mean, you know, the way we've kind of, you know, put these platforms in place, we're kind of significantly leveraging technology, particularly the core B2B platform, which is, you know, the corporate-driven platform, because the other platforms, which are, you know, these ones B2B, and B2C kind of platforms.

Speaker Change: Benchmarked with doors, plus b to B.

Speaker Change: We're already in.

Speaker Change: And we'll continue to keep them keep doing that on two counts one adding more products and more use cases, so that it becomes a one stop platform for the corporate and the second is.

Speaker Change: Unlike the very conceptually redo personalization on B to C.

Their concept to to actually do a personalized customer experience for the corporate travelers, which would be very different than me to see because the behavior. When you buy your own traveled for your personal purposes very different then what you end up doing it as part of your trip on your on the on any of the corporate booking platform.

Mohit Kabra: One, adding more products and more use cases so that it becomes a one-stop platform for the corporate And the second is, you know, like the way conceptually we do personalization on B2C, you know, use that concept to actually do a personalized customer experience for the corporate travelers, which would be very different than B2C because the behavior when you buy your own travel for your personal purposes is very different than what you end up doing as part of your work trip on any of the corporate booking platforms. So, and we have great insights into that. And we are focusing on that and just enhancing the customer experience significantly to make it very, very smooth and easier for corporate travelers.

Speaker Change: So and we have great insights on that and we are focusing on that and just enhancing the customer experience significantly to make it very very smooth and easier for the corporate traveller. So on those two areas. We've been working very hard and we continue to keep a sort of rolling out new features.

And.

Speaker Change: So therefore.

Speaker Change: Looking at the growth that we already have the acquisition engine that has already been established.

Speaker Change: And how the wallet share is sort of increasing.

Mohit Kabra: So, in those two areas, we've been working very hard, and we continue to keep sort of rolling out new features. And, you know, therefore, looking at the growth that we already have, the acquisition engine that has already been established, and how the wallet share is sort of increasing, and the fact that our product will continue to keep improving to become world-class, I definitely believe there is a lot of room for growth for us in the B2B segment. You know, the overall margins on the B2B side, I mean, the way we've kind of put these platforms in place, it's kind of significantly leveraging technology, particularly the core B2B, which is, you know, the corporate-driven platforms, because the other platforms, which are, you know, the ones which are powering the small travel agents or the affiliates, those are more of an extension of, you know, the B2C B2B2C kind of platforms.

Speaker Change: The fact that we are product and we'll continue to keep improving to become world class.

Aditya Suresh: And on these corporate platforms, I think we're kind of seeing that we're kind of gaining very good traction, both with the small and medium enterprises, as well as with the large corporates. So growth is coming in well. From an opportunity sizing point of view, like we have said, at least one fourth, if not one third, of the market would be kind of, you know, largely business-driven or corporate travel demand. And therefore, there is a long or, you know, big headroom to kind of, you know, keep going. Keep making gains in this area, and with the unit economics kind of, you know, addressed to kind of meet B2C like kind of, you know, net margins, growth should come in, you know, kind of a creative way, both at the top line and the bottom line.

Speaker Change: I definitely believe there is definite there is lot of headroom for growth for us in.

Speaker Change: In the <unk> segment.

Speaker Change: As you add to your other part, which is, you know, on the working capital and, you know, the overall margins on the B2B side, I mean, you know, the way we've kind of, you know, put these platforms in place, we're kind of significantly leveraging technology, particularly the core B2B, which is, you know, the corporate driven platforms, because the other platforms, which are, you know, these ones which are powering these small travel agents or say the affiliates, those are more, you know, extension of, you know, the B2C platforms, right? B2B, B2C kind of platforms. And on these corporate platforms, I think we're kind of seeing that we're kind of gaining very good traction, both with the small and medium enterprises, as well as with the large corporates. So growth is coming in good. From an opportunity sizing point of view, like we have said, you know, at least one fourth, if not one third of the market would be kind of, you know, largely business driven or corporate travel demand. And therefore, there is a long or, you know, big headroom to kind of, you know, keep going. Keep making gains in this area. And with the unit economics kind of, you know, addressed to kind of meet B2C like kind of, you know, net margins, growth should come in, you know, kind of a creative, both at the top line and the bottom line. And on the working capital side as well, you know, we don't really kind of deploy working capital on the B2B side, because like I said, these are largely, you know, kind of, you know, pay and kind of transact kind of, you know, you know, setups that we have created. Without having to invest significantly in working capital for getting B2B business.

Speaker Change: Amazing.

Speaker Change: We all know that part because it hardly working out to get there you got better and you know the.

Speaker Change: The overall margins on the B to B side I mean in.

Speaker Change: The baby's kind of.

Speaker Change: Could be platforms in place and kind of significantly leveraging technology, particularly because we do believe it is into the corporate driven platforms because the other platforms, which arguably was Peter following this market revenues in Sofia. The affiliate those are more extension of the BDC platforms right, because we do see kind of a black palms and on.

Speaker Change: These corporate platforms I think we're kind of seeing that the accounting gaining very good traction both with the small and medium enterprises as well as the large corporate so growth is coming in good a prominent opportunity sizing point of view like NUPLAZID at all.

Least one fault if not one part of the market would be kind of you know largely business driven our corporate travel demand and there was a little long.

Mohit Kabra: And on these corporate platforms, I think we're kind of seeing that we're kind of gaining very good traction, both with the small and medium enterprises, as well as with the large corporates. So growth is coming in well. From an opportunity sizing point of view, like we have said, at least one-fourth, if not one-third of the market would be kind of, you know, largely business-driven or corporate travel demand. And therefore, there is a long or, you know, big headroom to kind of, you know, keep making gains in this area. And with the unit economics kind of, you know, addressed to kind of meet B2C, like kind of, you know, net margins, growth should come in kind of accretive, both at the top line and the bottom line.

You know a big headroom to keep making gains in this area.

Speaker Change: And with the unique economics again, let me now address.

Just to kind of meet B to C. Like I end up in a net margins.

Growth should come in you know kind of accretive both at the topline and the bottom line and are now on the working capital side as well you know, we don't really kind of deploy working capital under because each iron because like I said these are largely behind.

Aditya Suresh: And on the working capital side as well, you know, we don't really kind of deploy working capital on the B2B side because, like I said, these are largely, you know, kind of, you know, pay and kind of transact kind of, you know, setups that we have created without having to invest significantly in working capital for getting B2B business. Thanks.

Speaker Change: Signed up and earn our plans that kind of you know setups that we have created with.

Speaker Change: Without having to invest significantly in working capitals for getting better businesses.

Mohit Kabra: And on the working capital side as well, you know, we don't really kind of deploy working capital on the B2B side because, like I said, these are largely, you know, kind of, you know, pay and kind of transact kind of, you know, setups that we have created without having to invest significantly in working capital for getting B2B. Thanks.

Speaker Change: Thanks. The second question I had was more on the outbound opportunity, right? Now, you've spoken a lot about the connections and the new routes and a few use cases. But Rajesh, it'd be great if you can maybe frame that opportunity for us, or even in broad terms, how should we think about the scale of this opportunity, even if it's over the next, say, two, three years, compared to where our domestic business is at? Because I think a lot of our modeling, et cetera, is focused mainly on the inter-domestic piece. And so I'm really curious to see how you're thinking about scale of international outbound.

Speaker Change: Thanks.

Speaker Change: The second question I had was more of the iPhone opportunity, though you spoke a lot about the collections and in Euro and a few use cases.

Speaker Change: But I usually be richest can maybe frame that opportunity for us in broad terms, how should we think about the scale of this opportunity even if it's over the next say two to three years compared to where it ought domestic business that cause I think a.

Aditya Suresh: The second question I had was more about the outbound opportunity, right? Now, you've spoken a lot about the connections and the new routes and a few use cases.

Aditya Suresh: But Rajesh, it'd be great if you could maybe frame that opportunity for us, or even in broad terms, how should we think about the scale of this opportunity, even if it's over the next, say, two, three years, compared to where our domestic business is today?

Aditya Suresh: The second question I had was more about the art-bond opportunity, right? Now, you've spoken a lot about the connections and the new routes and a few use cases, but Rajesh, it would be great if you could maybe frame that opportunity for us, or even in broad terms, how should we think about the scale of this opportunity, even if it's over the next, say, two to three years, compared to where our domestic business is today? Because I think a lot of our modeling, et cetera, is focused mainly on the entire domestic piece, and so I'm really curious to see how you're thinking about the scale of international art bonding. Yeah, you know, as I was alluding to earlier, if you look at it from a little mid-term to long-term perspective, the outlook is actually quite positive for outbound.

Speaker Change: A lot of our modeling et cetera is focused mainly on the India domestic piece and so I'm really curious to see how.

Speaker Change: How are you thinking about scale of essentially icon.

Rajesh Magow: Yeah, Rite, you know, as I was alluding to earlier, it is, if you look at it from a little midterm to long-term perspective, the outlook is actually quite positive for outbound. And the fundamental sort of underneath point for that is, you know, all what you have to look at it is the, you know, the airlines, all the airlines orders that have been placed, you know, bringing a new fleet into the market. You know, the next, say, next three or five years or more, and then there's some record orders have been placed already, as you know, significant chunk of that is also going to get deployed in the, you know, to open up some of the foreign destinations for them or to grow the foreign destinations for them. So I think that is one data point, which is important. And if you, you know, from a demand standpoint, as I was making the point earlier, on an overall demand standpoint. I definitely see, you know, from, let's say, a middle class to the upper middle class, to H&Is, you know, the way sort of per capita income or the disposable income growing in the country, that's definitely going to be the other driving force for, you know, sort of demand to go up for the outbound destinations. And, you know, and there are, by the way, some third party reports, and maybe, you know, we can take this offline. And you can look at some of those specific reports on outbound, specifically from CAPA, for example, I don't know if you've seen it or not. And that independent research has also, you know, captured many data points to make this point. And, you know, and they have tried to sort of size the overall opportunity in the next three to five years as well. In fact, headlined it as a, you know, outbound could be the new domestic for the next three to five years as well. And they're quite neutral and credible. Sort of research report. And maybe you should look at that and, you know, maybe form your own view on top of that. But in terms of just the drivers for this, these would be the two drivers. And, you know, we'll be happy to share the report if you want offline.

Aditya Suresh: Because I think a lot of our modeling, et cetera, is focused mainly on the inter-continental piece.

Speaker Change: Yes.

You know as I was alluding to earlier.

Aditya Suresh: And so I'm really curious to see how you're thinking about the scale of international outbound. Yeah, Rite, you know, as I was alluding to earlier, it is, if you look at it from a little mid-term to long-term perspective, the outlook is actually quite positive for outbound. And the fundamental sort of underneath point for that is, you know, all you have to look at is all the airlines, all the airline orders that have been placed, you know, bringing a new fleet into the market. You know, the next, say, next three or five years or more, and then there are some record orders already, as you know. A significant chunk of that is also going to get deployed to open up some of the foreign destinations for them or to grow the foreign destinations for them.

Speaker Change: If you look at it from a little midterm to long term perspective, the outlook is actually quite positive for outbound and the fundamental sort of underneath point for that is all what you have to look at it is.

Speaker Change: We.

Speaker Change: All lines all the airlines orders that had been placed.

Speaker Change: Bringing a new fleet can do Inc.

Speaker Change: To enter there.

Into the market.

Speaker Change: The next phase next three or five five years or more and then there's some record orders had been placed already as you know significant chunk of that is also going to get deployed in the you know to open up somewhat of our investigations for them are to grow the volume destination for them. So I think that is one data point, which.

Aditya Suresh: And the fundamental sort of underneath point for that is, you know, all what you have to look at it is the, you know, the airlines, all the airlines orders that have been placed, you know, bringing a new fleet into into the market, you know, the next, say, next three or five years or more, and then some record orders have been placed already, as you know, significant chunk of that is also going to get deployed in the, you know, to open up some of the foreign destinations for them or to grow the foreign destinations for them. So I think that is one data point which is important. And if you, you know, from a demand standpoint, as I was making the point earlier, on an overall demand standpoint, I definitely see, you know, from, let's say, a middle class to the upper middle class, to HNIs, you know, the way sort of per capita income or the disposable income growing in the country, that's definitely going to be the other driving force for, you know, sort of demand to go out for the outbound destinations.

Speaker Change: And Barton.

Speaker Change: And if you get them from a demand standpoint, as it was making the point earlier on an overall demand standpoint, I definitely see.

Speaker Change: So I think that is one data point which is important. And if you, you know, from a demand standpoint, as I was making the point earlier, from an overall demand standpoint. I definitely see, you know, from, let's say, the middle class to the upper middle class, to H&Is, the way sort of per capita income or disposable income is growing in the country, that's definitely going to be the other driving force for, you know, sort of demand to go up for the outbound destinations. And, you know, and there are, by the way, some third-party reports, and maybe, you know, we can And you can look at some of those specific reports on outbound, specifically from CAPA, for example; I don't know if you've seen it or not. And that independent research has also, you know, captured many data points to make this point. And, you know, they have tried to sort of size the overall opportunity in the next three to five years as well.

Speaker Change: From a let's say a middle class to the upper Middle class.

Speaker Change: Two <unk>.

Speaker Change:

And the way sort of.

Speaker Change: But that <unk> come out of their disposable income growing.

Speaker Change: In the country, that's definitely going to be any other driving force for our dinner sort of demand to go up for the outbound destinations.

Speaker Change: And there are by the way some third party reports and maybe we.

Speaker Change: We can take this offline and you can look at some of those specific reports on outbound specifically from copper for example, I don't know if you've seen it or not.

Speaker Change: That independent researchers also.

Speaker Change: <unk> captured many data points to make this point.

Aditya Suresh: And, you know, and there are, by the way, some third-party reports, and maybe, you know, we can take this offline, and you can look at some of those specific reports on outbound, specifically from CAPA, for example; I don't know if you've seen it or not, and that independent researchers also captured many data points to make this point. And, you know, they have tried to sort of size the overall opportunity in the next three to five years as well. In fact, I headlined it as, you know, outbound could be the new domestic for the next three to five years as well. And It is a quite neutral and credible sort of research report, and maybe you should look at that. And, you know, maybe form your own view on top of that. But in terms of just the drivers for this, these would be the two drivers.

And they have tried to sort of size the overall opportunity in the next three to five years as well.

Speaker Change: In fact headlined it as you know our bond could be the new domestic for the next three to five years as well.

Speaker Change: The quake neutral incredible sort of research report and maybe you should look at that.

Speaker Change: In fact, they headlined it as if outbound could be the new domestic for the next three to five years as well. And they're quite neutral and credible. It's a sort of research report. And maybe you should look at that and, you know, maybe form your own view on top of that. But in terms of just the drivers for this, these would be the two drivers. And, you know, we'll be happy to share the report if you want it offline.

Speaker Change: And you know maybe form your own view on on top of that but both in terms of just the drivers for this these would be the two drivers.

Speaker Change: And I will be happy to share that report if you want.

Speaker Change: Offline.

Speaker Change: Thank you so much Rajesh for that. And I guess the final piece for me was, again, so finally the platform has kind of reached a scale. You've seen the kind of profitability kind of come through with the cost discipline. Industry structure is kind of a bit more favorable compared to previously discussing spend risings. All those kind of demographic dynamics are playing out here. Plus there's cost discipline. Rajesh, a specific question for you is about, and also the fact that you're kind of cashed up, the platform is generating free cash flow. So I guess a specific question to you is, what worries you? I mean, so like, what are some of the things which you're guarding against as you kind of plan for the business in the next six, 12 months?

Speaker Change: Thank you so much.

Speaker Change: And I guess the final piece would go he was.

Speaker Change: It gives us a finally a platform is going to reach a scale you seem to be kind of closer to kind of come through with the cost discipline industry, such as kind of a bit more favorable compared to previously discussion you've spent because all of those kind of demographic dynamics playing out here plus there's close to tripling for each specific question. A few is about and also the fact, you're you're you're kind of.

Speaker Change: Thank you so much Rajesh for that.

Speaker Change: And I guess the final piece for me was, again, so finally, the platform has kind of reached scale. You've seen the kind of profitability kind of come through with the cost discipline. Industry structure is kind of a bit more favorable compared to previously discussed spend rising. All those kinds of demographic dynamics are playing out here. Plus, there's cost discipline. Rajesh, a specific question for you is about, and also the fact that you're kind of cashed up; the platform is generating free cash flow. So I guess a specific question for you is, what worries you? I mean, what are some of the things that you're guarding against as you kind of plan for the business in the next six, 12 months?

Rajesh Magow: And, you know, we'll be happy to share the report if you want it offline. Thank you so much, Rajesh, for that. And I guess that the final piece for me was, again, so finally, the platform has kind of reached a scale, you've seen the kind of prosperity kind of come through with the cost discipline, industry structure is kind of a bit more favorable compared to previous discussions, all those kinds of demographic dynamics are playing out here, plus this cost discipline. Rajesh, a specific question for you is about, and also the fact that you've kind of ca I guess the specific question to you is, what worries do you mean?

Speaker Change: Cashed up.

Speaker Change: Platforms generated free cash flow.

Speaker Change: Specific question to you is what why do you see I mean, it's like like what are some of the things that show that.

Guarding against as you got a plan for the business in the next 612 months.

Speaker Change: Interesting question Alastair.

Speaker Change: What is in this business as we've seen in the past is more macro than the micro.

Speaker Change:

Speaker Change: So we would always are sort of ish like sometime back the new variant of covered them all.

Rajesh Magow: So like, what are some of the things that you're guarding against as you kind of plan for business in the next 6-12 months? Interesting question, Aditya. Yeah, I guess the worries in this business, as we've seen in the past, are more macro than the micro, you know, and so we would always sort of wish, like, sometime back, the new variant of COVID, you know, the Mormons had started, and that definitely causes concern as we know what happened during COVID, etc. And so, you know, the fundamental structure overall, as you rightly mentioned, articulated, seems to be Both on the demand side and the supply side, everyone is in investment mode, infrastructure is improving, all of that is great. You don't really want any disruptive macro event happening, which neither you nor I can, or anyone for that matter, can control.

Speaker Change: Thanks Rajesh, all the best.

Most of that started in <unk> and definitely causes concern as we know it had been during COVID-19 et cetera.

Rajesh Magow: Thank you.

Speaker Change: Thanks, Aditya. The next question is from the line of Manish Adukia of Goldman Sachs.

Speaker Change: And and so you know funding.

Speaker Change: Fundamentally structured overall as you rightly mentioned articulated.

Speaker Change: It seems to be well.

Speaker Change: Well in place now poised for a new level of growth etcetera quote on the demand side supply side, everyone is in a nice menorah infrastructure improving all of that is is great. You don't really go into any disruptive macro event happening a vitamin D to bjorn on icon on anyone for that matter can control.

Manish Adukia: Manish, you may please ask your question now.

Manish Adukia: Yes, thanks, Apul.

Manish Adukia: Hi, good evening.

Manish Adukia: Thank you so much for taking my question. I'm just picking up the conversation from where Aditya left. When you think about the last few years, the single biggest driver of your profitability has been the fact that marketing promotion spends have come down quite dramatically. And even from an outsider's perspective, it seems like the market is fairly competitive with a number of players. Your numbers suggest that competition is relatively low, and it is lower versus what it used to be pre-pandemic. One, in your view, why is competition low? And a related question, what may need to change or what could potentially change? For competitive intensity to go up again, let's say, in the next one or two years.

Speaker Change: But if there is one disruption that.

Speaker Change: We've seen over the last let's say over two decades that we've been in the business.

Speaker Change: It is the macro events there.

That sort of causes of concern over in and are in the whole industry is mind. If you will then you know your own sort of you know micro issues or items. So operationally in within the within the organization. If you know much better.

Rajesh Magow: But if there is one disruption that we've seen over the last, let's say, over two decades that we've been in the business, it is the macro events that sort of cause a concern or worry in the whole industry's mind, if you will, then, you know, your own sort of micro issues or items. So, operationally, within the organization, we feel much better, confident, and well poised. And, you know, not to say that, you know, the eyes have to be taken off the execution standpoint relentlessly because this business is also about, a lot of it is also about consistent and relentless execution as well. But we feel better and confident, you know, and given the track record, we'll be at it. But if there is one thing that would, you know, I have to call out as a potential concern or worry area, it would only be any of the micro events.

Speaker Change: <unk> well poised.

Speaker Change: And again I'm not to say that to get onto the ice have to be taken off from an execution standpoint relentlessly.

Speaker Change: Because this business is also about lot of Florida, which is also about consistent and relentless at.

Speaker Change: Execution as well.

Speaker Change: But that we feel.

Speaker Change: Better and confident.

Speaker Change: And given the track record.

Speaker Change: We'll be at it.

Speaker Change: But if there is one thing that put you.

Speaker Change: I have to call out as a potential concern.

Speaker Change: Or what he area would only be any of the micro event. So if we have a smooth run on that.

Speaker Change: Your thoughts?

Speaker Change: I think the industry is definitely poised for better times in the coming years.

Speaker Change: Right, Manish?

Speaker Change: Again, a very interesting question.

Speaker Change: Thanks Rajesh, all the best.

Speaker Change: Thanks for all the best.

Rajesh Magow: Thank you.

Speaker Change: Thanks Aditya. The next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now.

Speaker Change: I saw it in the next question is from the line of from initial who killed Goldman Sachs money shouldn't be landscape as you know.

Speaker Change: You know, the way I would address this, Manish, is not specific to, let's say, Mi'kmaq travel or within travel. I think this is a very welcome change in the ecosystem overall. You know, the competition is still there, as you rightly pointed out. Now, that competition will never stop. And, you know, a healthy competition is always welcome. What has changed is that within that competition, it is not necessarily super disruptive or, you know, just super aggressive for the sake of being aggressive. And now, within competition, everybody is also sort of focused on, you know, profitability at the end of the day. In the entire internet ecosystem, to my mind, it's a very, very welcome change for the entire internet industry. You know, forget about the travel tech industry for that matter.

Manish Adukia: Yes, thanks, Apul. Hi, good evening. Thank you so much for taking my question. Just picking up the conversation from where Aditya left. When you think about the last few years, the single biggest driver of your profitability has been the fact that marketing promotion spends have come down quite dramatically. And even from an outsider's perspective, it seems like the market is fairly competitive with a number of players. Your numbers suggest that competition is relatively low. It is lower versus what it used to be pre-pandemic. One, in your view, why is competition low?

Speaker Change: Yes. Thanks.

Manish Adukia: So, if we have a smooth run on that, I think the industry is definitely poised for better times in the coming years. Thanks Rajesh, all the best. Thank you. Thanks Aditya. The next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now.

Speaker Change: Hi, good evening. Thank you so much my question.

Speaker Change: On the competition from a man and it can last.

Do you think on the last few years.

Speaker Change: The biggest driver of your profitability has been.

Speaker Change: Marketing promotions and have come down quite dramatically and even some of our tenants, but it seems like the market is fairly complicated it's a number of players.

Unnamed Host: Thank you so much for taking my question. Just picking up the conversation from where Aditya left, when we think about the last few years, the single biggest driver of your profitability has been the fact that marketing promotion spends have come down quite dramatically. And even from an outsider's perspective, while it seems like the market is fairly competitive with a number of players, your numbers suggest that competition is relatively low, and it is lower versus what it used to be pre-pandemic.

Speaker Change: Our numbers suggest that competition is a relatively low wage low end versus what it used to be pre pandemic.

Speaker Change: One in your view why is competition law.

Manish Adukia: And a related question, what may need to change or what could potentially change?

Speaker Change: And a really good question.

Speaker Change: To me you need to change on what could potentially change but.

Manish Adukia: for competitive intensity to go up again, let's say, in the next one or two years. Your thoughts?

Speaker Change: But again I'm going to need to go up again in the next one or two years.

Speaker Change: Right, Manish. Again, a very interesting question. You know, the way I would address this, Manish, is not specific to, let's say, Mi'kmaq trip or within travel. I think this is a very welcome change in the ecosystem overall. You know, the competition is still there, as you rightly pointed out. Now, that competition will never stop. And, you know, a healthy competition is always welcome. What has changed is that within that competition, it is not necessarily super disruptive or, you know, just super aggressive for the sake of being aggressive. And now within competition, everybody is sort of also focused on, you know, profitability at the end of the day. In the entire internet ecosystem, to my mind, it's a very, very welcome change for the entire internet industry. You know, forget about, you know, travel tech industry for that matter. And that is what has happened. And, you know, and the other aspect of this also, I believe is, which is, again, a fundamental ecosystem level change, is also the, just the availability of capital. And from the investor side, I think everybody is sort of more cognizant of investing behind the right assets and the right areas. And that's the sort of guidance rather than just playing, you know, super aggressively with the, you know, sort of aggressive amount of capital push and trying to sort of win the market. And I think it's also to do with the learnings from the past. It's also to do with the, how the market works. The market has evolved and people have also become a lot more knowledgeable of what works in the market and what doesn't really work in the market and what's sustainable, what is not sustainable in the market. So part of it, I will attribute it to the evolution of the market. I think it has reached that stage where, because it's been going on now for, you know, I think internet industry in India is over, you know, two decades, definitely, or, you know, old, if not a little bit more. And that is a good enough time. And for anyone to then the amount of capital that has got invested in this market is also huge.

Speaker Change: Okay.

Speaker Change: Brian Monish again, a very interesting question and you know the way I would address this one issue not specific to let's say make much report within travel.

Rajesh Magow: One, in your view, why is competition low? and a related question, what may need to change or what could potentially change for competitive intensity to go up again, let's say in the next one or two years, your thoughts. Right, Manish. Again, a very interesting question. You know, the way I would address this, Manish, is not specific to, let's say, a Mi'kmaq trip or within travel.

Manish Adukia: I think this is a very welcome to union the ecosystem overall.

Manish Adukia: The competition is still there as you rightly pointed out it's not their competition will never stop and you know and the competition is always welcome.

On.

What has changed is it within their competition it is not necessarily Super disruptive board.

Speaker Change: And that is what has happened. And, you know, and the other aspect of this also, which is, again, a fundamental ecosystem level change, is also just the availability of capital. And from the investor side, I think everybody is sort of more cognizant of investing behind the right assets and the right areas. And that's the sort of guidance rather than just playing, you know, super aggressively with the, you know, sort of aggressive amount of capital push and trying to sort of win the market. And I think it's also to do with learnings from the past. It's also to do with how the market works. The market has evolved, and people have also become a lot more knowledgeable about what works in the market and what doesn't really work in the market and what's sustainable and what is not sustainable in the market.

Rajesh Magow: I think this is a very welcome change in the ecosystem overall. You know, the competition is still there, as you rightly pointed out. It's not that competition will never stop. And, you know, healthy competition is always welcome.

I'm just super aggressive for the sake of being aggressive and now they didnt competition, everybody is sort of also focused on profitability.

Manish Adukia: Profitability at the end of their daily diet.

Manish Adukia: Internet ecosystem to my mind, it's a very very welcome change for the entire internet industry.

Rajesh Magow: What has changed is that within that competition, it is not necessarily super disruptive or, you know, just super aggressive for the sake of being aggressive. And now, within competition, everybody is also focused on, you know, profitability at the end of the day in the entire Internet ecosystem. To my mind, it's a very, very welcome change for the entire Internet industry. Forget about, you know, the travel tech industry for that matter. And that is what has happened.

Manish Adukia: You know forget about travel taken newspaper or for that matter.

Manish Adukia: And that is what has happened and and you know and the other aspect of this one so I believe it is.

Manish Adukia: Which is again a fundamental ecosystem level change. It is also the the just the availability of capital.

Manish Adukia: And from the Investor side, I think everybody is sort of more cognizant of investing behind the right assets in the right areas and that's the sort of guidance rather than just plain.

Rajesh Magow: And, you know, and the other aspect of this also, I believe, which is, again, a fundamental ecosystem level change, is also just the availability of capital. And from the investor side, I think everybody is sort of more cognizant of investing behind the right assets.

Manish Adukia: You know super aggressively.

Manish Adukia: The sort of aggressive amount of capital push and trying to sort of in the market and I think it's also to do with the learnings from the POS has also to do with the how the market is award in people, who have also become a lot more knowledgeable of what works in the market and what doesn't.

Rajesh Magow: And that's the sort of guidance rather than just playing, you know, super aggressively with the, you know, sort of aggressive amount of capital push and trying to sort of win the market. And I think it has also to do with learnings from the past. It's also to do with how the market has evolved, and people have also become a lot more knowledgeable about what works in the market and what doesn't really work in the market, and what's sustainable. What is not sustainable in the market?

Manish Adukia: Really won't get in the market and more sustainable water in our system within the market. So part of it I will attribute it to the evolution of the market.

Speaker Change: So part of it, I will attribute it to the evolution of the market. I think it has reached that stage where, because it's been going on now for, you know, I think the internet industry in India is over, you know, two decades, definitely, or, you know, old, if not a little bit more. And that is a good enough time. And for anyone, then the amount of capital that has got invested in this market is also huge.

Manish Adukia: It has reached a stage where because it's been going on now for 19, turning into screening gears of war.

Manish Adukia: You know two decades definitely or or if not little bit more and that is a good enough time for anyone to limit the amount of capital that has got invested.

Rajesh Magow: So part of it, I will attribute it to the evolution of the market. I think it has reached that stage where, because it's been going on now for, you know, I think the Internet industry in India is over, you know, two decades definitely, you know, old, if not a little bit more. And that is a good enough time for anyone to then invest in this market. And I think, you know. In this response is the answer to your second question as well, that what would change, you know, for it to go back to the game sort of the same high-intensity competition, etc. I actually think, given the fact that this is far more, you know, and part of it could be wishful thinking as well, but bear with me for that.

Manish Adukia: In this market is also huge.

Manish Adukia: And I think you know.

Manish Adukia: In this response is down so to your second question as well that what what would change.

Manish Adukia: In order for it to go back to again sort of same I.

Speaker Change: So, and I think, you know, in this response is the answer to your second question as well, that what would change, you know, for it to go back to a game sort of same high intensity competition, etc. I actually think, given the fact that this is far more, you know, and part of it could be wishful thinking as well, but bear with me for that. But I do think, given the fact that the market overall is relatively evolved and matured, and the entire ecosystem has a tremendous amount of learning at every stakeholder level, for it to go back to the same, you know, super aggression in the market for the sake of being aggressive, I'm not sure, I mean, the likelihood of that, you know, who knows for future, but likelihood of that might be, relatively speaking, much less than, you know, what I would have said maybe 10 years ago.

High intensity of competition et cetera.

Speaker Change: I actually think, given the fact that this is far more, you know, and part of it could be wishful thinking as well, but bear with me for that. But I do think, given the fact that the market overall is relatively evolved and matured, and the entire ecosystem has a tremendous amount of learning at every stakeholder level, for it to go back to the same, you know, super aggression in the market for the sake of being aggressive, I'm not sure, I mean, the likelihood of that, you know, who knows for future, but likelihood of that might be, relatively speaking, much less than, you know, what I would have said maybe 10 years ago.

Manish Adukia:

Manish Adukia: I actually think given the fact that this is far more.

Manish Adukia: And part of it could be wishful thinking as well.

But bear with me for that but I do think given the fact that the market overall is relatively new.

Manish Adukia: Boyd and matured and the entire ecosystem and a tremendous amount of learning at every stakeholder level.

Manish Adukia: For it to go back to the same Hum Super regression in the market for the sake of being interaction being aggressive I'm not sure I mean, the likelihood of that.

Rajesh Magow: But I do think, given the fact that the market overall is relatively devolved and matured, and the entire ecosystem has a tremendous amount of learning at every stakeholder level, for it to go back to the same, you know, super aggression in the market for the sake of being aggressive, I'm not sure. I mean, the likelihood of that, who knows for the future, but the likelihood of that might be, relatively speaking, much less than, you know Thank you, Rajesh. That makes a lot of sense.

Manish Adukia: Who knows for future, but likelihood of that might be relatively speaking much less than that.

Manish Adukia: You know what I would have said, maybe 10 years ago.

Speaker Change: Thank you, Rajesh. That makes a lot of sense. My second question, how should we think about the operating leverage in the business? I mean, you're growing top line at north of 20% right now. And let's assume that your marketing promotion intensity has stayed in the same ballpark. Some of the other expenses, employee costs, outsourcing, etc. How should we think about what, let's say, the right growth number for that could be in the next, let's say, two or three years, Rajesh or Mohit, your thoughts?

Manish Adukia: Thank you and our niche snack mix and other things that my second question how.

Manish Adukia: How should we think about.

Manish Adukia: The operating leverage in the business I mean, yeah, Glenn outlined at north of 20%.

Speaker Change: Thank you, Rajesh.

Speaker Change: That makes a lot of sense. My second question is, how should we think about the operating leverage in the business? I mean, you're growing the top line at north of 20% right now.

Manish Adukia: Right now and they can walk into a machine.

Manish Adukia: In one spot.

Manish Adukia: Some of the other expenses employee cost outsourcing and how should we think about what let's say the right growth number for that Couldnt be next may take two or three years.

Speaker Change: And let's assume that your marketing promotion intensity has stayed in the same ballpark. Some of the other expenses, employee costs, outsourcing, etc. How should we think about what, let's say, the right growth number for that could be in the next, let's say, two or three years? Rajesh or Mohit, your thoughts?

Mohit Kabra: My second question is, how should we think about the operating leverage in the business? I mean, you're growing the top line at north of 20% right now, and let's assume that your marketing promotion intensity stays in the same ballpark. Some of the other expenses, employee costs, outsourcing, etc.

Speaker Change: I'm with you.

Mohit Kabra: Yeah, sure. I mean,

Speaker Change: Gotcha.

Speaker Change: Okay.

Mohit Kabra: Kind of, you know, the way we're looking at operating leverage being continuously driven is that, you know, we have seen good amount of, you know, improvement at the net level coming in over the last few years. And we want to kind of maintain that momentum. But we also want to kind of, you know, make sure that we are, you know, kind of more and more squint towards growth and kind of, you know, not necessarily kind of trying to optimize only on driving profitability improvement. So I think the medium term kind of the next two, three years kind of, you know, approach would be to try and see if we can take this close to 15% on adjusted margin or say 1.5% of, you know, gross bookings, you know, net adjusted operating margins that we have, more closer to say about 1.8 to 2% of gross bookings. I think that would be a very healthy kind of, you know, adjusted operating profit margin level to kind of maintain. And that would be the endeavor to kind of, you know, see, you know, coming in as an improvement over the next two to three years.

Thanks Brandon.

Speaker Change: The way, we're looking at operating leverage being continuously driven is that we have seen good amount of improvement in the net level coming in over the last few years.

Mohit Kabra: Yeah, sure. I mean, the way we're looking at operating leverage being continuously driven is that, you know, we have seen a good amount of improvement at the net level coming in over the last few years, and we want to kind of maintain that momentum.

Mohit Kabra: How should we think about what, let's say, the right growth number for that could be in the next, let's say, two or three years, Rajesh or Mohit, your thoughts? Yeah, sure. I mean, the way we're looking at operating leverage being continuously driven is that, you know, we've seen a good amount of improvement at the net level coming in over the last few years. And we want to kind of maintain that momentum, but we also want to kind of, you know, make sure that we are, you know, kind of more and more squeezing towards growth and not necessarily kind of trying to optimize only for driving profitability improvements. I think the medium-term kind of the next two, three years kind of an approach would be to try and see if we can take this close to 15% on adjusted margin or say 1.5% of gross bookings in an adjusted operating margin that we have, more closer to say about 1.8 to 2% of gross bookings. I think that would be a very healthy kind of adjusted operating profit margin level to kind of maintain. And that would be the endeavor to kind of see improvement Thank you, very helpful. Last question on the use of cash.

Speaker Change: Wanted to kind of maintain this momentum.

Speaker Change: But we also wanted to note I'm going to make sure that we are you know.

Speaker Change: More and more screen towards growth.

Speaker Change: And kind of it and not necessarily kind of playing to optimize only on driving profitability improvement I think be the medium term kind of the next two to three years kind of a.

Mohit Kabra: But we also want to kind of, you know, make sure that we are, you know, kind of more and more squinting towards growth and kind of, you know, not necessarily kind of trying to optimize only for driving profitability improvement. So I think the medium-term kind of the next two, three years kind of approach would be to try and see if we can take this close to 15% on adjusted margin or say 1.5% of, you know, gross bookings, or net adjusted operating margins that we have, more closer to say about 1.8 to 2% of gross bookings. I think that would be a very healthy kind of, you know, adjusted operating profit margin level to kind of maintain.

Speaker Change: Our approach would be to try and see if we can take this close to 15% on administered Martino seven 5% of gross bookings.

Speaker Change: Adjusted operating margins that we have more closer to see about 1.82% of gross bookings I think that would be a very healthy right now.

Speaker Change: Industrial operating profit margin level to kind of maintain a.

Speaker Change: And that would be in their world and I can see.

Speaker Change: They're coming in as an improvement over the next two to three years.

Speaker Change: Thank you. Last question on use of cash. So the buyback amount that you've carved out, 136 million, well understood and thank you again for flagging that. But when you think about the business, I mean, this quarter alone, 37 million of cash has been diagonalized close to 150 million and that number is only growing.

Speaker Change: Thank you had one last question on use of cash so the.

Speaker Change: And that would be the endeavor to kind of, you know, see, you know, coming in as an improvement over the next two to three years. Thank you. Last question on the use of cash. So the buyback amount that you've carved out, 136 million, is well understood, and thank you again for flagging that.

Speaker Change: <unk> amount did you conduct underneath million willingness for now. Thank you again for a second but when you think about the business I mean this quarter alone.

Speaker Change: 1 million of cash Mcdaniel licenses to 1 million Mcnamara only could mean, so and then you'll have the 10 million plus of cash in the books. So like when you think about any.

Speaker Change: and then you have 600 million plus of cash in the book so like when you think about a steady return to shareholders I mean could buybacks become like an annual affair in the business because from what I recall last you mentioned that there are not too many meaningful M&A opportunities out there so how do you think about this growing cash balance and you know uses of cash as you go along next?

Speaker Change: But when you think about the business, I mean, this quarter alone, 37 million of cash has been diagonalized close to 150 million and that number is only growing, and then you have 600 million plus of cash in the book so like when you think about a steady return to shareholders I mean could buybacks become like an annual affair in the business because from what I recall last you mentioned that there are not too many meaningful M&A opportunities out there so how do you think about this growing cash balance and you know uses of cash as you go along next?

Speaker Change: And again, the channel that I mean could buybacks become like an annual affair in the business because from what I recall loss you mentioned that there are not too many meaningfully M&A ample I can eat out debt. So how do you think about this growing cash balance and uses of cash as you go along next week. Thank.

Speaker Change: Thank you. Sure, Manish. And, you know, clearly, you know, the first priority would be to kind of keep looking for inorganic as well as organic investment opportunities, you know, in the business. But beyond that, and clearly, like you called out, you know, we have now close to about $600 million in terms of cash and cash equivalents. And that is a large balance to have. And therefore, we have been calling out that we do believe that we kind of feel actively look at buybacks as an option to kind of, you know, exercise in the years to come. Like we have also kind of intimated this quarter, we have kind of put in the intimation on the 2028 note holders because there's a put option that is kind of coming up in the next month. And as we had called out in the previous earnings as well, that we would want to kind of, you know, see through this put option date. And by then, we would also be kind of, you know, close to the end of this fiscal year. And therefore, from next fiscal year onward, we would want to kind of possibly dip in into the buyback plan or the share repurchase plan in the right earnest. The quantum in size, again, would kind of, you know, depend upon the market. And the cash. And the timing around it. But yes, this is one potential, you know, avenue of deployment of the cash.

Speaker Change: Thank you, Germany immuno dearly.

Speaker Change: The first priority would be to kind of keep looking for inorganic as well as organic investment opportunities in the business, but beyond that and clearly like like you called out you know Vietnam close to articulate a million dollars in terms of cash and cash equivalents and there is a large balance to have and therefore, we have been calling out that we do.

Speaker Change: Thank you.

Speaker Change: Sure, Manish. And, you know, clearly, the first priority would be to keep looking for inorganic as well as organic investment opportunities in the business. But beyond that, and clearly, like you called out, we have now close to about $600 million in terms of cash and cash equivalents. And that is a large balance to have. And therefore, we have been calling out that we do believe that we kind of actively look at buybacks as an option to kind of, you know, exercise in the years to come. Like we have also kind of intimated this quarter, we have kind of put in the intimation on the 2028 note holders because there's a put option that is kind of coming up in the next month.

Mohit Kabra: So the buyback amount that you've carved out 136 million is well understood, and thank you again for flagging that. But when you think about the business, I mean, this quarter alone, 37 million of cash bid annually is close to 150 million. And that number is only growing.

Speaker Change: We believe there are we kind of feel actively nucor's buybacks as an option to kind of exercise and the India to come.

Speaker Change: We are also kind of as Dimitris. This this quarter.

Mohit Kabra: So and then you have 600 million plus of cash in the book. So when you think about a steady return to shareholders, I mean, could buybacks become like an annual affair in the business? Because from what I recall, you last mentioned that there are not too many meaningful M&A opportunities out there.

Speaker Change: We have kind of put in the information on the on the 2020 Eaton noteholders, because there's a put option that is kind of coming up in the in the next month and SBS called R&D in the previous ownership.

Speaker Change: Then we would want to kind of see through this.

Speaker Change: Production date and by then we would also be kind of an up close to the end of this fiscal year and therefore from next fiscal year onwards, we would wanted to kind of possibly dipping into the into the buyback plan or the share repurchase plan is right on that.

Speaker Change: And as we had called out in the previous earnings as well, that we would want to kind of, you know, see through this put option date. And by then, we would also be kind of, you know, close to the end of this fiscal year. And therefore, from next fiscal year onward, we would want to kind of possibly dip into the buyback plan or the share repurchase plan in earnest. The quantum in size, again, would kind of, you know, depend upon the market. And the cash. And the timing around it. But yes, this is one potential avenue of deployment of the cash.

Mohit Kabra: So how do you think about this growing cash balance and, you know, uses of cash as you go along next? Thank you. Sure, Manish.

Mohit Kabra: And, you know, clearly, the first priority would be to kind of keep looking for inorganic as well as organic investment opportunities in the business. But beyond that, and clearly, like you called out, we now have close to $600 million in terms of cash and cash equivalents, and that is a large balance to have. And therefore, we have been calling out that we do believe that we kind of actively look at buybacks as an option to kind of, you know, exercise in the years to come. Like we have also kind of intimated this quarter, we have kind of put in the intimation on the 2028 note holders because there's a put option that is kind of coming up in the next month.

In size again, we're kind of going to depend upon the.

Speaker Change: It depends upon the market B and.

Speaker Change: And the timing around it.

Speaker Change: But yes. This is one potential.

Speaker Change: You know everything of deployment of the cash.

Speaker Change: Thanks so much for taking my questions all the way.

Speaker Change: Thanks, So much for taking my question on the net.

Speaker Change: Thank you. Thank you. Thanks, Manish. We are almost out of time, and we will take one last question for now from the line of Gaurav Rateria of Morgan Stanley. Gaurav, may I please ask you a question now?

Thank you Paul explanation.

We're almost out of time and we will take one last question follow up from the line up and go to the theory of Morgan Stanley. Please ask your question now.

Speaker Change: Thanks so much for taking my questions all the way.

Speaker Change: Thank you.

Speaker Change: Thanks, Manish. We are almost out of time, and we will take one last question for now from the line of Gaurav Rateria of Morgan Stanley.

Gaurav Rateria: Hi, I'm audible. Yes, yes, please go ahead.

Hi argument, yes.

Morgan Stanley: Yes. He is still go ahead.

Gaurav Rateria: So thanks for taking my question. The first question actually is on the, if you could elaborate on the short-term impact on air business that you talked about in the near term and also you talked about things easing out from next fiscal year. Is it likely to be more like a second half or you think immediately in the first half itself things will ease out based on the plans that you see for the airlines?

Speaker Change: Uh huh.

Thanks for taking my question. The first question actually is on the it's got elaborate on the short term impact.

Gaurav Rateria: Gaurav, may I please ask you a question now?

Gaurav Rateria: Hi, I'm audible. Yes, yes, please go ahead.

Speaker Change: So thanks for taking my question.

On air business that you talked about in the near term and also you talked about things easing off from next fiscal year or is it likely to be more like a second half.

Speaker Change: The first question actually is on the short-term impact on air business that you talked about in the near term, and you also talked about things easing out from next fiscal year.

Speaker Change: Are you seeing immediately indium phosphide, which says things release are based on the plan that you see for the airlines.

Mohit Kabra: And as we had called out in the previous announcement as well, that we would want to kind of, you know, see through this put option date. And by then, we would also be kind of, you know, close to the end of this fiscal year. And therefore, from next fiscal year onwards, we would want to kind of possibly dip into the buyback plan or the share repurchase plan in earnest. The quantum in size, again, would kind of depend upon the market and the timing around it. But yes, this is one potential avenue of deployment of the cash. Thank you so much for taking my questions all the way.

Speaker Change: I think Gaurav, it's going to be every quarter some improvement. I don't think it's going to be second up more than the first half. I think we'll see some improvement happening first half based on the plan that we see, because, you know, there is practically every month there are more planes coming and there is at least, you know, sort of options being explored, etc. But we'll see improvement pretty much now. The improvement could be small in the first quarter and the second quarter could be higher, etc. But that would be a matter of detailing. But we'll see improvement pretty much every quarter.

Speaker Change: Is it likely to be more like the second half, or do you think immediately in the first half itself things will ease out based on the plans that you see for the airlines?

Speaker Change: I think it's going to be every quarter. Some improvement I don't think it's going to be second half more.

Speaker Change: I think Gaurav, every quarter will see some improvement. I don't think it's going to be second more than the first half. I think we'll see some improvement in the first half based on the plan that we see, because, you know, practically every month there are more planes coming, and there is at least, you know, sort of options being explored, etc. But we'll see improvement pretty much now. The improvement could be small in the first quarter, and the second quarter could be higher, etc.

And then the first half I think you'll see some improvement happening.

Pushed out based on the plan that we see because.

Speaker Change: Practically every Monday more planes coming and it is Bret leas, you know sort of options being explored etc.

Speaker Change: But we'll see we'll see improvement pretty much now the improvement could be.

Speaker Change: Small in the first quarter in the second quarter, it could be higher it et cetera, where there would be a microbe detailing but.

Unnamed Host: Thank you. Thank you. Thank you, Manish. We are almost out of time, and we will take one last question for now from the line of Gaurav Rateria of Morgan Stanley. Gaurav, you may please ask your question now. Hi, I'm audible.

Speaker Change: But we will see improvement pretty much every quarter.

Speaker Change: So fair to say that it kind of bottoms out from the supply issues perspective in the fourth quarter of this fiscal year and from there on every subsequent quarter there is an actual improvement. I think that will be fair to assume, yes.

Speaker Change: So fair to say that it kind of bottoms out from the supply issues perspective in the fourth quarter of this fiscal year and from there on every subsequent contract. There is an actual improvement I think they'll be theatres UBS.

Speaker Change: But that would be a matter of detail.

Speaker Change: But we'll see improvement pretty much every quarter.

Gaurav Rateria: Yes, yes, please go ahead. So thanks for taking my question. The first question actually is on the short-term impact on air business that you talked about in the near term and also you talked about things easing out from next fiscal year. Is it likely to be more like the second half, or do you think immediately in the first half itself things will ease out based on the plans that you see for the airlines? I think, Gaurav, every quarter will see some improvement. I don't think it's going to be better in the second half than in the first half.

Speaker Change: So fair to say that it kind of bottoms out from the supply issues perspective in the fourth quarter of this fiscal year, and from there on, every subsequent quarter there is an actual improvement.

Speaker Change: I mean, all things being equal, right? I mean, you know, there should not be any new development, but all things, you know, being equal as of today, I think that will be a fair statement to make.

Speaker Change: Okay right.

Speaker Change: And all things being equal right I mean, there should not be any new development, but but they're all things.

Speaker Change: I think that will be fair to assume, yes. I mean, all things being equal, right? I mean, you know, there should not be any new development, but all things, you know, being equal as of today. I think that will be a fair statement to make.

Speaker Change: Get them being equal as of today.

Speaker Change: There could be a fair statement to make.

Speaker Change: My second question is on the volume growth in the hotel and package segment. It's pretty strong on the back of strong last year, but let's say on a steady state.

Speaker Change: Got it my second question is on the volume growth in the hotel and package segment is pretty strong on the back of a strong last year, but let's say honest in each day.

Speaker Change: My second question is on volume growth in the hotel and package segment. It's pretty strong on the back of a strong last year, but let's say on a steady state.

Speaker Change: Even where we are in the online penetration journey, how should one think about this volume growth? Is it going to be more like in teens? Is it something that can actually be in 20s? Just trying to understand where we are in the journey of online penetration and what is the scope, headroom for growth from next two to three year perspective.

Rajesh Magow: I think we'll see some improvement happening in the first half based on the plan that we see, because, you know, that is practically every month, there are more planes coming, and there is at least, you know, sort of options being explored, etc. But we'll see, we'll see improvement pretty much now that the improvement could be small in the first quarter, and the second quarter could be higher, etc. But that would be a matter of detail.

Speaker Change: Even where we are in the online penetration journey, how should one think about this volume growth is it like going to be more like you know in Dean's is it something that can actually been gandhi's just trying to understand where we are in the journey of online penetration and what is the scope headroom for growth from an extra boost to your perspective.

Speaker Change: Even where we are in the online penetration journey, how should one think about this volume growth?

Speaker Change: Is it going to be more like in the teens?

Speaker Change: Is it something that can actually happen in the 20s?

Speaker Change: So let me try and address Gaurav this one rather than just specifically calling out a number because we'll see how it goes. But from a penetration standpoint, relative to the flights market, clearly there's much more headroom there, especially when you add homestays category also, which is an emerging category and adding more supply by the month. It becomes even more fragmented, you know, and the online penetration for that category is also low, you know, in relative terms. So I would say all things considered, even if we assume like a 20% online penetration or thereabouts, as compared to 65 odd percent penetration for domestic flights, there is obviously significant headroom. And I'm saying, even if you don't want to consider it going all the way, and we look at global benchmarks, you know, the next milestone number for, you know, online penetration for hotels and accommodation overalls. Would be 40% at least, because that has been the, you know, in many markets, it got to about 40% world markets in the western side that and that I'm talking about 40%. It's just that relative to the transport, it always has taken in every market, relatively speaking, a little bit more time than the transport because there are transport actually, because of the fact that it's very unidimensional product, it moves really quickly online. You know, railways is a good example of that versus a good example of that and domestic flights for that matter, wherever there is more involved, which is experiences and, you know, fragmented market.

Speaker Change: So let me try and address this one rather than just specifically calling out a number because you will see how it goes but from a penetration standpoint relative to the Florida market clearly it is so there's much more headroom there.

Speaker Change: Just trying to understand where we are in the journey of online penetration and what the scope and headroom for growth are from the next two to three years.

Rajesh Magow: But, but we'll see improvement pretty much every quarter. So, it would be fair to say that it kind of bottoms out from the supply issues perspective in the fourth quarter of this fiscal year, and from there on, every subsequent quarter there is an actual improvement. I think that will be fair to assume, yes. Okay, right. I mean, all things being equal, right?

Speaker Change: So let me try and address Gaurav on this one rather than just specifically calling out a number because we'll see how it goes. But from a penetration standpoint, relative to the flights market, clearly, there's much more headroom there, especially when you add the homestays category also, which is an emerging category and adding more supply by the month. It becomes even more fragmented, you know, and the online penetration for that category is also low, you know, in relative terms. So I would say, all things considered, even if we assume like a 20% online penetration or thereabouts, as compared to 65 odd percent penetration for domestic flights, there is obviously significant headroom. And I'm saying, even if you don't want to consider it going all the way, and we look at global benchmarks, you know, the next milestone number for, you know, online penetration for hotels and accommodation overall.

Speaker Change: Especially when you add home stays got degree answer, which is an emerging category and adding more supply by demand.

Rajesh Magow: I mean, you know, there should not be any new development. But, but all things being equal as of today, I think that will be a fair statement to make. Got it. My second question is on volume growth in the hotel and package segment. It's pretty strong on the back of a strong last year, but let's say it's in a steady state... Given where we are in the online penetration journey, how should one think about this volume growth? Is it going to be more like, you know, in the teens? Is it something that can actually be in the twenties?

Speaker Change: It becomes even more fragmented.

Speaker Change: The online penetration.

Speaker Change: For that category is also low in.

Speaker Change: In relative terms, so I would say all things considered if even if we assume like a 20% online penetration or thereabout and its.

Speaker Change: Compared to 65 odd percent penetration, Florida for domestic flights there is obviously significant headroom and.

Speaker Change: And I am saying, even if you don't want to consider doing all of the way and we look at global benchmarks.

Speaker Change: The next milestone and number four.

Speaker Change: Online penetration portals, and and the Commendation overall would be 40% or at least because that has been built in many markets if needed to go to about 40%.

Rajesh Magow: Just trying to understand where we are in the journey of online penetration and what the scope and headroom for growth are from the next two to three years. So let me try and address this one, Gaurav, rather than just specifically calling out a number because we'll see how it goes. But from a penetration standpoint, relative to the flights market, clearly, there's much more headroom there, especially when you add the homestays category also, which is an emerging category and adding more supply by the month. It becomes even more fragmented, you know, and the online penetration for that category is also low, you know, in relative terms. So I would say, all things considered, even if we assume like a 20% online penetration or thereabouts, as compared to 65% penetration for domestic flights, there is obviously significant headroom.

If all markets in the western side and that I'm talking about.

Speaker Change: I would say 40% at least, because that has been the, you know, in many markets; it got to about 40% in world markets on the western side, and that I'm talking about 40%. It's just that, relative to transport, it always has taken, in every market, relatively speaking, a little bit more time than transport because there are transport problems actually, because of the fact that it's a very unidimensional product, it moves really quickly online. You know, railways is a good example of that versus a good example of that and domestic flights, for that matter, wherever there is more involved, which is experiences and, you know, a fragmented market. On the supply side, it just takes more time for it to move online completely.

Speaker Change: 40% of it is just that relative to their transport and it always has taken in every market relatively speaking little bit more tiny.

Speaker Change: And then the transport because they're a cockpit actually because of the fact that it is very uni dimensional product and more to really quickly online.

Speaker Change: Real wages are good example of that is a good example of that and domestic flights for that matter.

Speaker Change: There's more and more he puts his experiences and fragmented market.

Speaker Change: On the supply side, it just takes more time for it to move online completely. So from that perspective, I think we should probably see it, let's say, if the overall travel and tourism market annually is going to grow at a double-digit growth rate. You know, anywhere, if I look at some of the third-party reports, it talks about 10% to 12%. I think we should think about online growth more in terms of, you know, like, say, 1.5 to 2x kind of a range of the overall industry growth, just as a thumb rule.

Speaker Change: On the supply side.

Speaker Change: Takes more time for it to move online completely.

Speaker Change: So from that perspective.

Speaker Change: I think we should probably see it lets say if the overall.

Speaker Change: <unk> tourism market and really is going to grow.

Speaker Change: So from that perspective, I think we should probably see, let's say, if the overall travel and tourism market is going to grow at a double-digit growth rate. You know, anywhere, if I look at some of the third-party reports, they talk about 10% to 12%. I think we should think about online growth more in terms of, you know, like, 1.5 to 2x the kind of range of overall industry growth, just as a thumb rule, and then see how the demand patterns emerge in the quarter, and this is how we can sort of form a view.

At the double digit growth rate.

Rajesh Magow: And I'm saying even if you don't want to consider it going all the way, and we look at global benchmarks, you know, the next milestone number for, you know, online penetration for hotels and accommodation overall would be 40%, at least, because that has been the, you know, in many markets; it got to about 40% of world markets in the Western side that I'm talking about. It's just that, relative to transport, it always has taken, in every market, relatively speaking, a little bit more time than transport because transport, actually, because of the fact that it's a very unidimensional product, it moves really quickly online. You know, railways is a good example of that, buses is a good example of that, and domestic flights, for that matter.

Speaker Change: Any data.

Speaker Change: Look at some of the third party reports talks about 10% to 12%.

Speaker Change: I think you should think about online.

Speaker Change: And grow it more in terms of you.

Speaker Change: You know Blake say, one five to two X kind of a range of the overall industry grew at just the Cameroon.

Speaker Change: and then see how the demand patterns emerge in the quarter and this is which we can sort of form a view.

And then see how the demand patterns emerge.

In the quarter and this is which we can sort of form of it.

Speaker Change: Great. That's really helpful. And last question, I think you made a very significant product enhancement and you have been highlighting every single quarter. How easy...

Great. That's really helpful and last question I think you made a very significant product enhancements and you had been highlighting every single quarter.

Speaker Change: Great

Speaker Change: How easy.

Speaker Change: Thank you.

Speaker Change: That's really helpful. And last question, I think you made a very significant product enhancement, and you have been highlighting every single quarter.

Speaker Change: Or difficult competition to replicate back and have you seen them actually even replicating or this is something that you know kind of stands apart for us.

Speaker Change: How easy...

Speaker Change: Thank you.

Speaker Change: You know, I would like to believe, on an overall basis and on a continuous basis, it's not necessarily a one-quarter thing.

Rajesh Magow: Wherever there are more involved purchase experiences and, you know, a fragmented market, on the supply side, it just takes more time for it to move online completely. So from that perspective, I think we should probably see, let's say, if the overall travel and tourism market is going to grow at a double-digit growth rate. You know, anywhere, if I look at some of the third-party reports, it talks about 10% to 12%

Speaker Change: And kind of creates a competitive advantage for us. Thank you.

Speaker Change: You know, I would like to believe, you know, on an overall basis and on a continuous basis, it's not necessarily a one-quarter thing. It is actually, there is one, you know, sort of at the core DNA of the company is continuously keep improving the customer journey, continuously keep improving the customer experience end-to-end, whether it is pre-booking experience or a post-sales experience and so on. And come up, keep coming up with, you know, and some of the features we've called out our industry first. And, you know, on the back of leveraging the huge, you know, sort of data that we have, which probably is, you know, uncomparable to anyone else in terms of how much more do we have versus any of the other players in the market. So that gives you information. So that gives you an inherent sort of advantage for us to be able to build on top of, you know, that very innovative features. And there are many, whether it's a trip guarantee or a fare lock or a zero cancellation or a, you know, book at zero for hotels. And, you know, not to forget the AI-led, some of the innovation that we've already done for our hotels reviews. And, you know, there are more, there's more work. There's more work on a continuous basis happening on that front as well. Just to continuously keep improving the overall customer journey. And, you know, and given that we are in a B2C business and, you know, the future will always be out there. And so theoretically it can get copied. But I think some of these inherent advantages that we have and the fact that the core of our sort of belief and, you know, very core part of our strategy is to continuously keep improving. To keep enhancing the experience and keep it cutting edge almost always, all the time would always be, you know, some competitive advantage for us, I would have thought.

Speaker Change: You know I would like to believe.

Speaker Change: On overall basis and on a continuous basis, it's not necessarily a one quarter thing. It is actually if there is one.

Speaker Change: It is actually, sort of at the core DNA of the company, to continuously improve the customer journey, continuously improve the customer experience end-to-end, whether it is the pre-booking experience or a post-sales experience and so on. And to come up with, keep coming up with, you know, some of the features we've called out in our industry first. And, you know, on the back of leveraging the huge amount of data that we have, which is probably, you know, uncomparable to anyone else in terms of how much more we have versus any of the other players in the market. So that gives you information. So that gives us an inherent sort of advantage for us to be able to build on top of, you know, these very innovative features. And there are many, whether it's a trip guarantee or a fare lock or a zero cancellation or a, you know, book at zero for hotels.

Speaker Change: Sort of at the core DNA of the of the companies.

Speaker Change: Continuously keep improving the customer journey continuously keep improving the customer experience into him whether it is pre booking experience or a post sales experience.

Rajesh Magow: I think we should think about online growth more in terms of, you know, like, 1.5 to 2x the kind of range of overall industry growth, just as a thumb rule, and then see how the demand patterns emerge in the quarter, and this is how we can sort of form a view. Great, that's really helpful. And last question, I think you made a very significant product enhancement and you have been highlighting every single quarter. How easy are our difficulties for competition to replicate that, and have you seen them actually even replicating it, or is this something that, you know, kind of stands apart for us and kind of creates a competitive advantage for us? Thank you. You know, I would like to believe, on an overall basis and on a continuous basis, it's not necessarily a one-quarter thing.

Speaker Change: And so on and come off keep coming up with.

Speaker Change: And some of the new features we've called out an industry first.

Speaker Change:

Speaker Change: And getting them on the back of leveraging the diffusion sort of data that we have which probably is a.

Comparable.

Speaker Change: To anyone else in terms of how much more do we have versus our versus any of the other players in the market.

Speaker Change: So that gives you an inherent sort of advantage for us to be able to build on top of again on that are very innovative features and there are many there whether it's a drip guarantee or a fair Lakota zero cancellation at all.

Speaker Change: <unk> zero prototypes.

Speaker Change: And not to forget the area led some of the innovation that we've already done for that.

Rajesh Magow: It is actually if there is one, you know, sort of, at the core DNA of the company is continuously keep improving the customer journey continuously keep improving the customer experience end to end, whether it is the pre-booking experience or a post-sales experience, and so on. And keep coming up with, you know, and some of the features we've called out in our industry first. And, you know, on the back of leveraging the huge amount of data that we have, which is probably, you know, uncomparable to anyone else in terms of how much more data we have versus versus any of the other players in the market. So that gives us an inherent sort of advantage for us to be able to build on top of, you know, very innovative features, and there are many, whether it's a trip guarantee or a And, you know, not to forget AI led some of the innovation that we've already done for our hotel reviews.

Speaker Change: Oh tens reviews.

Speaker Change: And again I ended up.

Speaker Change: And, you know, not to forget the AI-led some of the innovation that we've already done for our hotel reviews. And, you know, there are more, there's more work. There's more work on a continuous basis happening on that front as well, just to continuously improve the overall customer journey. And, you know, given that we are in a B2C business and, you know, the future will always be out there, and so, theoretically, it can get copied. But I think some of these inherent advantages that we have and the fact that the core of our sort of belief and, you know, a very core part of our strategy is to continuously keep improving. To keep enhancing the experience and keep it cutting-edge almost always, all the time would always be, you know, some competitive advantage for us, I would have thought.

Speaker Change: More but there's more work on a continuous basis happening on that front as well is to continuously keep improving the overall customer journey.

Speaker Change: And given that we are in a b to C business in the future will always be all debt.

Speaker Change: And to tactically it can get copied but I think some of these inherent advantages that we have and the fact that the the.

Speaker Change: God.

All four are so little for beliefs and.

Speaker Change: You know very core part of our strategy is to continuously keep enhancing the experience and keep it cutting edge.

Speaker Change: Almost all the ways all the time.

Speaker Change: We would always be.

Speaker Change: Some competitive advantage for us I would have thought.

Speaker Change: Perfect. Thank you and all the best.

Speaker Change: Okay. Thank you and all the best.

Rajesh Magow: And, you know, there are more, but there's more work and on a continuous basis happening on that front as well, just to continuously keep improving the overall customer journey. And, you know, and given that we are in a B2C business, and you know, the feature will always be out there. And so, theoretically, it can get copied. But I think some of these inherent advantages that we have and the fact that the core of our sort of beliefs and, you know, a very core part of our strategy is to continuously keep enhancing the experience and keep it cutting edge. Almost always, all the time, would always be, you know, some competitive advantage for us, I would have thought.

Speaker Change: Thank you.

Speaker Change: Thank you, Gaurav. As we are out of time already, we will not be able to take any more questions. So anyone whose questions are unanswered, we can take them offline. That will bring us to the end of the call. Over to you, Rajesh, for your closing remarks.

Speaker Change: Chip.

Chip: And he was out of our.

Chip: We are out of time, I'll, then even lumpy able to take any more questions. So anyone who has questions and I'm sure. We can take them offline that that will bring us to the end of the call over to you or I guess by your closing remarks.

Speaker Change: Perfect.

Speaker Change: Thank you and all the best.

Speaker Change: Thank you.

Speaker Change: Thank you, Gaurav. As we are out of time already, we will not be able to take any more questions. So anyone whose questions are unanswered, we can take them offline.

Speaker Change: Thank you, Vipul. And thank you, everyone. Thank you, everyone, for your patience. Thank you, everyone, for your time. And look forward to seeing you next quarter. Thank you. Thank you. Thank you, Rajesh. You may please disconnect. Thank you.

Speaker Change: Yeah. Thank you Michael and thank you everyone. Thank you everyone for your patience. Thank you everyone for your time and look forward to seeing you next quarter. Thank you.

Speaker Change: That will bring us to the end of the call. Now, over to you, Rajesh, for your closing remarks.

Speaker Change: Thank God Asia, even please disconnect. Thank you.

Rajesh Magow: Thank you, Vipul.

Rajesh Magow: And thank you, everyone.

Rajesh Magow: Thank you, everyone, for your patience.

Rajesh Magow: Thank you, everyone, for your time.

Rajesh Magow: And I look forward to seeing you next quarter. Thank you. Thank you.

Rajesh Magow: Thank you. Thank you, Gaurav. As we are out of time already, we will not be able to take any more questions. So anyone whose questions are unanswered, we can take them offline.

Speaker Change: Thank you, Rajesh.

Speaker Change: You may please disconnect.

Rajesh Magow: Thank you.

Unnamed Host: That will bring us to the end of the call. Now, over to you, Rajesh, for your closing remarks. Yeah, thank you, Vipul, and thank you, everyone. Thank you, everyone, for your patience. Thank you, everyone, for your time, and look forward to seeing you next quarter. Thank you.

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