Q2 2025 MakeMyTrip Ltd Earnings Call
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Vipul Garg: You have joined the meeting as an attendee and will be muted throughout the meeting. Hello, everyone. I'm Vipul Garg, Vice President of Investor Relations at MakeMyTrip Ltd.
You have joined the meeting as an attendee and will be muted throughout the meeting into Germany.
Hello, everyone I'm, Don Bullock, Vice President of Investor Relations at make my trip limited and welcome to our fiscal Dirty Dirty Pi second quarter on.
Vipul Garg: and welcome to our fiscal 2035-2nd quarter earnings webinar. Today's event will be hosted by the company's leadership team, comprising Rajesh Magow, our co-founder and Group Chief Executive Officer. Mohit Kabra, our Group Chief Financial Officer.
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These event will be hosted by company's leadership team comprising sluggish model, our co founder and group Chief Executive Officer, and Mohit <unk>, Our group Chief Financial Officer. As a reminder, this light event is being recorded by the company and will be made available for replay on our IR website. Shortly after the conclusion of Canadian Bank.
Vipul Garg: As a reminder, this live event is being recorded by the company and will be made available for replay on the Raya website shortly after the conclusion of today's event. And at the end of these prepared remarks, we will also be hosting a Q&A session.
At the end of these prepared remarks, we will also be hosting a Q&A efficient. Furthermore, fotis statements made during today's event may be considered forward looking statements within the meaning of safe Harbor provision of the U S. Private Securities Litigation Reform Act of 1995.
Vipul Garg: Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of the safe harbor provision of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance or subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect change circumstances.
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 gene circumstances additional information concern.
Vipul Garg: 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 2, 2024. Copies of these filings are available from the SEC or from the company's Investor Relations department.
These statements is contained in the risk factors and forward looking statements.
Actual of the Companys annual report on form 20-F filed with the SEC on July 15, 2020 full copies of these filings are available from the SEC or from the company then Mr. Admissions Department I would like to now turn the call a widow largish overdo it on dish.
Vipul Garg: I would like to now turn on the call over to Rajesh. Over to you, Rajesh.
Rajesh Magow: Thank you, Wipul.
Speaker Change: And give a good medical everyone to our second quarter call for fiscal 2025.
Rajesh Magow: Welcome everyone to our second quarter call for fiscal 2025. We are pleased to report another quarter of strong business results, with robust growth in the top line and bottom line. Raj's booking value for the quarter stood at 2.3 billion, registering strong year-on-year growth of 24.3% in constant currency terms. Adjusted operating profit at 37.5 million dollars registered a year-on-year growth of about 33%. We managed to deliver this strong performance across all our business segments, leveraging our brand and distribution strength. Despite the short-term headwinds due to unusual heavy rainfall, that impacted demand momentum a bit in another way, is traditionally low season quarter for leisure travel.
Speaker Change: We're pleased to report another quarter of strong business designs with robust growth in the topline and Martin Lamb.
Speaker Change: Gross booking value for the quarter stood at 2.2 billion registering strong year on year growth of 24, 3% in constant currency gums adjusted operating profit at 37 five.
Speaker Change: <unk> million dollars registered a year on year, but on top of about 32%.
Speaker Change: We managed to deliver a strong performance across all our business segments, leveraging our brand and distribution strength and despite the short term headwinds due to unusually heavy rainfall impacted demand momentum a break in another ways traditionally low season quarter for leisure travelers.
Rajesh Magow: We've been consistently outpacing the industry's growth on the back of continued supply side expansion, catering to a variety of travel needs of the Indian consumer, implementing several AI and data science driven product features, leading to personalized recommendations to improve customer experience and a high proportion of repeat customers. On the macroeconomic front, India's strong growth trajectory remains a compelling narrative on the back of advancements across sectors. As per IMF estimates, India is expected to become the world's third largest economy by 2027, after the US and China. The economic rise is fueling the brewing consumer class, leading to higher discretionary spending.
They've been consistently outpacing the industry's growth on the back of continued supply side expansion.
Speaker Change: <unk> delivered IPO travel needs of the Indian consumer implementing several AI and data science driven product features leading to personalized recommendations to improve customer experience and high proportion of repeat customers.
On the macroeconomic front, India's strong growth trajectory remains a compelling than it is on the back over advancements across sectors.
Speaker Change: Good IMF estimates and is expected to become the world's third largest economy by 2027.
Speaker Change: After the U S and China.
Speaker Change: Economic rises fueling the growing consumer class, leading to higher discretionary spending travel and tourism industry is one of the biggest beneficiaries of this increased discretionary spending.
Rajesh Magow: Travel and tourism industries, one of the biggest beneficiaries of this increased discretionary spending. Furthermore, our younger generation, age between 25 and 34, are increasingly willing to travel and explore more; a fifth of the population will age into that group soon, helping the travel segment to grow further. As per one-stein estimates, the annual spending on foreign travel by Indians will nearly triple to $89 billion in three years. The number of valid Indian passports has also nearly doubled from 52 million per decade ago to 93 million this year. On the other hand, India's digital economy has been tagged as one of the fastest growing in the world, and the government's path-breaking Digital India initiatives are playing the critical role in increasing internet and e-commerce penetration.
Speaker Change: Furthermore.
Speaker Change: Younger generation is between 25, and 34 are increasingly willing to travel and explore more on physical depopulation relating to their groups suing helping the travelers segmental growth model.
Speaker Change: <unk> estimates that annual spending on foreign travelers My Indians will nearly triple 289 billion.
Speaker Change: Dollars in three years.
Speaker Change: The number of valid Indians live sports is also nearly doubled from $52 million on a decade ago to 92 million the seal.
Speaker Change: On the other hang India's digital economy has been tagged as one of the fastest growing in the world and the governments, but breaking digital India and initiatives are playing a critical role in cleaving Internet and e-commerce penetration.
Rajesh Magow: We've been capitalizing on some of these macro trends by constantly improving our product and value proposition for the international outdoor travel market. We enhance the business class funnel experience for international flights and have revamped the premium economy class booking flow as well. The new funnel features rich features, rich visuals, and detailed amenities, delivering a premium and seamless booking experience that aligns perfectly with the high-end services offered. Similarly, for international hotels, we are enhancing supply and offering options that are relevant to Indian consumers. On the customer journey flow side, we have been dialing up features that cater to the unique needs and preferences of Indian consumers, for example, culinary preferences, family-friendly services, etc., thus offering a more personalized experience.
Speaker Change: We have been capitalizing on some of these macro trends my constantly improving our product and value proposition for the international outbound travel market.
Speaker Change: We enhanced libidinous glass funnel experience for international flights and have revamped the premium economy class booking fluids labs.
Speaker Change: The new fund and features.
Speaker Change: Rich.
Speaker Change: As originally goods and a detailed amenities delivering a premium and seamless booking experience that aligns perfectly with the high end services offered similarly for international or does weird enhancing supply in north of the auctions that are relevant to an Indian dumanis on the customer journey flow site.
Speaker Change: Have been dialing of features that cater to the unique needs and preferences of Indian consumers.
Speaker Change: An example, culinary preferences family friendly services et cetera.
Speaker Change: Offering a more personalized experience.
Rajesh Magow: As a result, our international marketing business and international hotel business continue to witness faster growth than the industry. International marketing business hosted year-on-year revenue growth of over 39 percent in constant currency terms and now accounts for 38 percent of the adjusted margin in the year-ticketing business compared to 33 percent in the same quarter last year. Our international hotel, the outbound business, revenue grew 62 percent year-on-year in constant currency terms and now accounts for about 17 percent of the adjusted margins from this segment compared to 12.5 percent in the same quarter last year. We are not only growing in our traditional markets like Thailand, Singapore, the Middle East and Malaysia, but also in new destinations like Georgia, Vietnam, Hong Kong, Azerbaijan, Pakistan, etc.
Speaker Change: As a result, our international Air ticketing business in international retail business.
Speaker Change: To witness faster growth than the industry.
Speaker Change: International Air ticketing business posted year on year revenue growth of over 39% in constant currency.
Speaker Change: Terms and now accounts for 38% of their adjusted margin in the air ticketing business compared to 33% in the same quarter last year.
Speaker Change: Our international dental loan business.
Speaker Change: Revenue grew 62% year on year in constant currency terms and now accounts for about 17% of their just hit margins from this segment compared to 12, 5% in the same quarter last year we.
Speaker Change: We are not only growing in our traditional markets like Thailand, Singapore, the middle East and Malaysia, but also a new destinations like Georgia, Vietnam, Hong Kong listed by John because that couponing central during the quarter, We sold 32000, plus international event. It Cross 2384 cities.
Rajesh Magow: During the quarter, we sold 32,000 plus international hotels across 2,384 cities in 165 countries, which is the highest ever spread achieved in the total air ticketing business. Witnessed strong growth in gestate margin grew by 21.1%, year-on-year in constant currency, despite persistent supply issues in the domestic market. Our accommodation business overall, which includes hotels, homestays, and packages, continues to grow at a robust space as well. We recorded 21.4% year-on-year growth in the gestate margin on a constant currency basis. As mentioned earlier, the prolonged monsoon, along with a significant increase in heavy rainfall, had impacted demand during parts of this quarter.
Speaker Change: 165 countries, which is the highest ever spread that you did it now.
Speaker Change: Total air ticketing business witnessed strong growth in district margin grew by 21, 1% year on year in constant currency, despite persistent supply issues in the domestic market our accommodation business overall, which includes our dad's home stays in packages continues to grow at a robust pace as well.
Speaker Change: We recorded 21.4% year on year growth in the adjusted margin on a constant currency basis as mentioned earlier, the prolonged monsoon along with a significant increase in heavy rainfall it had impacted demand during parts of this quarter.
Rajesh Magow: However, our combined strategy of supply side expansion and sharper targeting of a variety of customer segments with multiple distribution channels has helped us grow in the 20s. In our holiday packages business, growth has led, was led by emerging destinations like Australia, Japan, and Egypt. During the quarter, we partnered with Lego Land Malaysia, Resorts to offer holiday packages with a unique blend of Lego adventures and rich Malaysian cultural experiences. In our bus business, we continue to see broad-based growth across all regions in the country. On the product side, our localization push continues with the launch of the Telugu funnel on Android and extending the Tamil funnel on the mobile web.
Speaker Change: Our combined strategy, Oh supply site expansion and sharper targeting op of an ideal customer sub segments with multiple distribution channels has helped us grow in the twenties.
In our holiday packages business growth has led.
Speaker Change: Led by emerging destinations like Australia, Japan, and Egypt during the quarter, we partnered with the Lego line militia resorts to awful holiday packages with a unique blend of legal adventures and reach Malaysian cultural experiences.
In our bus business, we continue to see broad based growth across all regions in the country.
Speaker Change: On the product side, our localization push continuous with launch of Telugu funding on Android and extending the dummies funnel onto mobile element.
Rajesh Magow: Bus ticketing in some of the international markets where we are present continues to grow faster, with the contribution of revenue from international markets now reaching 12% of the total bus revenue compared to 10% in the same quarter last year. Our investments in other transport services such as in the city cads and trains help us to deliver 17.6% quarter-on-quarter growth in constant currency. In a seasonally weaker leisure travel demand quarter. Our corporate travel business via both our platforms that is my business in quest to travel is witnessing strong growth. Our active corporate customer count on my business is now over 59,000 plus, and for Quest to Travel, the active customer count has reached 462 large corporates.
Speaker Change: Ticketing and some of the international markets, where we are present.
Speaker Change: <unk> to grow faster with the contribution of revenue from international market knowledge and 12% of the total bus revenue compared to 10% in the same quarter last year.
Speaker Change: Our investments and other transport services, such as intercity cabs, and dreamed helped us to deliver 17.6% quarter on quarter growth in constant currency and a seasonal seasonally weaker leisure travel demand Gorgon koto.
Speaker Change: Corporate travel business via both her platform that is my vision questa traveling is witnessing strong crude are active corporate customer count on my base is now over 59000 glass and for Crestwood traveling the active customer count has reached 462 large corporates.
Rajesh Magow: We continue to enhance our product capabilities. We completed over 60 integrations with travel expense management solution partners like My Claims, Davenbox, Zoho, and Fast Collap. We also went live with complete self-serve HRMS integrations connecting more than 200 organizations through the HRMS connector to enable better management of travel expenses. On Q2T, we introduced the official Q2T mobile application, providing greater accessibility and convenience for corporate clients. Overall, we now have a lifetime transacted user base of 77 million across all R3 brands. We continue to deepen engagement with our existing customers and add new customers to the platform every quarter.
Speaker Change: We continue to enhance our product capabilities to be completed over 60 integration to the Vince travel and expense expense management solution partners like Mike Liens, Darwin Balks Zaha Ando Fosco lab. We also went live with complete cell salvage at M. S integrations connecting more than 200.
Speaker Change: <unk> two data at Emmis connector to enable better management of travel expenses.
Speaker Change: <unk> reintroduced the offer should give the T mobile application, providing greater accessibility and convenience for corporate clients. Overall, we now have a life lifetime transacted user base of 77 million August month across all our three brands.
Speaker Change: We continue to deepen engagement with our existing customers and add new customers to the platform every quarter to help consumers make oil did bookings on a single platform. We have launched a considerably improved connected trip experience.
Rajesh Magow: To help consumers make all their bookings on a single platform, we have launched a considerably improved connected trip experience, completely built in house on the strength of our data science capability enabling consumers to book other products and services needed for the trip. It is helping us drive process and upsell. As part of our attention and loyalty strategy, we revamped our MMT Black Program on MakeMyTrip and go drive loyalty program for our GoiBeeGo customers last quarter, with more relevant inclusions like meal and room upgrades, a port pickup, FNB offers, etc. for our customers.
Speaker Change: Bleakly building a house on the strength of our data science capability, enabling consumers to book other products and services needed for their trip.
Speaker Change: It is helping us drive cross sell and upsell other services.
Speaker Change: As part of a retention and loyalty strategy really ramped down empty Black dog program on make mantra and go Driveline T program for Argo ABB Bucharest, once last quarter with more relevant inclusions like Midland room upgrades airport pickup F. N b offers et cetera or are customers.
Rajesh Magow: This quarter we launched our new co-branded credit card in partnership with ICSA Bank, which is one of the leading private banks in the country.
Speaker Change: This quarter, we launched a new co branded credit card in partnership with ICSC, a bank, which is one of the leading beverage banks in the country with its impressive value proposition. This should help us drive both new customer acquisition as well as repeat transactions on our platforms.
Rajesh Magow: With its impressive value proposition, this should help us drive both new customer acquisition, as well as repeat transactions on our platforms. Before handing over to Mohit, I want to provide an update on our initiatives regarding the deployment and adoption of GenieI, a core part of our innovation strategy. Last quarter, we introduced our GenieI chat board Myra on our international flights FNR. The initial response has been encouraging, with Myra successfully handling queries on topics such as date changes, flight details, and densities. This quarter we've launched Myra to enhance the hotel and homestay booking process by offering real-time assistance. Leveraging generative AI and years of proprietary data, including customer reviews, the chat board delivers accurate and personalized responses to even the most detailed inquiries.
Speaker Change: Before handing over to Mohit I wanted to provide an update on our initiatives regarding the do the deployment and adoption of Jenny I, a core part of our innovation strategy last quarter, we introduced our journey IH Edbert might up on our international flights funnel. The initial response has been encouraging with minor successfully.
Speaker Change: Enlink worries on topics such as date changes flight details in N series. This quarter, we've launched Mira to enhance the hotel in homes homestay booking process by offering real real time assistant.
Leveraging generate generated AI and years or proprietary data, including customer reviews that Jaguar delivers accurate and personalized responses to even the most detailed inquiry and glaze. We plan to further expanded its capabilities to handle pricing and availability queries as well as provide for Boston.
Rajesh Magow: We plan to further expand its capabilities to handle pricing and availability queries, as well as provide personalized hotel recommendations. This aligns with our strategy of using AI-driven solutions to boost customer satisfaction and drive growth. Similarly, our AI deployment initiatives have been very successful in addressing pre-journey queries on the Redbus app via the GenieI-based board, which has not only resulted in an improvement in customer satisfaction scores, but also productivity gains within almost 45% decrease in the involvement of customer service agents.
Speaker Change: With our recommendations.
Speaker Change: This aligns with our strategy of using using AI driven solutions to boost customer satisfaction and drive growth.
Speaker Change: Similarly, our AI deployment initiatives have been very successful in addressing three journey queries on the red with App via the journey I baseboard.
Speaker Change: Which has not only resulted in an improvement in customer satisfaction scores, but also productivity gains with an almost 45% degrees in the enrollment of customer service agents.
Rajesh Magow: With this, let me hand over the call to Mohit for the financial highlights of the quarter. Thank you.
Speaker Change: With this let me handover the call to Mohit for the financial highlights of the quarter.
Mohit Kabra: Thanks, Rajesh, and hello everyone. We have achieved another quarter of the 20s, showcasing strong performance across all business segments. It was booked for the quarter, came in at $2.3 billion, compared to $1.8 billion in the same quarter last year, reflecting a 24.3% year-on-year growth in constant currency. Revenue growth as per gap, came in stronger at 26.5% year-on-year in constant currency.
Mohit: Thanks, Rod and Hello, everyone.
Speaker Change: We have a geographic BARDA, they bring bes showcasing strong performance across all business segments.
Mohit: Bookings for the quarter came in at $2.8 million.
Mohit: Compared to one $500 million in the same quarter last year.
Mohit: Reflecting a 24, 3% year on year growth in constant currency.
Mohit: Revenue growth after gap came in stronger a 26, 5% year on year in constant currency.
Mohit Kabra: This performance is particularly noteworthy, given the ongoing supply challenges in the domestic air market and the impact of unusually high rainfall during this monsoon season in India. Moving on to our segment results, our aid ticketing growth bookings for the quarter came in at $1.4 billion, witnessing a year-on-year growth of 20.4% in constant currency. Ingestured margin stood at $96 million, registering a growth of 21.1% in constant currency. We continue to expand both our domestic and international outbound business, while Rajesh has updated about the continued outperformance in the international getting side.
<unk> is particularly noteworthy given the ongoing supply challenges in the domestic air market and the impact of unusually high rainfall during this monsoon season in India.
Mohit: Moving on to our segment results on air ticketing gross bookings for the quarter came in at <unk> $4 billion witnessing in year on year growth of 25, 4% in constant currency and just imagine sort of $96 million in entering a growth of 20, 151% in constant currency.
Mohit: It has expanded both our domestic and international outbound business by Vitaceous updated.
Mohit: The continued outperformance in buying domestic ticketing side, let me share some more color on the domestic air ticketing business.
Mohit Kabra: Let me share some more color on the domestic air ticketing business. In the domestic air ticketing market, while supply was broadly at similar levels in the last quarter, the market growth picked up marginally to about 6% year-on-year on flown basis. We continue to grow faster than the market, and our market share stands strong at 30% plus in the domestic flight ticketing business.
In the domestic air ticketing market, while supply was bragi at similar levels.
Mohit: In the last quarter the market growth picked up marginally cohort six bucks and year on year on flowing basis, they continue to grow faster than the market and our market shares tanks is strong at 30% less than the domestic flight ticketing business.
Mohit: Gross bookings for the quarter.
Mohit: And the hotels and packages segment came in eight of our filing and sending by $2 million of a string of growth up 21, 2% year on year on constant currency basis.
Mohit: Adjusted margin growth was 20, 154% year on year and constantly going to be down because of building a sister advising of manga pardon $7 million during the quarter.
Mohit: Well the last couple of years have seen higher than inflationary increases in room rates. This year you are seeing that the room rates have you started stabilizing and price increases have moderated.
Mohit: We continue to drive supply expansion by going deeper and wider in the mid market and growing vertically garlock in hotels in key international markets, which are of interest to Indian.
Mohit: I have noticed traveling overseas as a result, we now offer.
Mohit: Well, what a before falling domestic accommodation.
Mohit: And across 2100 cities.
Mohit: To the.
Mohit: Through the length and breadth of the country. They are scaling our direct contracting for international hotels in line with demand train and now have direct contact that order supplies in our 40 International cities Ophthalmology 21 cities last year.
Mohit: And our bus ticketing business gross bookings for the quarter stood at $263 million growing it to anyone by 5% year on year in constant currency terms adjusted margin stood at 10% by $1 million. They see year on year growth of over 25, 6% in constant currency terms.
Mohit: The data that in our business continues to remain stable and in line across all our business segments, Let me a ticketing or doesn't packages as well as bus ticketing. Similarly, our customer acquisition cost that is marketing is here's the ocean expenses remain efficient and in line with the same quarter last year at four 6% of gross bookings.
Mohit: This is slightly lower than the four 8% in the previous quarter linked to changing seasonality.
Mohit: In addition to driving strong bookings and revenue growth, we remain focused on building operating cost efficiencies and driving operating leverage in our fixed cost, including personnel expenses and general audit is training selling expenses.
Mohit: That isn't already highlighted the significant deployment of jenney a in some of these areas.
Mohit: Accordingly, our adjusted operating profit for the quarter came in at 34, $37 $5 million, the Australia Iranian broke a political point of 9%.
Mohit: Our cash generation continues to be robust and cash and cash equivalent at the end of the quarter have now gone beyond the $700 million Mark.
Mohit: Besides maintaining a healthy watches we will continue to leverage this strong aspiration to interest in potential organic and inorganic opportunities.
Mohit: You had called out our intent to pursue opportunistic share repurchase or buyback programs at the start of this year, while the product.
Manage any meaningful repurchases during the reported quarter and we remain committed to the program.
Mohit: That I would like to turn the call back to open for Q&A.
Speaker Change: Thanks, Mohit any participants who wants to ask the question you can click on the meantime button on their screen and people take the questions one by one.
Speaker Change: I already have a couple of questions. So the first question is from the line of searching to fill danke of Bank of America searching Europeans Unbilled and ask your question now.
So the 30th congrats on a good set of numbers I have three questions. First question wanted to understand a bit more on Hawkeye booking brought a it did appear to be slightly slower than previous quarters, but I did also yet to commence from Raj I surely on about.
Speaker Change: Unexpected muscle and is this a one off Fisher locale and then the broad should normalize going ahead, the art anything else switches sacaton, Pat Dodd, who grow Tokyo.
Speaker Change: Yeah, Hi, search and maybe I can take that.
Speaker Change: Yes, I guess at the VA get I was alluding to and if you break the corridor and we actually saw July and August our growth was normal and some temporary headwinds.
Speaker Change: You know tanks to do they access them on so on in certain areas that we saw you know that's sort of causing disruption and oh hurting the demand momentum, albeit.
Speaker Change: To the best of our understanding of did it appears to be temporary because we haven't really seen this continuing beyond you have seen this bouncing back as well.
Speaker Change: And in doing so as you go deeper and as they see some of the specific destinations for example.
Speaker Change: And on an overall quarter basis, if you compare to the Doe.
Speaker Change: Earlier.
Your same quarter. We also saw let's say for example, Himachal Pradesh adopt their territory.
Speaker Change: In auto the mountains in general.
Speaker Change: We're very badly impacted last year because of floods and this quarter same AR. This quarter are this year, we saw a robust recovery coming back into those destination as well so.
Speaker Change: So if you look at more detailed data at Renard point towards.
Speaker Change: You know sort of and get any kind of a signal for.
Speaker Change: <unk> continued slowdown it appeared to be temporary in nature for sure.
Speaker Change: Thanks Raj is pretty clear just a quick follow up out here my cable companies are across different subset is talking about consumption slowed down not only gesture tier two tier three cities about ultra I expect are impacting consumer behavior is any sense in terms of you know have you guys are looking especially azure you're going.
Speaker Change: Earlier at ACR season, booking any signs of consumption slowdown U S E.
Speaker Change: You know, it's so early days in this quarter given there is just the beginning of the court Dol are booked.
Speaker Change: But so far in the in you know whatever number of days that our boss in October we haven't really seen that.
Speaker Change: At least in our category in China could be a function of.
Speaker Change: Just a sort of get on September maybe you get a temporary slowdown backlog catching up in October.
Speaker Change: And there were some specific period, where people were not necessarily traveling except try and sometimes.
That period and the other category consumption also it takes it takes a hit.
Speaker Change: I think we will have to wait and watch for this quarter I'm just because it has gotten to be a seasonally high quarter for at least the leisure travel.
Speaker Change: But the VA October started.
Speaker Change: Seems like it'll be a good season.
Speaker Change:
Speaker Change: But like I said, you know we will have to it's early days, we will have to just wait for an answer.
Speaker Change: Some more time getting into the.
Speaker Change: Into the quarter, our Mod to let's say end of October Malouf October Amit Laugher November rather.
Speaker Change: Or does it allow for us to be able to jump to any kind of conclusion, but the early signs don't look.
Speaker Change: Anywhere close to a slowing down.
Speaker Change: A second question as you scale, you added Jenny I Mighta, what kind of revenue benefits and cost savings, we should see I hear your comment of 45% decrease in customer service agent.
Speaker Change: Any any sense in terms of a positive impact on numbers.
Speaker Change: Again early days and I would say, but there are two areas broadly that we are sort of working on deploying this technology. One as you rightly pointed out I envy is as we called out as well is actually the area is all there to be we'll see more productivity gains more efficiency gains.
Speaker Change: And and one of the platinum idea there is that all off the field service get out on all our contact center or get a sort of customer service use cases, we are deploying one after another we are just mapping the entire journey and we're deploying and picking up areas in deploying this technology, which are definitely giving us.
Speaker Change: Our efficiency gains, but for it to sort of.
Speaker Change: I recall, you know reflect completely on our P&L I think it will be a quarter or two down the line, we will see the full impact of that.
Speaker Change: And that is one area, that's more on the cost or the cost efficiency or productivity gains right. The other more important area.
Speaker Change: Where there is hopefully potentially there will be a larger impact on the oh better conversion on tobacco, but did experience is going to be more on the booking customer journey.
Our fluids bad at all and get on this.
Speaker Change: Whether it is on on the like for example, a one.
Speaker Change: One or two Oh, no upfront and use cases that we have gone livelihood.
Speaker Change: So addressing Aldo can glory, but also helping during their trip planning and as we sort of continue to enhance the capabilities of this into.
Speaker Change: Interface.
Speaker Change: We believe that the you know there will be a little.
Speaker Change: But the amount of the funnel.
Speaker Change: Absolutely Gulped model top of the funnel.
Speaker Change:
Speaker Change: Experience getting enhanced and therefore, you're getting more and more traffic and hopefully helping the conversion to get bedrock.
Speaker Change: But again for that going so it'll be in Florida, the program back to sort of reflect on numbers in.
Speaker Change: In any meaningful way, because it's going to be doing because as you saw all the problems, you'll get more insights and you'll keep refining the product.
Speaker Change: And it'll be a couple of quarters down the line. So we'll see how it goes but we are very.
Speaker Change: Actually encouraged with the early results that we see in some of the metrics that we're measuring in terms of either the time spend on on this kind of an interface more and more of the accuracy of the results that the interfaces drawing or on the cost side are all part of the journey.
Speaker Change: As we called out in case of Redwood that we've seen a clear sort of F.
Speaker Change: Efficiency gains on the on honored on reduction of.
Speaker Change: Some head count already there as well. So early early results are very very encouraging, but I would say if order for it to show any kind of material impact on the numbers overall and take couple of quarters.
Speaker Change: Thank you Rajiv and my last question is on the San Diego or Dyadic Bush.
Speaker Change: Clearly this quarter your numbers both in booking and take rate were not impacted by some of your peers appear to be in backpack.
Speaker Change: Any general sense, and how we should look at the impact of that on make might repair Fannie.
Speaker Change: No I would actually say if it's in the P&I again revolves around the fact that you know how consistently you are wrong you you continue to keep working on.
Speaker Change: Improving the customer experience not necessarily on the booking floor, but also get onto our after sales floor or and keep adding more.
Speaker Change: New features differentiated feature so odd in Nevada has been.
Speaker Change: Just to to keep working on that relentlessly and keep coming up with.
Speaker Change: We have recently done.
Speaker Change: Come up with many industry firsts features.
Speaker Change: This is on the back of the rich data that we have.
Speaker Change: And can I hand in building data science models on top of it whether it is pre cancellation or did change a fair law God you know.
Speaker Change: Even on the other categories like drip guarantee and so on and deeper and because of all.
Speaker Change: All this.
Speaker Change: These new features and overall experience.
Speaker Change: You know focus from our side.
Speaker Change: We believe that we will continue to keep getting.
Speaker Change: So our sort of customers are loyal customers back I mean, if you see our market share overall.
Speaker Change: Despite our you know whatever might be happening in the market. We would have only marginally improved only although you know just maybe in decimal points, but in our non very on an already a pretty high share.
Of the of the domestic air market, we would have only improved so so I can I guess, we will we will we will continue to keep I focus on on that front.
Speaker Change: And and so far it has worked out quite well.
Thank you very clear and all the best for future.
Speaker Change:
Speaker Change: Thank you Sachin. The next question is from the line of linear and who care of Goldman Sachs money. She may on mute your line and kick off the question yeah. Thanks for putting it in a high and what do you mean, Kim. Thank you so much for taking my question.
Kim: The first question is actually just a follow up on the previous question about default Atlantic. Thanks, Rajeev I mean.
Speaker Change: Have you seen this trend also play out in the past with let's say that Indigo Airlines and historically have these been like shocked Dominique kit are you now have you seen them put first and if so.
You know what have been the offsetting you and I. Appreciate the response you gave to the previous.
Speaker Change: A question, but just trying to understand it from an economic standpoint does it make sense for a low cost carrier to drive traffic directly on their website given if the traffic come through you you bad part of the cost payment gateway after sales cost us obviously, they're trying to make sense of the economics of delek pushed by low cost carriers that says that.
Speaker Change: Getting back to you in late July Buster thermostat.
Speaker Change: Yeah, No no I happy to happy to give more color on this one is.
Speaker Change: I would say actually two aspects and.
Speaker Change: And I'll come to the specific thing that you mentioned and the economics part of it but before that I think what is also important to sort of keep in mind is that from a consumer point of view.
Speaker Change: Typically you know even if there are.
Speaker Change: Relatively speaking fewer auctions and now the same consumer would be traveling domestic team.
Speaker Change: And also looking to travel internationally.
Speaker Change: We'll always look to you know explore more options right. So it's a risk.
Speaker Change: Election, before you ended up sort of making.
Speaker Change: The choice. So I think we should always keep that in mind and from that perspective, there will always be exploration on the platforms to look for more auction before you end up making your choice. That's point number one and that's all with long term debt as the and that will be I would say across categories not necessarily in a particular category.
Speaker Change: You're in a particular product.
Speaker Change: And then coming to economics.
Speaker Change: And the way the current model N. The overall sort of Gnome market dynamics in terms of let's say cost of customer acquisition and beyond language today.
Speaker Change: In India there at all.
Speaker Change: The search engine has.
The lion's share of the total market. It's obviously very competitive it's a it's not necessarily no cheaper or a less expensive for anyone to be able to sort of acquire and compete in the marketplace and acquire traffic. So so from that point of view they will always be.
Speaker Change: Oh challenge.
Speaker Change: I mean, given that the on going on not only us, but all the other digital players are at.
Speaker Change: Across categories over the years that have been that are get on those capabilities.
Speaker Change: Quite be before them to be able to optimize and chocolate ogden, the customers et cetera, thereby thereby optimizing the cost of customer acquisition not only died and also the Brian but it over a period of time once it sort of helps.
And then on the other and general cost, which is an important cost attached to this is also cost of servicing.
Speaker Change: And so you know the post sales cost and the aviation World is non attributed to.
Speaker Change: To my mind a bit.
Speaker Change: Cause every nominal now and then there is something or the other that happens.
Speaker Change: More from a macro disruption standpoint, you know whether it is weather related or it is.
Speaker Change: Something is going on.
Speaker Change: In some part of the World every now and then there will be disruption that we havent seen and in that situation.
Speaker Change: The you have to have those capabilities for you to be able to service the customers and that comes with the cost and over the years because of volume because of our.
Speaker Change: All.
Speaker Change: The effort to sort of streamline the process et cetera.
You know we've come a long way in terms of just the majority of all of those processes and all of that now having said all of this.
Speaker Change: You know I also believe that.
Speaker Change: You have to look at the full by you know two out of the 100% if the and it's not that there is one channel we would be able to meet all the needs to given that this is a massive growing.
Speaker Change: The so much of supply that is coming the future outlook is so robust for travel and tourism. So if the market is going to expand.
Speaker Change: There is room for all tenants to grow.
Speaker Change: There is definitely room for us to grow there may be some room for direct to grow if the economics work out for it.
Speaker Change: Any of the Gan on direct channels.
Speaker Change: And.
Speaker Change: And and therefore.
Speaker Change: We don't necessarily sort of let's see it blakely and nano overtly obsessed manner.
Speaker Change: Rather than focus on just a you're not delivering value to the consumer labeling value to the partner has worked closely with their partners and see how can we sort of maybe take the lion's share of a gain or.
Speaker Change: But there were a.
Speaker Change: You know number of consumers that are out there in the market and the rest will fall in place. So I guess, that's it that's really has been our approach.
Speaker Change: And.
Speaker Change: Over the years, and and and and it has worked so far and and we would like to continue exactly.
Speaker Change: Thank God I, just really appreciate that detail insight. My second question, maybe directed to them late I mean, like I mentioned north of $70 million of cash now maybe begin returning more than $150 million of annual cash EBITDA and you talked about Oh watch mystic buyback and maybe some organic inorganic initiatives. So.
Speaker Change: I mean, one trying to understand this 60 million gap that you have on buyback program like how are you thinking about that is that like cast in stone and you know what will make that number of 60 million new Hyatt and if that number right now that 60 million does that mean, the remaining 100 million surplus casualty originating annually.
Speaker Change: Are you at a different time looking at deploying that kind of capital towards inorganic.
Speaker Change: Opportunities in these inorganic help I shouldn't he is likely to be likely in international markets that could there also be domestic opportunities. Thank you.
Speaker Change: Let me begin with the.
Speaker Change: Our repurchase program in Asia.
Speaker Change: Probably.
Speaker Change: Wanted to just clarify that because it kind of you know.
Speaker Change: None that we have in place underneath it is a plan that her starting with about $150 million and still has about a $5 million of Arsenal.
Speaker Change: Available Arctic Lamington repurchase program, so it's much larger than $60 million.
Speaker Change: <unk> called out this is an existing client and since we haven't really utilize the plant's only S. Yet.
Speaker Change: Just about you know.
Speaker Change: About 10% of it that's being utilized our davita and 50 million that we had called out initially.
And therefore, we haven't kind of made any change to the overall plan.
Speaker Change: More than best of development that we can do but once you kind of fully or get closer to fully utilizing the plant and who maybe I forgot Latino added more.
Speaker Change: You know kind of a malls to the larger planned program. So this is more of an idea continued effort and I don't think it's been okay.
Speaker Change: And by the by the size of the plan that is out there currently.
Speaker Change: Great. Thank you and I have just I think at the 16 nanometer I think which is the annual number next half a share buyback I thought I saw that in the yard.
Speaker Change: Thanks Kate.
Speaker Change: No okay, Okay sure maybe I don't.
Speaker Change: We don't necessarily kind of need to restrict anything to Uh huh.
Speaker Change: I think our targeting was that gonna have you haven't really been able to deploy significantly so mnesicles candesartan rapidly adheres to that extent can begin.
Speaker Change: Understood and just on the organic or inorganic opportunities. They are do you see them ethical international or domestic market.
Speaker Change: Actually both.
Speaker Change: As you know our forecast kind of remains on the domestic Indian customer.
Speaker Change: In Nevada traveling for domestic purposes auto working it and therefore, we do believe that a large part of our.
Organic or inorganic investments and continue to happen in the domestic space.
Speaker Change: From our point of view of servicing the customer, but likely a corridor. Once we kind of made some moves you have setup and Odeon operation and UAV also kind of setup a bus ticketing operations in multiple countries in southeast Asia, and therefore be that areas, maybe you cannot keep expanding more centrally located.
Speaker Change: There are new customer segments, whether on the corporate side or on the on the smart revenue dense area to me to be kind of a segment that we have kind of gotten into that acknowledging here says pneumonia gardening to it from a domestic kind of you know our customer targeting partner here, but there is always opportunity for us to kind of go no go.
Speaker Change: In the international market also on these customer bases.
Speaker Change: All of these would remain as potential opportunity for us to look at.
Speaker Change: It does appreciate investment.
Speaker Change: Thank you Mike. Thank you for taking my questions all the best.
Thank you.
Speaker Change: Hey, Kim in each of the next question is from the line of God of the theory of a mother in San Diego out of human Pizza retailer not ask your question.
Speaker Change: Hi, Thanks for taking my question and congratulations on a very solid performance our mesh. This industry backdrop. My first question is on getting some sense on.
Speaker Change: Repeat no behavior versus a new customer driving how much of growth and to that extent is it possible to five bucket total advertising and promotion spend between the new customers and our existing customers.
Speaker Change: I could take that.
Speaker Change: You know like necessarily had been trending at about 70% of our transactions that are coming from existing customers. So there's a there's the key metrics that we kind of keep calling a because we believe that that's kind of very indicative off and all of that are you able to kind of you know.
Speaker Change: Target out existing customers in terms of your not repeat buying behavior. So that continues that hasn't really changed and therefore, the replacement rate and demand that is it I mean can understand the strong.
Speaker Change: Over the years.
Speaker Change: In terms of you know bifurcation of expansion like I said.
Speaker Change: See there are there is there are multiple kind of.
Speaker Change: Oh for years that would be kind of trying to target a.
Speaker Change: Our custom integration.
Speaker Change: This includes board.
Speaker Change: Our brand marketing and it's just to kind of keep going be the organic traffic. As you know we are a very high share of organic traffic coming.
Speaker Change: Onto our platform and which keeps our overall.
Speaker Change: Cosmetics and cost very appreciated, but these are slightly longer term a rewarding kind of programs because the.
Speaker Change: The effect immediately is not necessarily entirely kind of enormous eating out in a quarter or two it would be done.
Speaker Change: Both are driving their linear brand recall and keeps the brand are likely in the customer's mindset plus doing a variety of programs both in terms of tactical.
Speaker Change: Customer recognition by our Lindbergh pumps, all kind of inner doing promotions on arrow and black box.
Speaker Change: Synthetic and engagement with the customer through our apps now again here since we don't necessarily adding a single segment per se. There's a lot of overlap in terms of customer buying behavior across the segment and therefore, while the customer may not be new to the platform you might be doing there.
Speaker Change: First off you know certain transactions that he might be doing this might be for the first time on the platform and those are the services that the customers have anything so I think that would kind of therefore recommend looking at the overall blended customer acquisition cost is the most appropriate metric because you have August carload, then askmen is.
Speaker Change: And in the manner that we believe is the best way to look at overall expenses is at a platform level rather than by segment rather.
Speaker Change: In terms of business segments, all in terms of customer segments.
Speaker Change: Alright. Thank you for the detailed answer US My second question. He's on a trajectory of margins last year. If you see despite seasonality you were able to hold onto the margins very stable can sustain throughout the quarters.
Speaker Change: This year also first half has seen very consistent.
Speaker Change: Margin performance should one expect.
Speaker Change: Some bit of a seasonality to play out out not just in revenue was in second half because of a strong season.
Speaker Change: But also a pull through effect on the margins and assume that economic margin could be a tad better than the first half.
Speaker Change: Actually if you look at it on the on the margin side, you've been calling out for the last few quarters that we do believe that we are likely to remain in a stable.
Speaker Change: Kind of range.
Speaker Change: Across businesses.
Speaker Change: Across business segments actually honestly biological T. Some some kind of you know impacts coming on a quarter on quarter basis, but broader dong speaking, we do believe that these margins and lastly remain in range and therefore, it renovated I've called out specifically that is.
Cross business segment margins or can you keep coming in line with our estimates and we expect that to continue.
Speaker Change: Luckily you can go there any promise seasonality point of view more than it's been a nice to have one.
Speaker Change: Better seasonality bordering one slightly lower seasonality quarter, and therefore, I don't really see too much of a change on the margin structure at least as of today, you know whether it would be second half isn't it.
Speaker Change: Alright, and last question any metric on cross sell that we can share that helps us to understand your strategy of going after the I'll just take much like a train and all it has a two acquired not just acquire customers, but also to cross sell them.
Speaker Change: You are an existing offerings. Thank you. So if you look at it but have you started kind of now shading draws booking in our other segment, which is largely independent data cross bookings coming in from.
Speaker Change: They're not kind of an all cash transaction.
And the growth in that kind of you know is indicative of all our Wednesday in every one of those categories are growing and also the fact that overall repeat despite the continued increase in terms of overall transacted our base of customers, which is kind of kept increasing.
Speaker Change: Now kind of a standard about 77 million. Despite the continued increasingly validation customer base, we are still able to manage most of our time they present transactions coming into my existing increasing base. So I think that kind of.
Speaker Change: Goes to suggest that you know is a spurt of this segment that we're targeting based on market dynamics at any given point in time.
Speaker Change: The repeat the behavior of the Carson behavior than industry remains strong.
Speaker Change: Thank you.
Speaker Change: I will start off the next question is from the line of other constellation of Macquarie are the day your mid teens on mutual Unasked question.
Speaker Change: Yeah. Thank you for the opportunity.
Speaker Change: Two questions. One is can you help unpack the the shares actually in gross bookings for air and hotels separately.
Speaker Change: The impact.
Speaker Change: We backed off here and then.
Speaker Change: Our hotels in international mix.
Speaker Change: Does it give any 400 different margin.
Speaker Change: And that we have been sharing that.
Speaker Change: On the the mix from International Media has now improved almost 98% and when it comes to hotels the mixed notwithstanding that goes to about 18%.
Speaker Change: Okay, and just as a.
Speaker Change: Follow up on this was on the ancillary services.
Speaker Change: Can you help us help could've satisfied and it takes place.
Speaker Change: As you kind of booked more internationally, but my understanding is that you will see data say feels if maybe insurance and FX. All these things can you help us understand the attach rates here with shoreline shut which all have seen and.
Speaker Change: And therefore, we can make some sense on potential growth in that piece of it. Thank you.
Speaker Change: Don't really see any significant change in terms of attach rate.
And to kind of be in line with all of their kind of trended in the past a large part of the increase that you're seeing on the on the other segment is growing much faster countered by the fact that we now have a lot of kind of your news new services.
Speaker Change: Being clubbed under the other segment.
Speaker Change: You had called loan.
Speaker Change: Earlier, this would largely be comprising of of insurance.
Speaker Change: And I'd say, our tech service areas and I'll be your block.
Speaker Change: Our car rentals, our barrier products are bad.
Speaker Change: Yes.
Speaker Change: As we kind of keep dialing up the non because he platforms all the kind of at home.
Continued improvement in the services that we are adding in a thorough corporate up Arrow Green partners. Those are also helping drive of the SEC.
Speaker Change: Segment at a much faster pace. So that's that's that's the reason that I'd ask is kind of has been brain Mets pasta products.
Speaker Change: Thanks, Paul maybe just one final if you said what if it goes segment in this quarter.
Speaker Change: It seemed like the value of our booking has come off rate and this was despite you've seen more internationally and the mix can you help us understand that.
Speaker Change: I actually called it out very nicely and you can see.
Speaker Change: B B.
Speaker Change: Price increases are moderating.
Speaker Change: And we used to call. This out we have been.
Speaker Change: It's hard for the last quarter or two that we do believe that we cannot get into more stable.
Speaker Change: They've been kind of an authorized regime and this particular year compared to say the last two years. The last two years. After we also saw an overall gotcha.
Speaker Change: In terms of prices because enterprises, having kind of you're not seeing an increase in prepaid I think writer goes almost like four years of increases coming through in less than two years.
Speaker Change: Whereas now it's going to be more moderate.
Speaker Change: And that is what is what you're kind of seeing brighter lives leave morning are seeing a slight kind of increase.
Speaker Change: No no significant kind of in a hyper inflation in the room planner correctly, but the mix you know the slight improvement in reason enough that you don't see on and on.
Speaker Change: On a year on year basis, we continue because the mix is improving in favor of international but within the respective segments prices aren't really kind of announcing any any significant increase.
Speaker Change: Thanks will thank you.
Speaker Change: Thanks, a lot and the next question is from the line of which in turn up for city a legitimate. Please ask your question now.
Speaker Change: Congratulations on a great start on them, but it's my first question is on you know the international outbound hotel business.
Does this have you know lower share of packaged chips versus your overall hotels and packages business because I'm just looking at the you know service costs, you charged to hotels and packages and that seems to be a bit more flattish.
Speaker Change: Just wondering if that's the case here or was it maybe I can take that actually you know Q.
Speaker Change: Q2 from a seasonality point of who is a low season quarter fall on any packages in multiple international packages and therefore.
Speaker Change: This is more in line with seasonality than anything else.
Speaker Change: Okay.
Speaker Change: Matt.
Matt: Just looking at the Y O Y number only in in there and it seems like.
Matt: Our hotel business, obviously, the overall hotels and packages is up about 20%. This number seems to be up maybe you can.
Matt: Spike International doing well and I would've talked international would have higher share of packages.
Okay.
Speaker Change: Let me have Carlo.
Speaker Change: These international guests not available packages.
Speaker Change: Yeah, Okay. Okay, great. The second question I had was.
Speaker Change: So in your mix and what else are they to is sticking to the international rate.
Speaker Change: Oh, Google what to what extent do you have direct bookings will assess our you know my agent bookings so yeah.
It's generally you can see perennial da in Italy, you would kind of have much larger share of our direct contracting when it comes to their own market, but on the international market you tend to have a mix of your own directly contracted inventory as well as in rent review that you've taken trial.
Speaker Change: We believe.
Speaker Change: Nobody has deemed that as volumes, but any particular city.
Speaker Change: Keep increasing we keep dialing up the direct contracting effort.
Speaker Change: In many cases, where the particular newspaper extending the long tail of cities, where demand is kind of in a much lower it is often kind of ethanol.
Speaker Change: More rewarding to have affiliated and Anthony rather than kind of you know put in your own resourcing and both organically contacted.
Speaker Change: <unk>.
Speaker Change: Academics over there, but we've been scaling that up like I've called out almost in all have direct contact neuropathy in over 40 cities International cities compared to say about 31 cities during last year and this effort will continue in terms of percentage of.
Speaker Change: Room nights coming from directly part of here that as these generally tends to hover around the 50% Mark.
Speaker Change: And we believe even in the longer run.
Speaker Change: Irrespective of the number of it is that we kind of dial up.
At least a third of the biz.
Speaker Change: Business.
Turning to keep coming in from the partnered programs rather than necessarily directly got their programs now he is in the medium term say over the next two to three years, we do believe.
And inevitably to try and see if we can keep it within the 50% to 65% range.
Speaker Change: Alright.
Speaker Change: Maybe Richard sorry, maybe I can just add one more comment on what Mohit said, yes.
Richard: 50% to 60% at an overall number.
But in the in the cities, where we had been giving huge amount of throughput is.
Richard: Equally and it's only growing like the southeast Asia.
Richard: A few examples like Thailand, Malaysia, Singapore, and all this number goes as high as 75% so anywhere between 70% to 75% goodness will come from directly contracted or does okay.
Richard: Alright.
Speaker Change: And my next question is in general for the hotels.
Speaker Change: For your hotel business right.
Speaker Change: Or rather the hotels that you work with what do you think is the you know.
Speaker Change: B to BB to seek out of them makes them I'm, just trying to get a sense of.
Speaker Change: No in your B to C part of the business.
Speaker Change: You know what could be the steady state online penetration it will definitely not be.
Speaker Change: 60, or 70% rate a realistically speaking.
Speaker Change: All the numbers that we're calling out.
Speaker Change: For the for.
Speaker Change: The business as a whole and I.
Speaker Change: I think we stick to that okay.
Speaker Change: Okay.
Speaker Change: I mean in general on let's say online penetration.
Speaker Change: Booming, but international or domestic.
Speaker Change:
Speaker Change: In fact, I was just trying to get at.
Speaker Change: We have no Atlanta.
Speaker Change: It will give you a directional sense on the online penetration photodiode relative too by the way flights domestic flights is much lower and therefore motor Haynesville.
Speaker Change: And within the hotel segment, our international order and is even lower than that.
Speaker Change: And I guess that is the point that you were alluding to earlier as well that maybe you're going back and just share is higher that used to be the case historically, but off late given their digitization drive in the country and consumer behavior changing.
Speaker Change: Quickly.
The online hotels Ala carte bookings have been growing.
Significantly and therefore penetration is improving but just to give you. The number they'd give me I international hotels penetration would be anywhere between.
Speaker Change: 15 around 10% to 15%.
Speaker Change: If died and therefore, Laura bedroom, so a lot of it will be offline.
Speaker Change: Two the packages et cetera, historically and also very fragmented.
Speaker Change: On the domestic hotels are if you include homesteads alternative accommodations et cetera, again, it'll be between 15 to 20, but if you look at certain segments of the hotel, especially if the amendment does it might be between 20 to 25.
Speaker Change: Alright, and I mean are we the people who tell said it's harder for it to go up about 15% to 80%.
Speaker Change: No no no no no absolutely not see if you look at some of the international countries.
Speaker Change: Countries benchmark.
Speaker Change: Overall, there are many countries, where it is tightening and I'm talking about western World Europe, and U S. So anywhere between 40% to 50%.
Speaker Change: Okay, great perfect. Thanks, guys you should those are my two questions.
Speaker Change: Okay.
Speaker Change:
Speaker Change: The next question is from the line of alcohol withdrawal of Jpmorgan. Please ask your question now.
Speaker Change: Hi, Hi, everyone. Thank you and good quarter, maybe the first question you know you shouldn't you keep you shared the salience of the international business. Both in animal then just as a reminder is that a volume or value.
Speaker Change: But value value.
Speaker Change: The revenue line.
Okay excellent. Thank you. So just a very basic question again, just remind us why is the failure in some international by value. So much lower than hotel versus pad is this more of a supply issue or this is more about the average price of room nights comparison between international and domestic is different from or ordered in the air segment.
Speaker Change: <unk>.
Speaker Change: I could take that number and your number largely stemming from the fact that if you really look at it we have been thank Amanda kindergarten to be international air ticketing market.
But many many more years.
Speaker Change: The kind of enough duration of the international hotel.
Speaker Change: And as we said happened on me over the last I would say, possibly like five to six years and therefore, it's more of a recency of kind of getting into that particular segment just like you know the the.
Speaker Change: The buying behavior, even on hotel side, either relocated or even domestic or days and beyond.
Penetration is much less a company to say domestic flight and that same buying behavior to kind of you know that reflects on the international segment is bad.
Okay. So I mean, so then Walmart silke it's multiple.
Speaker Change: Partnerships or is it more consumer perception of value from our platform.
Or is it more of the supply you have just to sort of differentiate between a lot of that.
Speaker Change: A combination of I would say customer buying behavior and therefore.
Speaker Change: How do you kind of in our platforms and responded to it over a period of time.
Speaker Change: Okay understood.
Speaker Change: Second here, but I just wanted to dig a bit deeper on the strength <unk> been seeing.
Beyond the mix, where international is growing more is there anything more that you're doing which is helping our volume and Jeremy growth.
Speaker Change: On the indicative that air ticketing side, yes, I mean, your volume versus market and logility glucose in market.
Speaker Change: I'm good as I was mentioning earlier.
Speaker Change: Many many new or differentiated consumer experience related features that they keep coming up with that would typically.
Speaker Change: I had a person gain some share from the market, but also you know as we've been also sharing in the past there are other segments that we are we started to build and grow all ranked in the corporate segment is one of the big save money with a completely different consumer segment that they were started to building and growing and that's growing.
Speaker Change: You know quite well as well.
Speaker Change: So I think it's a combination of.
Speaker Change: Hum.
Speaker Change: More distribution channels more consumer segments that are there'd be a focusing on AR and the fact that we keep our.
Speaker Change: Sort of improving the customer experience Oh, we didn't oriented features as well.
Speaker Change: Okay understood.
Speaker Change: Last question I know the other across if you look at the different product offerings, whether it's Ed or hotel or ground transportation. What is the level of that integration the backend greener products. So for example, if somebody is looking a trip.
Speaker Change: While make mitral, but separate air tickets I prefer that they get some transportation Moody's talk to each other at the background.
Speaker Change: Oh, absolutely they're doing good that's a great question and that is the one that I was alluding to as part of the script or in the connected trip feature.
Speaker Change: Benign, which only happens when the back end technologies unified.
Speaker Change: And there are obviously independent funneled to be clear, that's the consumer buying behavior behavior that you will let's say a few words on our platform and you're buying the flight.
Speaker Change: But there are various ways that we make the connection once you are part of life in flight on on the on the App in the same session of the ipod subsequently because that is so you're not typically the consumer behavior that I would want to go buy in bulk flight for it and then maybe by Ardelle stenting.
Speaker Change: About let's say airport transfer if I'm going international maybe I want to buy a forex later.
Speaker Change: Our insurance later and so on and so forth that is one type of sort of.
Speaker Change: Consumer behavior, and therefore, accordingly, we made the connection all of that is obviously.
Speaker Change: Because of their back end technologies.
Right.
Speaker Change: And the other one is the connected trip, which is we are actually giving a view of a particular trip portfolio for the consumer that if your bora fly it and data and if youre going lets say about international destination or even for domestic destination for leisure given that we have the data.
Speaker Change: And data.
Speaker Change: The trip might be just.
Speaker Change: In terms of just a booking out buying their services might just be 25% complete and therefore and the hero the other quarters that you could possibly buy.
Speaker Change: To complete your trip and we keep there's a.
Speaker Change: There's a feature that sort of a you know a gibbs that view to the consumer over fully connected trip and where the percentage completion of the trip et cetera, not all of that happens only.
Speaker Change: The very and technology videos funnels and go back gained well connected already unified if you will.
Speaker Change: Well I think the reason for asking is when you have these products have embarked like red bosarge or severity etcetera. I was just curious if there's been taken integration since.
Speaker Change: Hello, Thank you so much industrial Yep Yep Yep.
Speaker Change: We're almost out of time, we'll take the last question from Monika in each of our access capital money came of please ask your question now.
Monika: Hi, Thank you for the opportunity.
Monika: Just wanted to get your thoughts with regards to the comment that you made around pricing normalization that Youll see Inc.
Monika: Play out in certain parts of the portfolio more so on the OTA side.
Monika: Do you think this can be a headwind speculate what investment portfolio from a golden year double stack Blake and also any impact on this part of the portfolio by Eduardo tank, whereas bulk of the business and he is still.
Monika: Lead all is taking and travelers.
Monika: Traveling within India, or possibly even though sales in yet like we do we are some of the geopolitics and the and a worst situation spring indoor he says no opinion goodbye for what impacts the portability start to see some near term headwinds.
Monika: Okay.
Speaker Change: Sorry, I was just going to just make one quick comment and then you can come later.
Speaker Change: Monica.
Speaker Change: The other point I wanted domain condo pricing is I think it was a well you know and she was trying to share the alere.
Speaker Change: And then we can come to the oil war situation potentially et cetera.
You know I don't think we should read too much into all the pricing or the asp's or the the both for actually it's not it's even true for flights as well as hotels being either flattish or you know just a marginal one 2% and with an increase there.
Speaker Change: Because there was bound to happen because of the history because there's several acquired several quarters. The prices have been just going up in one direction only.
Speaker Change: And it's hard to reach a point, where it ought to get into a situation where really good stead deal and that's exactly what has happened for a number one point number two we should also I think you would want to see.
Speaker Change: That this current season, which is.
Speaker Change: So a high season quarter.
Speaker Change: And typically in a part of the quarter were in the peak periods. When you will have.
Speaker Change: GAAP into them in demand and supply and you will see prices going up again. So there is a seasonality aspect to it and there is an overall sort of cyclical.
Speaker Change: Aspect to it that we should keep in mind, so I wouldn't read too much into the price I'm not going up right now.
Speaker Change: Now coming to the the potential impact because of any sort of ball situation developing or macro but for certain destinations. Yeah of course, it goes without saying if there is any escalation intention.
Speaker Change: In certain regions or certain destinations.
Speaker Change: Definitely.
Speaker Change: Those particular destination travel to those particular destination around the around the regeneron the areas.
Speaker Change: You know get impacted but.
Speaker Change: The given that there is a general momentum on the.
Speaker Change: On spending the discretionary income in the country.
Speaker Change: People will just normally.
Speaker Change: Normally will move from one destination to the other destination. So it is not necessarily there is a complete lawson.
In the in the demand.
Speaker Change: It is it effectively change of a destination that happen because there are plenty of new destinations that are developing.
Speaker Change: And if there is interest in the Indian consumer to explore new and our new destinations as well so I.
Speaker Change: I mean the overall.
Speaker Change: Escalation off award can have both macro you know bigger macro sort of impact on let's say oil and fuel costs et cetera, nardoza dose those aspects notwithstanding just from a consumer behavior standpoint in a specific region. If there is any disturbance people just tend to move to the other.
Speaker Change: Regions.
And that's not necessarily a total loss.
Speaker Change: Thank you that helps.
Speaker Change: Okay.
Thanks Monica.
Speaker Change: This was the last question you got all the time over to you for your last comments.
Monica: No. Thank you Roland Thank you everyone and thank you for you know all good set up question. Thank you for your patience and Oh, I guess, we will see you in the next quarter.
Mohit Kabra: Thank you.
Monica: Thank you. Thank you everyone. So much Europeans disconnect. Thank you.
Operator: Thank you very much.
Operator: You appease disconnect. Thank you.
Monica: Goodbye.