MakeMyTrip Limited (MMYT) 27 Jul 222023 Q1 Earnings call transcript

Hello, everyone. I’m Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited. And welcome to our fiscal year 2023 First Quarter Earnings Webinar. Today’s event will be hosted by Deep Kalra, our company’s Group Chairman and Chief Mentor, 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. these session. we of hosting also end Q&A a the prepared will remarks, be At statements during harbor certain within U.S. Furthermore, made the forward-looking be meaning statements considered of safe provision the today’s of event may Securities Private Reform XXXX. Act Litigation of performance, not and inherent may materially. future results subject to These statements of are are differ guarantees uncertainties, actual the date, company undertakes no forward-looking during event this the Any reflect speaks only circumstances. to and update information information relayed as to changed of this obligation

in the on information Factors these to turn now with I concerning are are contained the or the call XXXX. report the Additional Statements over available Forward-Looking annual the XX, SEC department. of you, would filings from Form Risk like Over section of July statements Rajesh. over to and filed these the to Copies from Relations Rajesh. SEC company’s company’s on XX-F Investor

fiscal Thank you, call earnings Vipul. of Welcome quarter everyone first our XXXX. to

coverage report bookings in demand significant of COVID-XX deliver third in years, two to shared sentiment years banks leverage about India, of to pre-pandemic $XX.X strong of being recovery growth and public of with of our a have and haul India, few post destinations helped quarter-on-quarter currency glad few have we note the this Nepal earlier the seen increased over travel is milder pressures and rate. the last of in had leisure have after recovery I inflationary over destinations travel fiscal normal central strong with as COVID-XX our we that strong hospitalization to operating strong quarters. infections recently infection pandemic COVID-XX reporting and governments back etc. constant the Asia, are comfort variants signaling wave a on in Globally, short business of We minimal efforts in as and It in in and new robust tame heartening million demand Accordingly, sentiment quarterly on gross which last Southeast India. last started in the in and has built latest given profit XX.X% basis has well in that million adjusted international up operating domestic the $XX year highest improving to the us over in compared fertility recorded UAE, vaccination impact built behavior quarter. under the

high As higher Further back very the have demand. is demand for travel pre-pandemic more measures sentiment for international patterns and these domestic office travel the considering to effect of more which prices, gradually work leading oil With to attractive improved quarter. there getting have we seen to during still while the during become in normal become that consumer than increased the been commute positive. quarters, airfares, visible will normal due coming QX likelihood is

short domestic We current also pre-pandemic quarters, expect recovery travel in recover that momentum demand both corporate is our pick Overall, estimate should demand for coming term the term outlook three the to next tailwind we growth of there significant industry end levels believe positive travel are from medium by robust five the demand this of aiding travel travel industry. to the and in the over on to up fully Apart years. further international year. recovery, overall supporting

growth normalcy. of up significant drive demand accelerated decline is with Firstly, return temporary the pandemic, likely travel to and the saw due the hence a to industry the pent

and being much shift post propensity higher, to is Secondly, experiences permanent with the people more a there how important. travel even becoming travel perceive pandemic a in

travel segments for industries penetration. the Thirdly, bodes low Indian of us as had there secular in traditionally also which is buying a online have uptick online well behavior, most the very

scope huge is most India travel penetrated importantly, of still market a under with and growth. an Lastly,

expansion are young of Some disposable of trends population. book working the among and per and willingness infrastructure, these capita travel online income, incomes, the to increasing increasing factors higher favoring growth

Civil Aviation help fold airports, domestic will third for placed Almost years. of the aviation new and market in Ministry hotels As estimates, become the are highways, per many Indian grow by of addition coming tourism planes orders over Development XXXX. will world’s airlines largest years. all of new aviation the

On the to fuel plans hospitality announced chains their should few other travel expansion hand, add which domestic and also growth. have capacity

As hope macro we to these growth travel leverage service a provider, trends. comprehensive

would and key travel growth now maintain demand share. future me share of performance we the position In leadership the on supply business about both to our Coming Let I side business, side. then prospects and air segments. the segments. talk the to the our areas in And some on continue market

recovering faster market. than are the We

alternative over issuances high On backlog we extent, American destinations pre-pandemic due Leh talked have haul leisure Srinagar, demand travel about cleared, XXX% recovery like high levels. traveling lagged they pre-pandemic We travel. In expect travel open quarter and stabilized. shown and and leisure destinations to a demand air recovery to months in destinations by strong services some the of fares majorly international a momentum packages of business. are improve on like This to while and Accommodations etc. are get haul have cities metro still chain are building to such short rooms corporate taking in volumes. fully the gets In I functioning. Leh, more next destination European compared and all Srinagar, are Deheradun, few summer many the destinations volumes as leisure driven is streamline pre-pandemic recovery witnessed side McLeodGanj, hotels supply Southeast of Coming XX% us pre-pandemic witness the people earlier. have like hotels the focused segment we past helped well. short for home which supply selling top helped the these recovery. recovery, Shimla, new XX% and Mumbai, now category. overall During Supply see XX% business Maldives, stronger we destinations recovery seeing in opening the leisure long of In in Delhi, levels, demand volumes the Rishikesh, the almost growth witnessed now of as as and hotels holiday as and this UAE Missouri on our more stay strong bit Visa Asia, accommodation over has Bangalore the during affected to now Visa Manali, This than has have Nepal has helped full recovery. account which around season. to fares recovery us

up home the country, stays votes the Home category nominations more this X,XX,XXX than is consumer help going we’ll across X,XXX Awards, launched which one on, country, by users. stay further. also to voting of plus already and been the cast kind awards popularize attracted in for its We are have and The

come offices to towns properties In sell the bus ticketing rooms suppliers continue building plus in and online. our in to accommodation the X,XXX cities recovery to Demand Coming our are on to Nadu, Tamil service been in supply seasonally lagging states spread in and keen of we reflects business strong recovery support customers momentum and deeper has we with part. quarter. QX our certain our maintained larger corporate and in working coming provided add is remote our encouraging providers, and sold being small properties We engagement more and platform gradual the increase should particularly demand. mode. Kerala. which supply properties quarters over the that and extensive smaller sector in towns from and XX,XXX the especially over platform in IT full in of move reopening Karnataka help to away more restoration more on remote sector, drive It see of In the

On ensuring pricing increasing of Bus with price minute select competitiveness and launched product advantage the offline we through side by channels. project aimed interventions Red a targeted the routes on at booking last share

have as of time point the such intervention the showing Additionally, window bias We lounges now rates delays, at nearest Cafe Red new at across as points booking well real are a to in the conversion open driver the Seven us. departure boarding experience. India earliest differentiate Day points as bus our time Coffee based lounges pan functional. keeping actual initiatives available four Bangalore till Bus boarding boarding top helped including improve launched on for

would areas scale side adjacent in initiatives These small which on inroads a and years up. supply GCC. the next apart demand side few in share current markets as growth Let investment the me both more drivers include now from details of like be initiatives

intercity On cabs. particularly services accommodation hassle supply and a guaranteed X,XXX on Blue airport the We On service X,XXX sharing our investments electrical and cities side, have and have experience recently small and services of cities are to starting carbon before aim our supply airport. at primarily company we bringing transfer from in more cities, efficient offering promote towards Ride free use the now year. pickup onto providers partnership in piloted case in the customers our accommodations earlier. rail up X,XXX drop cities time like end to We accommodation transport about over Delhi vehicles, with this Smart providers service with with and ground more and platform metro fiscal

at locations to We looking are similar the expand the other supply through partnerships.

customers services on eventually around One the to other hinterland is get particularly travel of ground objectives in transport our key to the and acquire services them our buying platforms.

by outreach QXT tapping demand on as to our are the platforms our and travel to demand Our across a via catering shared MyPartner, key through the the corporate initiatives in the into focused well QuestXTravel, small last the agents on facilitation and customers booking as improved leg hinterland stores. country franchise earlier segments [Indiscernible] for platform travel as

platform about demand year now According to estimates, booking when the Coming MyBiz notable we SMEs travel we our from over Thornton, to our targeting added quarter. target Indian corporate reported and largest during Grant from like the corporate powering OTA the the the Our few is coming double large next Infotech, last into platform demand CI GCC Gati are about market. X% via to the logistics, from etc. these for clients segments foray XX% contribution quarters. the with to QXT

it showing Eid been growth us and been quarter-on-quarter holidays, seasonal Our good quarter wave X.Xx continues bookings albeit a during gross UAE QX our strong post market recovery for QX demand and focus has first Omicron scale. low has around to base. customer market in with organically

building We automation. significant and made strength in supply progress have

be target year. Our in leading the UAE to the OTA this end of fiscal by is first

outlook of me the you And recovery like considerably. growth Before over financial that for would the have With the Mohit a on travel profits. reiterate robust to to Over top I and up, this, quarter. to fiscal highlights let note we with improved for hand has wind started in Mohit. now strong industry the line I call

safe I you’re Hello, Rajesh. keeping and healthy. staying Thanks, everyone. all hope

objective tight will two the year. on been operational growth control last years being to the while over business to focused under cost previous the in profitability, be get This the recovery phase. During the bookings we to the strong have improve year, pandemic, with along profitability

growth look momentum the quarter high Before largely posted impacted and to getting like operating on the the is into reported that reporting the strong our COVID-XX I’m operating during or is reported pandemic specific have wave of INR currency. underneath currency reflect the The our was by weakening strong significantly year growth QX growth focus growth two that while call we impact, in to continued quarter year-on-year restatement report therefore Indian during numbers. in translation quarter, financial constant to travel second recovery. One, growth financial highlight, and of stronger very the the USD U.S. profit the out on Significant because currency in last glad in quarter-on-quarter demand versus dollars. metrics I’d a the this focus and during in things. business hence reflect to very

posting million have from adjusted constant is quarterly million. stood adjusted cash XX.X% currency We profit at $XX.X bookings basis adjusted quarter-on-quarter adding profit apart for cash a adjusted about on expense or our of operating achieved $XX.X or non operating growth EBIT in the EBITDA highest

growth During adjustment margin our ticketing registering on constant the basis. the million a quarter, stood air $XX.X currency at over has XX.X% previous quarter

very over in of recovery at at expectations selling in business, costs. recovered the stood our quarter-on-quarter hotels in of on already that can was almost was business, The million to and last in see average share selling in quarter. XX.X%. international growth at out seasonality. the other air about reported our mark in $XX.X and domestic quarter price price X.X% for were The ticketing a growth XX.X% nearly about still our the view Adjusted reasons of The margin $XX.X at stood lines witnessing the flights over selling especially operating quarter, margins in that margin, the up up customer line have of about And the currency at bus about the called rate year. ticket are high versus X.X% margins to we strong registering and previous was We segments be about million, with quarter-on-quarter of constant to domestic million, you packages stood currency ticketing previous line XX.X% is is therefore vacation quarter. promotion at the the bus sales about unexpected Coming constant quarter. in in our terms. although increase been quarter-on-quarter levels the last line terms. in Rajesh. came hotel prudent the the flights average expectations our in X.X% and XX.X% domestic businesses quarterly a air domestic the the to terms. surge about halfway year witnessed same XX% fiscal just for variable almost expense, in XX.X% the quarter our with fare segment during which in margins bookings our The mostly $X.X in margin with costs fiscal expenses bookings were currency price aided around or a acquisition XXXX-XXXX, XX.X% In that with for glad adjusted gross was by continue in holidays by pre-pandemic growth our Marketing flight X.X% the they We’re constant this average

the help of quarter, majority our in a stake has we a to as online ancillary Book ForEx part been trip during to took money FinTech travel earlier, provider India’s meet leading ForEx the ForEx customers. growing it a build reported of services My needs While platform

As to international our up, will requirements picks us service the the customers. travel this ForEx opportunity of allow

to areas strong future Q&A. to the for our drive already leverage and growth to of by that, like continue turn position will the Rajesh. call cash With back investments outlined to We brands in I’d Vipul

you, attendees Mohit. take question We’ll button queue assemble. questions screen on Any click hand just want to minute give can on to of a please Thank raise the the will we the ask the their questions one-by-one. for and

please of Vijit Jain is question may Citi. line First question the from of Vijit your ask you now.

air increases average how Can being numbers. Okay. you. driven just Thanks Vipul. of size Thank aviation first international how Congratulations of basis? price the QX can improvement hear great much a of and international from much and is ticket you has improved in on an much the clear, you impact is My the can talk if me? question transactions, domestic you it if about by overall, on how

it an about the on over have by domestic out fares on domestic quarter. called XX.X% side increased like So, average the previous the

of of called now. Couple short side. over lagging. the on of increase we’re of Asia, the kind the kind kind quite etc, of doing fact well, seeing the kind has individual while particularly that’s is Europe, like International more has in destinations Southeast over of been a clearly, including is doing Visa multiple of recovery reasons the up. severely therefore, because the been haul these in And that XXs well large that new domestic air like trends kind muted, are of of. I to the destinations, in however, and impacted pick So embassies right we’re And kind etc, that recovery the long destinations, reasons the international on yet kind in recovery out, we there, backlog haul high fares, issuances are also U.S., of

the in quarters. look destinations improvement forward to that recovery something the actually haul of coming in believe I will So, we long the be

the within premium to are business, relative Thanks. My clarification second a the what segments because jump hotel domestic budget And lagging is also, as fairly is, decent question there earlier. said well? a Rajesh size segment, there’s to in Correct. ticket just question average

You channels. mentioned new

including what in have doubled to aim are You number? XX%. X% you to to contribution understand wanted just their I that X% from

out could a impact increased by have domestic XX.X%. to DSPs been there I inflationary take comes a the I kind of it hotels mean has also, I of when like called about Sure, bit both.

significantly As last as was the concerned two the again, years, recovery improving. or it’s while year, far budget over very fiscal last kind of actually lagging segment the now is

it So the of used in more X% to to It’s the close be mark. pre-pandemic, already the kind gotten while XXs. XXs to into

So I reflected it’s than say impact impact of would more the rather ASPs. the inflationary mix is kind the in which

side. hotel So more on that’s the

just question, that. The second repeat if could you

Okay.

we’ll a like looking in at corporates corporates. as one small And corporate catered QXT tap called XX, X% is to get should to out, new lot tapping three channels being which called for segments. into has demand going the we platform the is of by a that narrative out to Rajesh So segments be segment, MyBiz demand of kind large we of of new kind by into and

The that second with agent, at network affiliate is expanding lot along an of the entire kind been network being and channels. travel franchisee third kind of the kind tapped the a one is the small of we’ve looking powering the entire kind of of into

at and So kind all retail app which comes of channels on together, or the directly on the the platforms. these they’ve more customer, because looking traditionally, focused books of in been

the we we’re doubling kind from kind can believe kind in X% these these to non-retail of last These entire mix. at of tapping And close through new new segments demand we possibly platform. We believe, these the increasing counting demand So coming the were mix of that year. about should in look segments. keep

The Amol is yourself Amol will to of your Desai. have you Amol now. and question. line the Vijit. you from question please question ask Thank unmute ask next

of question question you now. next the Gaurav may please which take will Morgan we Guarav back, your is Stanley. comes Rateria Amol ask While from

this great quarter. Congratulations performance on in

So a couple of questions.

back X% kind Mohit to X% intended to you booking XQ sales a that always quite go than and advertising much lower while cross promotion. have improving to remained of on Firstly bit. has despite

forward? think material So in there Second about how of going related which question been number the kind on any change is intensity made one competitive investment. should had remarks you changes your Has this the view?

change about you Does X.X% balancing margins given think gross you EBIT benefit? have do XQ? had those of how So in what operating and investments closer that an of bookings. outlook leverage You done earlier after

take Well, both these. to I’m going of

the and at On we is kind And that, getting mix. be mix pre-pandemic hotels expect out to quarter, about costs the Right largely customer recovery slightly trended on the hotels a lag couple out the calling still the linked kind these seen We’ve of I XXs is which a to because to other do the overall almost acquisition where generally levels X.X%. the plus called to this linked up. first of segments be XX% contribute in fiscal are one, recovery, business of been restored levels One, that to year it of like tend will similar little pattern during the air bit. at the to like go kind of used previous kind this things. will leads we’ve now, of could

those that the this mix amount over number restored the costs kind gets increasing, higher, of we of larger slightly make think So, this possibly customer as are division quarters, businesses. side, we the of we in the incur see kind that with in line on next hotel should margins few I because

margins in not have is, marketing, we in once think blended the term two brand also we in requirement kind should hotels of factors, part which brand start keeping also beyond to bit and kind keeping these we of volumes, the coming that of towards costs. significant we where on kind kind good the kind volumes, therefore, The the a of nature still if going expenses, the should be mind see well. on is the there getting But longer as could mind mix, not called any is see getting that kind also with I cross of in we of pre-pandemic of little see, the, of are up kind increase will we more a we’re pre-pandemic out the and point into second marginally in improvement the we expenses

as the part some from the So, the promotional of improved in blended increase will expenses be well. margins offset

travel kind behind the the levers, segments, terms that of from in to of of a question, useful investment of is that investment, will And control, on which point are the interesting secondly, of well to view. said longer and way. like the firmly we of kind for services the curating instance, now of the already side supply on again Moving kind I both a invest services opening of profitability, demand etc, second variety don’t think segments, increases, be the of larger air into of kind or demand larger kind getting kind of having fact What kinds now business hotels, term cost a which lot also us. growth we’ve need that and ticketing, very established related in necessarily up we like in in kind of or where travel these investment is big of the

So, the lower or kind the is hotels going for to much five we instance, of investments business. last in say over investments and doing years to have the four be been compared scale of the size

scaling see can good and be close levels up it’ll be gradually and getting to if should give believe keep in the of a kind it then cash large And able pretty mind operating kind we a see of EBITDA to of of, we the given broader we booking practical look do we establish kind that of kind is kind have investments me these of we’ll at that keeping getting further. about will guidance on of profit much overall think, part that where out X% I quarter-to-quarter profitability, to funded So basis. we’ll that generation cross a of,

another the spend. And on one Gaurav more to thing just point maybe Mohit add, marketing

last organic have as thought quarter, been that keep, I are. robust. very think up important these seen one, have at how the I an all out sort the looking I if be just that marketing in to that’s of which well. interesting trends on See, traffic growth on the also and it’d call marketing traffic to has sort levels we spend evaluating just the ante what we’re of spend the that’s mean, we at

spends as about on a traffic earlier of our mentioned was it growth quarter-on-quarter, we part well, is So which XX%. traffic organically these our is large as

was look very, quarter-on-quarter. which very overall, So, high fact and robust in the sort as look organic this keeping well, happening we of marketing which on at macro out just sort that up and And the at mind up I the traffic like just spend doing growth that that ended called headwind our what fares is ended reported balancing is earlier the overall we in already that of also quarter.

responses. detailed the for Thanks

Just you adjusted for a wanted of it bookings. Just for X% follow EBIT up, EBITDA clarify to number? or Is it gross Mohit, that? said is

quarter. additionally Yes, GAAP the mark mean, I EBITDA, per X usually very that billion It’s kind mean, of I EBITDA, around forward. be although going will not large

yes, material not may in But that be forward. going very terms So, EBITDA. more of

the sense balance a came just down get Secondly wanted to on cash quarter-on-quarter.

So, what’s going on adjusted have the there? with up positive EBIT number. strong kind Ideally, should it gone of

data you. the on for Thank had that airline quarter? domestic market there possible? Rajesh out year last a quantification is share to of just at how of respective and on big last I question if this segment, what segment what bookings. question, shared if the look is you the this point, like for air the any us, on Thirdly, you the And quarter compared Is the shared booking missed share, one market how UAE number a should bookkeeping overall kind part

Sure.

of will impacted is of getting the of cash balance of So the actually, through of come increase weakening. rupee part in Gaurav large terms because otherwise a kind kind translation that the with

that in payables of are a group, of we India, overseas issue have what, the kind guess balances anytime cash to is other due drop what the of the because, in in the payables, that more intercompany is the the soon. of payments creating kinds kind India a companies So, these is this none of has and that kind of balance. a translation and Otherwise, and one, some notional

more temporary So, of of significantly a exchange exchange in therefore, a the rate, the rates is change coming during vary because the dollar drop in quarter. this INR kind

So, should of corrected over that integrate few next kind the quarters. voting course

are looking we a some segments growth around Moving different year-on-year get basis. that again, more retain far in of etc, gains in of the also are but able share and ticketing market, not It on or market called of out. We it’s share kind market will in very making kind accommodation, the approach mark share the a to of the on remain be looking market terms strong growth penetrated the a kind hotels and XX% in to the segment like significant at where significant like are necessarily under the bus just and the share of and is very we clearly the not at market gains outpacing online market. in sure

therefore, kind of and kind a the see numbers gradual, of segments. a metrics UAE a the will in segments big of this of this our therefore, as kind kind like of and and also respective buildup those entry, respective adjacent therefore, the segments a of a foray market for looking operating your again investment kind is question the segment to overall at combined more is, shared the on than said, being market part of of kind being of have and Lastly, of where again, kind I we believe reasonable on kind a resonance, do we approach rather the slow into so, with bang part coming reporting you declining brand

for you. questions. back further the Thank Thank in you. I’ll queue get

ask The Gaurav. Seth. next Ruchi is Ruchi from please line of you, question Thank the question on your now.

budget. we back is What maybe share how segment looking the some to material hotel the segment as the are on share their was scaling given the of marketing segment share there question budget market, in hotel specifically the part the that have the hotel overall we my in what segment. is and understand just divided efforts? and market gain current the into market competitors to there of wanted especially over Hi, I

hostels. say, previous a and take will And that to of do it villas given to well, as we also be very, leading share Ruchi or accommodation maybe is our apartments suffice guess quantifying home out nature it supply with we call could done I or online that market Ruchi. as focus as But in think the it I I alternative the comments stays, line the that, segments. hotel a quarters very build is the market, on the across the well hard increasingly, the or side have especially now, our whether the market fragmented

of start Now, becomes sort it of to the sort more fragmented our but to of we collect various our that estimate has we data very the all from able be the and partners know supply, if quantify, even our on overall and only you been side segments hard with looking etc, improving. basis, across this wallet that conversations, of at discussions supply do sort share nature the

now. you, Mithun please of Thank question ask Ruchi. of question may Ventures, GC Mithun your The the from next is you line

Yes. Congratulations good on numbers.

packages, in combination how do the you’re a give over own and you with and or and have booking way through to business are for us? picture, two same a for of one the see that the also trying question directly How their changing business comparisons and on pricing the change pushing more want in impacting see website. mix to the lot seeing same starting to platform. hotels business going does how in give also I to How couple also to compared Google the we way price has the next questions it our years? last that year So dynamics One us their terms they change of with it the understand do if

question. think line But I your Mithun I was really Yes. poor. got your

couple So wave COVID, we the of in What earlier were and have after just one to as for the in What that only share, let sort respond COVID of that me to segments that. changed hotels, and quarters segments. now, segments segments a attempt just make is actually The recovery as and coming various defined witnessed as we the between sort is have the as are this of to of level between different when the and the last to in premium defined are restrictions mentioning question. of of response has the of are budget up an mid which I the we segments, quarter of how wave happening after back that mixed businesses normal. or sort two, seen doing wallet was the during more across occupancy percentage improved end bookings at part the segment what sort lifted,

independent only as well hotels, segment necessarily a and not is or premium it Now, the segment. on as segment on mid necessarily budget not

we’ve hopefully As in back Mohit that also reported nicely. And come as June or is mentioned earlier lagging May seen also continue as and was will well, we segment forward the out well. that the as momentum behind that April, rather budget earlier, quarter. was growth recovery going That’s

significantly. So I guess net-net, changed I hasn’t would really mix say

push hopefully, their the of seen towards is sort compare up years, that many they make own the Now this way supplied as over our the on the direct bookings to queue book. on platform our the hotel the for try have direct we coming chain, phenomena it, see, want attract haven’t an in we faster literally clearly of supply seen to their India. direct like for the numbers their brand of But others doing form standpoint best I sort of much the hotels other with every actually sort chain their where program global directly this given platforms growing customers loyalty from platform, extent as and have to pricing. seen understanding has on bookings bookings like the and in some their years that There set really, India, who moving growth. the over it customer intermediary own we a role platform to before they independent is choice selection, especially well, fact and play. the of of value selection think direct platform both decision end in We’ve convenience, to will on the sort sort of have than quarter-on-quarter market on their to bring to And Marriott’s just even push our forever much, growing global phenomena been loyalty hotel from customers the what it their to the the

own that chain board rather During lot of benefit sort fact, doing of a all platform the lot just the than hotels, get promotions, of seen their those in the more our on sort to we doing times, on in traffic across our them platform, is us, more the the get a which and platform. huge. leveraging we’ve etc, working terms with of difficult And closely, deeply of

getting So, and their to end priority a as well. we from platform up parity standpoint,

to your on not I’m necessarily So that guess, our value and two that it these given about largely were we bring of partners. questions. proposition back to the, the concerned I the

onto big were Make they point locations, more they the this what properties is that they something giving selling or will the as maybe this on observed recent rooms of the like almost when this directly My Just. Is a understood worrisome long enough demand what or channels? medium they were selling. period the of same there single my platform, say, were And Trip a the our is good or a they like in product, the not the rooms keep research MMT, through something I’ve enough not term? okay, Is other hotels these were experiences, all I lot or in of Yes. in good doing each during there I was even lot on to

get more because we I period the observation, but And observe maybe no don’t more we take did inventory actually you and be it that, allocation what understand it our of to offline allocation. could really a model, can model just is and fair details,

no of need any might the we that. sell, hotel And process partners of What examples seen here. see have fact, any to, more the leisure is or now happened rooms there’s works all have we supply keep and in what got in And short periods, may heavy it were I any the really only way BXB manual genuinely like a happens very sometimes of really corporate sold add don’t replenished short have be three out. a particular sold would channels. we so we period. happened, trend, don’t having would what have not said and called don’t don’t period, also be sort platform. out sold our involved haven’t automatically. as online a we’ve We might We We were holiday when have hyper that all season out, in just country platforms we give, But market we or one any where if the destination would as this, platform and the genuinely them is such of platforms, long that that we peak didn’t market our that point, location particular of see across platforms, our to we have want during getting that MyPartner from come too said sort in back many

get partner So demand segments. that different-different more can one standpoint, offload from actually than and they platforms there inventory their are

anecdote any that. as they that and a you think I see of some don’t may be have don’t observed, but I So might trend,

to we I coming Google, it just compare doing just how how So with is point. internally booking.com our know, to as see Trip are pricing, try finish as to that. compared how comparison, and My Make Basically, you keep a this things

one. Now

I No, well. I mean, that. as understand we do that

So I understand.

a Europe, be for to said, what five How booking color the proportion, but next platform the to we have years? of proportion that already as the is can see some give quite in business Now if alternative on big do us you for You be three question for them. accommodation my over us? will can is what more that

we super premium, And big could it every for sort in or fact, of segment just well of last part fast it’s building And and degree, and tell that’s thanks and opportunity. segment in I early the secluded from mind. that India, of on that really alternative been a catching we’ve was all I And started up from ironically mid bookings we’ve get of people We’ve Pan that hostels terms in safe, just focusing like have trend been for Yes accommodations we’ve and quarter adding that in the consumers of standpoint tell we terms XXX is to stays, right. pandemic this supply, evolution our Mithun. India, they now the the our home of but sort or of from cottages quarters. And looking and you just kind wanted also would, been of we’ve an XXX% this it the in of all. all where emerging absolutely is as you several already on last together, were getting focus. stays hundreds days can like pre-pandemic, also, sort But them on in. And No, why premium, done think sort segment been the accommodations the opportunity classical apartments that. literally is I I or to the budget level, platform directionally of growth segment, in reason year

customer it few are will familiar we’ve with given many not platform, last, come but our but there are a point base. very, have to the on done. funnel these of It’s Few have, you’re for encouraging. differentiated property that waiting least, this hotel And the journey. base already called funnel which experience with to directionally, not actually many, sorts that make quite There notice a are we’ve that for. the already will the that It’s specific that smaller home course, we comparable that to that a give features stays, even and included, the types experience. is Of more on things a you or it’s product, we will dedicated very our I

if And Fair. question, I can. one last

segment, hotel segment. to and the Now it primarily discounts, the and hotel bit, both has a in back come little

Because for new go base? in So are fledged is there promotion in almost should expenses now we is the we or say like discounts now there that the full to scope or the this still segment? the up the hotel market, the

I I Vijit. the answered one Mithun, earlier possibly just kind of think from of that questions

now. your the question UBS you line may Aditya ask Aditya please next The from Securities. Chandrashekhar is of of question

my from question side. quick very a Just

from we is number to have we are air, from the sizes so I at going hotels, kind XX.X sizes long do it’s way around look kind look at as probably X.X. last adjusted And this this down increase when understand there it’s So international percentage because ahead? to this quarter. Is going to for grows, etc, of ahead, further. a because bit quarter margin to down increased transaction some X.X, XX.X. How transaction haul of think obviously,

I the you Aditya little kind Sorry got I out think question. a but in between, of broke

absolutely selling it’s is broke seconds. You you’re up few the kind existent prices. on largely the change trends of the in moving in But about if kind with of the That Yes, the tandem in average think right. last margins I

side also If are you change margins there overall look also, market the take similar there rates at in very on ASP in the would unless on line kind of and kind the the international is a significant domestic remain of largely largely with lines.

on expected, I ETF Overall overall we then of could we hopefully believe change. the fares on some as the of phase, XX.X% don’t therefore an kind almost believe the, expect come quarter-on-quarter overall, terms kind the remain the too So if of side hotels costs the like and on has which passing a possibly of in that is should, broad of crude relief of come in increase through oil has side impact I will much ticketing on kind on down with and optical Coming in, pricing, range XX%. like margins. to we hotel air out the again see but there about been impact do called XX% therefore

that expectations. range, with long line in pretty I in or seems So, in are as think so much line we this

Just a quick up, follow maybe.

hotel - XX% kind between, XX% But say, has the odd XX%, to of right. come on it the pre-COVID, used XX%. down be So, that to to side,

of this ahead, or the going sustainable kind how look? So we is number do

happening gradually integrate XXs. shift other into for inroads we into about line to the down issue few was platforms high it in the would and And is make range XXXX to take in the last with an in this And the that in kind years. bring tandem to of rather that therefore, get want attempt category. then expense we’re Around kind over the promotion our out a being suppliers. you high to being it of about than with entry teens, conscious XX% the Because called the doing want in significant rates XX back to this also don’t XX that

are So some quantum because the pass promotions. that well suppliers what, expense now as these guess as back into can reduce kind part the of to the kind but lot consumer we we a we promotional on of are suppliers of of relief incurring, the front of margin ending

looking to we’ve kind So in at that keep of it got context.

yes, organized So manner. pretty much happening in an

Aditya. you Santosh of the Capital. now. question is please The line from next of Sinha question Santosh Sihna Thank ask [Indiscernible] your

Thank quarter. you. My question the up during is gone regarding actually. this finance cost It has

the to that is you’d on the optimized had the what because me outlook And ’XX, add regarding back ready reason also, so enter side, to So employees the cash employees? in spending. third is to the tell of company, for question you FY can employees the and

these is plans my the has, of to regarding company questions. So exactly company the dividend give it whether are or that what invest company? So into the the plan want balance three cash to the

those. I take will

dollar On our cost the And out. impact I had because the significant finance been INR INR impact into called like has balances other the significantly. translation of quarter the vary this became

a you in liabilities, overall of cost restatement million, that almost kind finance $XX see So and the there’s at cost, sitting million. finance of XX.X ForEx the high a about of which the reason that’s is

weakening of not So, a And translation it’s cost. of rupee. these largely kind the intercompany kind for significant therefore, and the realized a the cost, more of because are a again of off of payables quarter, more like a one

it. is one that part So, of

We pruning On like bit the little a employee was called to numbers on employee side, we used place flying done out kind have channel. where of had had a the we overall our only on of the of into stores. already franchisee the many of convert were XX where kind a to across new about were stores country. we we program kind franchisee And to also close onboard and in trying of stores them

was actually therefore, quite these when of we us. So pandemic for of, of few that accelerated and turned are franchisee when heaters the as now into effort stores kind part COVID a stores

longer gone kind completely. of But of on but the of the out not over there franchisee the longer the they’ve of no they’re yes are kind working So, on payrolls no system model. I employer, folks

was that the in change employee the done structure So kind kind of predominantly pandemic. the have of we through that

increase but kind We as nothing have are any possibly to at volume numbers. employee in picks large in headcount the the not We significant of up, would looking of changes strength. marginal kind

balances, creating remain also will in cash had we kind Lastly, of of quarter, I kind like called kind we a and every out have the scouting continue of cash and opportunities. cash to any mode No already we good for remain in on to balance in the called kind thoughts around open kind of we’ll keep a last investment quarters we’ve dividend few real few And any of plans payouts currently. out or the that. are

The Santosh. you, Brian, next line of Maximum your Thank Management. of you may question now. question is ask from the Brian please Asset

you strong the Thank I much two please. presentation, results. on questions, have the very for congratulations

Thank on been supply clarify, is one how one XXXX? the you. Could of have First of why hotel accommodations as I booking transaction this especially hotels? is number relates fee the what second ask, is it percentage the does domestic to or domestic per a I work, on are to accommodation it is plans please air supply? since Could basis? And grow FY fixed economics it ticket please the And flat domestic again.

the price mentioned as on increases, are down. changes like therefore because one, And side kind margin optically percentage goes largely percentage largely SP kind or rates first the I our the are down, of the rate the peak the of flat. goes the think can I selling peak

to So the address there. it is whether price. that’s selling this increase to coming of the the from in your is Yes, likely in point effect largely

on clearly of amount and the more, hotels selling continue And particularly I seeing kind of side side. a been also On the of most the there have budget and second on of the And accommodation point we has more we been pandemic, disruption. of think alternative kind kind through of on comeback increase kind the to top some the platform. now

Brian, Today, top if just turn may said, know just city I down but the you’re like are cities has on hotel on it that. add, on at which supply. actually cities. sharing I level coverage to Mohit Pan don’t And of earlier. on X,XXX number Yes. slowing what plans X,XXX I gone just our no looking There up pre-pandemic, India, from was absolutely

It further So properties some properties. including our sector sort now of the kinds went coming more to pandemic, of obviously, in amount have there they as back functional. Last a coverage cities we And on disruption. coming getting of Mohit through out, gradually hospitality operational side. additional pick was to and of is and gets properties, steady state, huge quarter, will in hotels do from of from all increasingly coming the more was like it became XXX pointing during the it where supply slowly momentum up the which and

platform. more on our and supply more adding on slowdown no absolutely there’s So

Brian. you, question Allianz of take now the Kalpit ask the Thank now. last Global. of from please may question your We’ll Kalpit you line

hi. thanks good a on Hello, Congratulations and my of question. numbers set taking for

do of on you number off air But pricing come you my sorry, ticketing this my settling? have which, trends question first settling see bibs right? answer. if it Given answer So in this So could see so margins that where QoQ kind the the market? X% where air the you that? I So missed do have this the might X.X% QoQ XXX margins

the is price. of a not can and ticketing margins kind are air a our in better. a I no-fare of optically going margin side the in higher margins to or happening regime are a regime repeat once a because optically more. of largely like in I more therefore, the percentage fare more a They’re largely flat look lot Kalpit kind necessarily can that lot this mentioned, And selling on looks overall the lower percentage robust lot the nature.

kind in Directionally out the believe the X% X% the to been do that’s we stabilize reason that So we’ve that should for range. margins a of kind calling of change. this

like, bucks the something follow a up to how booking kind of, get, what that airline. with or And it possible every share like XX, is any it just is that? you like how XX it is negotiated So for it works? Is

margin incentives will of coming commissions from or revenue is as a So This actually, streams or include multiple even the friend what has kind incentives it whether airlines, the in. get distribution we also fee that customers, service it receive could the GDS convenience or the be fee our will fee include will partners, from partners. might or the it that on include the we incentives

is that So varies kinds of regime. kind per keeping saying that there largely these, terms I for and ticket, streams mostly are in percentage are up multiple the amounts overall therefore kind we make bit what flat the of these in fare of make a was with of

And Thanks Great. Mohit. side. more one from question my

then to X% say marketing these if margins, bips so basis, at going or right? expenses. up the from so X% X% on XXX, this you’re and marketing of you expense So another margin, also bookings potentially margins level, adjusted XXX EBITDA X% guiding EBIT to in were this see, a And going on EBIT like just is understand right at, the if, a levels, quarter, so you So, forward right? about XXX gross bips fees or

items marketing? you is you XXX increase can where on this margin or side if and mix kind some offset bips to it offset can So possible work marketing, which it of by cost say on XXX% the give

also percentage on, one kind I going to will the of investments kind the side. of vary of to that, of to brand too here reason out. apparently the was do able as this shape the build points how close actually kind in saying restart of some upon gross get about we And slightly kind we might recovery that’s going quarter it depending want to typically on forward, while also of kind patterns that booking we’ve we been Yes, been you’re

in of incur like campaigns, slightly last, longer which years as avoiding possibly to back we brand we And start part our or this are build the start on two offset don’t of of that will kind that I say, the increase the at impact recovering as And kind the pre-pandemic from coming the will from is side offset get improving expenses although I looking here pandemic. or the something as the you hotel hotels and slightly blended going margin kind offsetting to have you mix those growing need mean that from improve. could incurring get a it which term also the been or think under this there. would one So better kind should margins levels the of fact more to partially structure, for specs. brand would onwards, that of company would cost lines, growth even other that we

Thank you Kalpit.

out remarks, can we call. to and then close closing of us This We call. the are the time. the almost Rajesh, end brings of any

Thank you Vipul.

think good, the all I good of set questions.

you Thank for time. Thank So your thank patience. for you, you everyone. your