MakeMyTrip Limited (MMYT) 1 Aug 232024 Q1 Earnings call transcript

Hello everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited and welcome to our fiscal 2024 First Quarter earnings webinar. Today's event will be hosted by company's leadership team comprising of Deep Kalra, our company's Founder and Chairman, joining him is Rajesh Magow, our Co-Founder and Group Chief Executive Officer, and Mohit Kabra, our Group Chief Financial Officer.

As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session. Act during meaning may of of Private Litigation made statements considered the statements Securities the within safe Reform certain today's be event forward-looking US Furthermore, XXXX. of harbor provision uncertainties not are materially. performance to may of These and statements results guarantees actual are future subject inherent differ

as changed no Any update obligation forward-looking only the information circumstances. and date information this during this relayed reflect to the speaks to event of company undertakes

statements XXth forward-looking of Additionally, filed filings the Copies SEC these risk the Investor the annual information on the of or from statements in report company's and concerning Relations company's contained with are factors the July these section Form XX-F department. from available SEC are on XXXX.

to Rajesh. Rajesh. Over I to would like to call now the turn you over

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

seasonality, which aided our ever while beyond during bookings gross have quarter, levels, this We in grown year witnessed challenges robust despite in evident business travel supply result trajectory. to All strong coinciding its posted by from demand with footing, segments now summer the pre-pandemic a leisure terms strong the of short-term QX as a high leisure-heavy travel as on was we market. results. We seasonal the quarter aviation quarter, Travel due in have have our continued of traction holidays, started recovery both strongest fares in and financial side profitability.

quarter at growth the all-time for rate. approximately growing market a bookings Gross than billion, mark reached pace an high of faster $X

still underpenetrated growth. for were us. after well is adjusted GAAP also travel tax million market EBIT $XX.X long-term Our of an adjusted and is $XX.X profit or for profit, record India milestones and operating of profit poised million

of travel factors preferred of pandemic, consumers. the hands Despite from the remarkable fuel growing earnings class are travel macro to Consumer to resilience transport travel will strong sector has sector one preferences and growth infrastructure population, India improving experiencing and in posed in connectivity propensity of like now evolving GDP disposable the the Other mile growing the middle help spend and areas increasing hands as adaptability. by last growth, in and demonstrated challenges is emerging the in India. income the increasingly

destinations. both As XX outbound at looking the the a to result, to domestic the to investments tourism a are years to next international growth, various expected prior Indians last international are pace travel years and while are faster compared travel pandemic. aspirational grow the domestic XX tourism adding Infrastructure in to

first generated volume IPK highest Travel partially India As lagged and exceeding Japan, by Korea travel per the for record that's outbound travel Similarly, XXXX, plans, chains Asia's those this All Monitor, placed hotel outbound in China, of aided of World the time of cater recovery orders in major supply have time. all China. number to demand. planes the increasing to Indian new expansion announced have over for airlines South

with personalized excited to continue We travel convenient planning booking. experiences the fully to stay and technologies for more opportunity provide and on up focus leveraging geared and future new about

are powered brand market. the ahead cater experience product tech by quality strong robust innovations, of depth Our customer along stay of helping evolving travel-related the with strength and preferences offerings, and consumer to us

growth XX% season load of to quarter in supply for quarter plus supply high supply the The continue witnessed this flown now, leisure market. affected on deployed was by airfares. factors airlines. air was partially account segments we driven record leading domestic go-first higher offset during due other additional As and with passenger issue Domestic the gap to business share business, by during in starting strong ticketing travel and air to higher

situation granted resumption to we arrive coming to expected for other see and to approval supply quarters for plan hope With airlines, in aircraft the the DGC go-first additional the improving

segment travel pre-pandemic three outbound our levels after helped finally also years. demand almost recovered to Seasonal

long-haul pre-pandemic visa-related and surpassed issues. still international Short-haul supply While travel the haven't has constraints to levels. recovered due destinations fully

the expect overall segment to growing air further. ticketing We supply keep international as situation eases the

to to of cases. larger to variety a continue cater our use We innovate product

we India offers At Incredible airfare destination. inspirational in quarter to an Prices, travel chosen leisure their discovery economical launched to about product the results multiple most from During India called which the destinations travelers Incredible origin

a The searches India early leisure as have on significant destinations encouraging we are the funnel. results in for Incredible observed increase

offering to contribution also for their an traveling we appreciated was to industry-first and to This us business. launched overall students international academic flights studies special quarter, session festival June during college coinciding increase the benefits international student for period. commencement the During highly helped of in destinations student-led relevant with our

Our stays quarter aided packages and both by and growth witnessed accommodation this which corporate in business, demand travel. strong includes robust hotels, leisure home

We continue supply and expansion improve focus discovery. on to

personalization As improving in in us in the this is behavior search in helped spread which than a has result an we quarter, during improved widest with XX,XXX-plus results online unique expansion underpenetrated in sold cities, properties X,XXX the business. supply more category. buying This achieved

our While booking pre-pandemic quarters few a back. cross value gross levels

recovered international line nights with recovery in the to seen business We've good outbound travel. hotel quarter also pre-pandemic momentum in have also levels. this During room in our

features for Many countries our journey and consumer. UAE, delightful the few ensuring Vietnam, surpassed experience Indonesia, end in high-quality already volumes. hotels pre-pandemic to We have introduced of like Maldives industry-leading a continue

our cities. last customers Tier advance and in launched deals received fantastic particularly adoption X in fluctuations. quarter, from benefiting with helped users confidently X has zero to This Tier their payments now a Book can and from trips avoiding price response was exclusive upfront feature payment improve no innovative plan with required, rates which

cooking before amenities booking. meal availability kids segment us of premium of We destinations. target options options, have coverage to details final we offerings our leisure get specifically Learning business enhanced continue such This of around increasing for insights chef to mid place meal our the consumers meal at consumers property, with meals, extended to is one at stays. helping from as homestays kitchen scale to

quarter scale the during us helping and significantly. strong successfully quarter. business packages business this We Our witnessed three thus growth conducted campaigns the

partnered packages online. Europamundo, industry tourism latest global have leading with We player India the international travel to bringing and a in for holiday

added XXX The itineraries new our destinations to to existing further will X,XXX unlock every combinations be of nearly over partnership package capability and catalog bolsters new partnership and this to to cater With portfolio traveler's strengthens global options. our holiday MakeMyTrip's preference.

Our saw bus ticketing continues of business to strong a across addition results. country. significant deliver the QX supply

high life schedules regions. Our to for across has operators most increased owing daily or private bus supply significantly occupancy

expect be fleet During April second of and the we the to strong in half additions year. May,

ground users continue services such transfer is platform. well. cetera This rail et scale tickets, the other to Our helping segment intercity as acquire new for cabs, us

market ticketing X.X organic app iOS business, standalone continues for rail redRail in high app with We share be downloads the and both an to are on gaining rating at Android.

Travel Corporate and myPartner on update quick a business. Now

platform where both BXBXC myPartner positive flight we accommodation partners. is and gaining booking traction from Our offer our

myPartner already quarter. Our travel recently And expanding XXXX and launched more now in partner GCC. the we every We partners count than live on have is XX,XXX-plus platform.

Our Corporate Travel business is up. scaling

myBiz And active is has every now count strong XX,XXX-plus. Our customer QXT reached addition with on active customer quarter. XXX for count

management onboarding We Expense continue multiple myBiz for to HRMS both simplifying completed overall and expense add integration thus more travel platforms, We and capabilities on and automated for employees. corporates time reducing platforms. and Management our to QXT

by the quarter value Our supply doubled product OTA significant avenues. year. the in richness is growth Gross over and Strong GCC features, last key steadily. booking business progress same in was new building in last momentum growing building driven quarter

we in showing working pricing in organically. GCC growth economics, significant revenue traction and with contribution remains of while but acquisition management, on Along been improvement good have improving unit driving overall efficiency small,

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

we the quarter out that to business initiatives the Rajesh and Thanks, cost Albeit, of is had the first and the XXXX hello behind in leverage rationalization fiscal truly we The everyone. year now us. new the performance pandemic-impacted strong well period. rolled during pandemic continue indicates,

as invested strategies or taking view During we or which also three key have this period, are areas longer-term behind a follows. four

upgrades Firstly, supply the to side drive on synergies while stability the of underlying enhancing across scalability brands, platforms. the and technology

personalized enhancements a providing and side Data and for requirements. back-end online customer-facing variety the experience, the driven abilities Tech and to made deliver sales by wider service post highly Science resolution on machine customer of learning On significant

increase Indians Travel One shop our their Secondly, and all manage service travel-related Stop platforms, to travel for book or on explore the offerings needs. and Super-App to travel be the

more lengthen breadth the expansion, options Accommodation our Thirdly, which the side and across to space that the more customers so particularly hotels more alternative and getting country, and choose involved supply of price points across have from. can accommodations,

up well cities as Lastly, a by after other through our online increase various of Tier tools Artificial to demand new the offline beyond segments scaling new our and by segments curated generative affiliates. outreach target as targeting particularly X and bookings sharper platforms Intelligence agents leveraging customer

growth, market positioned the above, the of leverage and result business a improving demand to well outpace recovery is profitability. As while

year strong business are fiscal to the terms both XXXX, as growth of in pleased, we begin We therefore quarter and a report profitability. new

side during certain hiccups the consumer were travel seasonality demand While sentiment. there quarter, backed continues robust positive to be and by supply for

strong witnessed turned year-on-year till of has us all one in and out quarters which has segments, profitability date. milestone gross of be growth well bookings as across terms achieve have helped numbers our this We as to best

$XXXX in million came constant billion a currency year-on-year $X first precise, XX.X% growth gross or of terms. over the quarter During to approximately at be reported bookings in witnessing

XXX quarter margin EBITDA the which a year-on-year. for an growth XX.X% of We of quarter was compared year. about around for witnessing same the basis points, $XX.X to quarter as EBITDA delivered, GAAP million the XX.X% expansion is of at last

XX% $XX.X stands year of profit as almost $XX.X million, at to quarter year-on-year. adjusted the million operating Adjusted compared or an about last improvement same EBIT during

highest As already our during ever the by these numbers called are quarterly Rajesh, out business.

focus we ahead back expectations focus While on growth continued on margin sharper a our on medium-term achieve and targets business cost glad strong are of efficiencies. our the our profitable to of growth,

the Our optically year-on-year rates at air supply one was with higher at of XX.X% QX billion stood in $X.X stood to as on $XX.X of a the quarter on by margin a operations the a shutdown of of ticketing currency Take constraints of seasonally of contraction result year-on-year million constant at the X.X%. lower currency the gross strong being growth basis. on ASPs for quarter constant strong the in witnessing margins airlines country. and margins account a growth registering about stood in the about This line a due low-cost quarter basis. XX.X% Adjusted bookings for a for

during over the stood quarter. million XX.X%, bps hotels line demand million over business constant year-on-year the for the were quarter $XXX segment XX.X% in quarter currency trends. basis previous and a bookings the currency in stood on the Gross XX for an Adjusted witnessing of constant Margins a the about $XX.X almost growth of expansion H&P margin at of quarter, strong packages growth at with for in witnessing year-on-year terms. XX%

a for on constant stood In our basis. bus bus currency over at business were a the ticketing growth registering Adjusted terms. business, Margins gross million margin currency million for at year-on-year the $XX.X in strong about quarter constant at X.X% bookings about stood our growing in quarter. $XXX.X at of ticketing XX.X% XX.X%

We be under our and continue to with sales and customer expenses specifically regulation our prudent the marketing as reflected promotions. costs efficient

of in continue year line bookings to operating previous went and campaign with quarter, and in live quarter. as a the with expenses strong the Most quarter the our to call sales During we costs came in reported Overall including last brand be of to X% campaign action at the about and X.X% during same top-of-mind accelerate in gross drive marketing the the X.X% compared the quarters. quarter. brand previous recall to promotion quarter for seasonally other

at As pursuit free at or deployment cash restructuring end towards and of of could the in about our the growth future stand repurchases. cash this million. capital in the $XXX of opportunities Potential via share quarter, cash be equivalents

widened of had notified have we we include also to repurchase quarter, last bonds. repurchase the our that plan During share convertible

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

Thank you, Instructions]. [Operator Mohit.

of The line your America. Salgaonkar from the Sachin please ask first of question now. Bank question of is Sachin,

Congratulations for I of set questions. great a three Vipul. Thanks, have numbers.

hotel of mix First perhaps question, have favor air. hotels, improved. the growth clearly slightly a shift and also because quarter one this margins subdued the in And strong of sees in in in growth

one look your point Mohit these should quarter. in EBIT So ahead. the To EBITDA out medium-term your sustainability of here targets you going margins achieved this the margin at question how that is and

Let me pause here.

it XXs. the I point from business you think of into from mix look view, the now of at a -- is a early kind H&P if

historically at pre-pandemic the to seen of kind close almost period, XX% have mix. H&P contributing even you the of If to kind we of look in

potential further improved still packages So I & in have there not think mix. as is to for the holidays going

to We While kind get we of should lifted. coming growth we've of could in believe in ticketing air constraints supply as the better see coming the range short-term from margins the of be blended continue that some quarters posted. kind in

slight few the sustain. marginal through coming seen last improvements that quarters over potentially have should We

that. Mohit Got actually at pretty clear it.

understand And at the XX% year context are just question a base from Second kind last to for the six wanted it you an first low industry like -- look should of this next more a comes clearly year growth was one to more the the how that quarter like in nine months. guys year, but a growth.

is industry So for sustainable? growth XX% plus the

much factor travel of are kind of on a spaces. right? And that the growth on by the we of side, kind one is industry, representative online growth get increasing plus the of penetration, incremental in the Growth pretty growth we the online particularly

et like getting to better-than-industry with we think increasingly online So, and buying so the comfortable that coming on trend should continue us accommodation, of segments in I leverage growth continue years. consumers behavior for fuel in particularly underpenetrated to cetera, the the

typically has rate can Sachin as been industry put historically, in even was online this that is And quarter Xx. than we've is the thumb growth Mohit, historically, to growth growth Sachin be online/offline say, add at saying. maybe, typically sort let's always seen the out, called And faster rule what XX% of the CAGR, if we if our the I industry then rate least it like typically, have we together, just overall as well. overall will

to that's So, about some additional sort think for of of the growth. that. directionally points But way the sort

what book what or of guys a taking launched you and a helpful. sheet Rajesh of i.e. to zero your wanted payment, quarter. the And should understand the Thanks, be on that risk on last look numbers, just more of anything impact Okay. you this How the with question, explain would last one Mohit. or economics I to at are bit balance kind

at is risk the partners this there the let on not consumers, basically take a was working time and There because the where the this are level this. behind. will behavior – it for of more with necessarily offers insight, booking in it some really travelers of of is if advance, the the me on just to is just back-to-back balance you sort okay, feature thought certain over sheet just Sachin, that flexibility also drive sure, no XXX% work

just for there is So, flexibility you the say, can don't upfront just you you any will feature and trip, you And to go up it, -- consumer, can ahead give available commit payment, the let's your make the that you book plan as you started your because can to just be mind, money. guaranteed. have booking then final to make but your a

people really are the no at and it customers their -- to standpoint, arrangement become a net good they're just sheet come they more really if even way increase more Overall, finding here. we popular the consumers' let's useful, that's would or block feedback significantly balance in So, who an existing coming reserve coming say, the back-to-back increase booking. risk. that be already, impact it booking. be There's users focus here. up end mouth And it coming looking that there as the and more users, the canceling the of the from of it, users funnel from will minds and has effectively it, in will impact back or There's new is that wanting

little offer the be a because to of net-net higher, cancellation is the only number impact going is And say, even nights. in the let's rate there's room flexibility growth,

we at there's in it, balance risk no that's this. are So the way, but sheet involved looking

right? point who payment. doesn't minute loss risk, perhaps, let's any make the Rajesh, cancels this It's who and when to a So then the the bears loss? to your at of say And someone, last consumer faces

auto it's that's it's actually -- we Sachin, way plugged have cancellation it. No, and the an

that the auto So are in the cancellation hours it's lines available the advance, let's let's hours happen, where for with an partner is back-to-back payment that the XX say, is not does advance time in happens say, free or that set if cancellation accordingly. arrangement XX

is from the received automatically. happens payment the the if not customer, So, cancellation

best Got it. for all Thank and you the future.

Thank you.

Jain Vijit, question The may your line Citi. Thank question the Sachin. please Vijit you you, from now of from is next ask

Thanks, guys. Congratulations, great Vipul. set numbers. a of on Hi,

with two questions that of my and that you buyback from you know of should One, cash how is cash targets I to want favor on But use of buyback? convertible I debt that I understand $XXX free side. aside buybacks Is from the have dividends know that Just you buy you in mentioned would it? million have authorization, back. settled and between

as repurchase plan, think I what include of bonds. share is mentioned, kind So, widened and to share Vijit, it called currently repurchase the I've have we convertible out the the plan

haven't We has $XXX plan, the of this is share has existing be available such. as which open the quite made a repurchase the wherein plan And carried kind any plan, years of forward plan. around any -- exhausting dividends for closer even the are the carried few kind on been million. comment kind of about we been within to an to kind see balance overall is of once outlay increasing We which should

I one should $XXX So, the feel not to only that is of million. -- the think restricted plan kind

Okay.

kind are be much repurchase. of could a able upon to depending how outplay, much It larger we

it. Got

because just any So, that in a between rationale. choice obviously there's just a driver a wondering for and ask for any I'm there's Mohit the buyback. US listed, there can reason dividend India curious if something is specific for I'm about I but that, like if

for couple us. So, the rationale of a things driving

kind discount. bonds, at to said available look they're would of convertible a bond and our preference end certain of convertible meaningful repurchase three year has we which five, at while a preference put it provided have year triggers I've you our be like, the If be would

a about discount. been said, kind pretty at it's of get XX% to almost trading I've They're to strong like XXX%. them difficult However,

in first convertible we of the preference the So at on bonds. share would the side. And of kind the thereafter, look lie repurchasing could terms repurchases

our is at the prioritization So end. preferred this

you can increase Mohit. of I Sure from a my jump areas beyond expenses but quarter things those related payment But see of second is bit this there. great. it. be coming Got a GBV around mentioned you gateways will on X.X% where the somewhere just behind quarter the question of where fees color that this I that the investing and is on give more kinds if is, other know quite you're

in And follow-up X.X%. the end margin X% clarify your just that obviously plus. adjusted number, top addition hit of you've I that of target EBIT should to the just X.X% comment? interpret your you're to that how a target to on revising wanted I earlier to if Is

expenses first a a and reclassification little certain -- one, is which cost of under other On now have category. earlier this the coming as result of of also other been distribution expenses operating as of were a expenses bit cost reclassified the services of in

we from a the around from in the So, business in and disclosure bus made X-K our coming largely affiliates same. overall ticketing business. the It's also

little this of in thing bit an the in as coming a optical So reclassification from explained X-K. the is

margin to adjusted and adjusted have bookings. really as we about recollect would mentioning over we of get teens of quarters, percentage one, few to percentage you bookings gross and the we guiding like that at that scaling about have terms of in profitability second operating the look been up if a been gross would On it, on you of gradually margin we're last X.X% that to get of

this this were level which on hit acquisition of customer that I quarter, optimize particular quarter. we seasonally fact costs think is that to strong the significantly backed our we've with during able also during kind

constraints. So, had of certain amount supply the quarter

or kind like sales strategy of transaction spending promotion tactically spends the rather say expenses which, therefore, in As marketing expense. at of a about kind short-term-ish driving brand result we're kind of sure have building more And tweaked promotional than on made our X.X%. we overall came that of and

X.X% believe expenses the we For at mark. these in around year, at the I full coming X%, look could

like quarter. have momentum full the keep in to seen momentum year maintain levels. kind the to year, the last this Even like and during we would and we we the the profitability try also, of we kind generated of much first the had were year around for pretty maintain that profitability first on However, able quarter

general. The World Cup had a can one Mohit, question time if in at India I business I if last it. World you that Got the any in. November, significant in driver sandwich hosted Cricket is don't experience Cup. that last know, around

going We around seen in news bookings high places to certain levels have already.

So thought, on I'd I that get two your bits just one.

as that. by hype of interest there -- take there's fares have given of so India, up, a accordingly in up. to hype. that Potentially mean I everyone rates is even Yes, a in this to as where is question. act prices excitement surprised be hike Well, it virtue domestic going gone Listen, watching to definitely obviously therefore, of see and much booster there is dates perhaps not already rooms bound could it and to hotel -- cricket happen And maybe Vijit, some already, be for can There you're matches I that traveling up going noise the asking of know so industry, the are travel, lot that specifically cetera, and there the to are there's around destination, those can I'm definitely overall and to travel et around is also and the go the demand potential. in have sort you right? is the there going started is I because therefore

there will be clearly upside. some So

we'll opportunity tap for will preparation end, ready to be, doing that into be us at From see. much Now are to this -- as to from we able a standpoint possible well. how our everything be

a of well it's for inventory actually these place, have Now, accommodation for hotels, of additionally, sure in but that necessarily some lot the also as a great on be not it opportunity the locations. on the making side, we homestays

travel and with happen the not say to it. So might along obviously -- that

the that growth during witness. it the be additional whether overall, that or So air we growth definitely incremental would overall is period, travel will or growth, or there some transport accommodation ground

so Rajesh. questions. Thanks, you, were Those much. my Thank right. All

Thank Vijit. you,

Adukia Goldman Vijit. from the Manish line next ask now. please question your The Thanks, Manish, of is question Sachs. from

Vipul Thanks, question to question. Sir, Vijit's question. taking hi. previous a my my Yes, follow-up for is actually

Now, look lower we guiding to to X% years to your and you're then to now when couple the the a you And say at mean, bookings, of marketing back, gross numbers X% Mohit, saying let's X% spend of about I was to come X% X.X%. at of were guidance X.X%. course X%

So, Because in what to is spend actually terms down spend, travel let's the meaning what say see reported. do look risk the global there at you to spend like marketing downside there you for a markets, of in lower is the marketing competition, market you is I even in marketing has of you further? room come when some think think have still structurally OT than

your great. that be So would thoughts on

Yes.

as evolving coming in and well. transactions years are much expensive, clearly an now you had rather which and there's keep to right? over action it's quarters. a or base. repeat kind customer of trends from our pace increasing calling actually definitely customer And that things. of I existing for One, there our from orders called of more kind we've it customers customer improvement expanding transactions that seen plus our out scope been last how keep the or few almost base generally opportunity overall acquiring the now XX% that is customer acquisition in to And of than three been linked as Clearly, are our of have much costs of few think, rates two One, the we keep coming out. that the in repeats, how is we -- new

I being kind mind What sales also and called margin the side a we little larger accommodation was improving the requires push towards where mix therefore, we particularly marketing air an therefore a little had And demand, supply-related and keep the certain particular the of the quarter, a business, this were a hotels blended anomaly travel. bit out, of usually accommodation promotion said, sales little there a see marketing side. we the like in have could promotion on also right also need as packages. larger constraints, mix work and to ticketing That bit overall which as increasing bit is, keep side, impacting there of on of and been

where kind prudent of than these gone anticipated more they we in would in be able the few previous of have in around industry of particular quickly on cutting and in to lot we slightly business Therefore, on of the this to them the these depend impact it particularly acquisition customer a again or trending. come come air to back some we've tactically based have kind it X% costs the therefore quarter Should quarters coming much will of should or sustain recovers. quarters. this how side ticketing levels the upon the levels That pretty kind lower

to X% But should be that if like a I to of range range in. that good be said overall, we can be X.X% around

online dynamics thirdly, competitive of is customer operate and increasing that have like two scale segments that the of in, easy. and of our penetration one is factors the I of are of kind pressures. easing contributing the said competitive side, we it yes, been each competitive size kind increasing increasing in And On to base

that. Is quarter-on-quarter. about. for point talked basis The quarter-on-quarter about question XX about to much rate so large due reclassification? take My we've you the reclassification second Thank hotels cost points that bus on a on part that that seen XXX and increase is segment service in of that basis the of

explanation -- coming and is clarifying section that The hotels. an in of an in X-K. coming ticketing reclassification impact something reclassification. we making I the there's that of hardly is as from that in have the on hotels Actually impact was largely mentioned and Not margins. any kind bus specifically the here the MD&A And therefore,

reclassification. part you So, X.X% is about X.X% ticketing see in the large of to upside going in the coming yes, from from bus that

my hotel is budget -- the budget and And hotels on last in recovery there. question segment it. Got the

rate past the meaningfully you've to improved the And in dynamic the quarter-on-quarter recovery last mid that has in lagged take the So the end expansion quarter? basis? recovery premium on a called is the as there out there has driving

is. the impact budget XX% to through it of well. segment. Yes you recovery the improved that are coming And XX%, And It is. as therefore on about see some is. margins now close to as segment do budget super It the or we well

much Thank taking best. and so all question for you my the

Manish. you, Thank

Next question Suresh please Macquarie. from may the you ask Aditya from your Aditya, now. is question line

unmute have Aditya, Yes. line. will ahead. you your go to Please

you. very have specific Thank question picture much, I then Vipul. two one Great. Yes. Thank big questions. and you

operating come obviously So leverage through. it's see great to the

curious to whether beyond you're dynamics of the a understand changed one that Could the about month in year Deep you're Rajesh managing just business? past what's or really of -- terms business of how So in how really terms I'm market in or one be what's really managing speak the that terms Mohit. for bit in you changed

Yes. that can take I Aditya. Maybe

I say two I not would would actually three the I pandemic the or changes. actually And period. for big last say year including think just one

think businesses and And sometimes the it the slightly opportunities also you harder to How cycle look actually differently. opportunities. down you pushes the at look and throws possibly could at

to sort technology possibly do of, parallel what double that opportunities need we into on on front folks attack down the call So we and the what areas the availability can decided segments specifically front just business for those. those on whatever got the and for was focus sort could So tap be big that and we that we that just, in can development of new product product the tech right? business one that? out then and is we think to or to Can opportunity of and and on of can we we our our that potential existing --

offerings the then leverage the as platforms technologies already to and offerings just resources also sort the technologies latest supply a already pre-pandemic, So like to product platform improving we expanding years. cetera. significantly, in but had that experience, built segment on we've calling of enhancement significantly, the myBiz sort like one-stop just on on and shop the and out product the build make was platform side not been front-end we of BXC expanding multiple started the side there corporate mean focus those literally but was there and that we on all two some only double deployed all I that the et issues journey of, was fixing down

GCC platform, the platform, TripMoney myPartner out for that can power the and redRail market launching potentially similarly we launching an user of affiliate new acquisitions. many platform also there the into fintech building horizontals Similarly

was So and the I product one say, would that tech it. part area of just the

was the budget in churn but The on and quality saw also up nicely, bringing saw, Today, opportunity There saw segment. supply down an our market picking properties the have Eco the in hotel there we doubled we that. building was second, homestays on interesting well. happening, category the and you in was strength platform an as Space very then on and that opportunity opportunity the supply emerging we about XX,XXX on we where

and of and for of lot work specifically, the domestic so a supply side capabilities front-end building host host then the So, expansion and on -- on. the hotel dedicated homestays also building application on supply or home

that invested bandwidth behind that had scale. lot of just the enhance thereby say, productivity we of scale, and we us we it, customer which course building service deployed would could of sort just rationalization at outsourcing customer at looking agility the a self-service a post-sale do lot side cost I was the to helps and also of for again, sort the opportunities gives significantly experience and post went sales in at the sources platforms amount And of and third, side, of on improved again, pre-pandemic, the – a and into reducing

all overall, areas but more the standpoint profitability importantly helped economics both these unit on the improving, areas us have adding new sort also scale of growth. So, that at of obviously,

all, was the the terms opportunities all of we basically while at of So, come an it out post-pandemic, looking track just to help you potentially were how could strong saying it crisis. in weathering best separate as where idea a in of just I'm sort of the

things Aditya, are that probably calling the worth So, out. these few are

Thank Rajesh. Great, response. you that much so for

comment, your improved other your that's also I whilst understand the curious, next your But you costs years. have just couple and how line up I revenue to I'm how really in steady, employee as guess line been call to speaks the shapes think of this well. productivity out, is

the thinking grow staff, Maybe guidance productivity, salaries, of how as business. per ESOPs, you're kind on employee. kind some to here of You're we about continue boosted

be Maybe, should I this comes increases seeing we largely of That kind can significant seeing, inflationary of take When the around is increases as I that, mark. XX% be think costs, it side. headcount kind any overall, Aditya. will to what say more on personnel the really don't we to expect have

what well. compensation, a like, and comes consider should forward leverage operating you absolute in largely the kind it SBC the provide costs of range remain can of costs is, as number there share-based When ballpark cetera, therefore, et specific same lot going areas that or to of

Great. Thanks, if one additional okay. Mohit. I that's question had

that just we capital. think about be is coming agree come lines So the mix. how typically thought back And and impact capital that have two comment? I the -- forward? would see Would a see these tend working in hotels positive capital should to on you'd And we thinking going release with you that back. Clearly, international working as working

the follow our deployment working trending over kind a of in high you would if capital. years, Usually, seasonally see generally quarters

quarter essentially extremely coming management as we've this seen a capital cash focused on the we side. on release However, been flow have actually because working well,

quarter seasonality, have that's that a of deployment positive over So, is big peak because see years. for that a kind in the otherwise reported, the there usually actually we we generally a

as is in was share understanding of a much booking But giving Mohit, in as hotels that kind have of mix, kind as advance specific I my the more which stays guess I'm question advances with your you platform the of you. I'm

back, actually come -- if right? and check you was until in you? so working impact should you a stronger favors bit see a as more So working more I capital the positive And I impact see wondering international which hotels there's a time travel capital

lot, with a Later a using capital We're there packages. kind intent. Book from on mix coming we're cetera, variety of of kind not we necessarily kind the significant the business. campaign right? around will quarter kind & Pay really options Not of any hotels or Zero, and et in because to not working the see accommodation you've Book at of build of this at whereby features coming really of such through Zero increasing also the be kind see That's trying don't capital So positive whole possibility working was as

clarifications. much you. so for these Thank you Thank

Sure.

Thanks, question Aditya. of Rateria The from may Gaurav question line the ask is your of next now. Morgan you Stanley. please Gaurav,

audible? Hi. Am I

Yes, please, go ahead.

a forward business the second trends your should from flow. supply quarter itself? easing. see should more Hey, constraints on on start is almost on margins and around this a question or going phenomena, air My congratulations comment Is with ticketing half improving happening term magical first cash like it near

in most commentary starts planes Group generous the the firstly like to of thank so don't And scheduled And will the Gaurav. help. in that for it I in you, second more my and say for the would onwards just happening thank comment. deliveries -- that immediate ease what out. That's well, half second when and the that from the airlines like trying is because future are onwards, Akasa half Tata you matter. running But think or come Indigo to even quarter. Yes, start Gaurav. it was to others not for I as likely Yes, come in -- it's for I to are in likely think

Got it. Very clear.

where industry your again from? growth from that gain comment faster question market you growing than around an share overall H&P the in standpoint? have volume market made Second segment, how some And is you to you got understand

I number will every I at. sort is data No, overall available in that day. the at good we market it have DGCA an looked like of hard you think not there level, air really is is that the like it's out any very get Yeah. structured data a mean that number third-party comes

every market last of looking necessarily based what But on admittedly. to data is that your the digit what So even recovering is that platform, as rate segment cetera. year-on-year. From segments to you Mohit that hotels except also the not back, pre-pandemic is at compared budget. pre-pandemic at And more our a segment gain, time comment et with level, and share we see that's the our that pointed market say now. specifically case looked is growth the nicely every know some out the across let's than our we've sort as XXX% Budget, or on level

basis occupancy. conversation partners data, side, collect then, some that the are the you neutral and industry the your reports on that some which supply the there are with And on

-- think share that your in the all that actually and bring based So, some the in of of gained we you segments of the have into hotels. the you majority calculation on of in estimates that

if sort details and comment get really you way color at that So, into basis that's of more -- but have it. looked the the can of want we that's would we offline but

around it. question Got last My generative is AI. the

how more certain the process from to do features. around it disruption the alluded way about personalization done to disruption overall efficiencies there and search whole technology, You think -- the risk product conversational booking selection becomes disruptive you being where completely new currently. and improving using But, this travel is of of

innovations product understand to terms be on market? that of trying Just could in a possibility this

is with that did lead if to there is soft want this to our assessment, promising. possibility. disruption disruption. so, that it's mean if of may any that technology And is there actually is looking I to I And huge conversation se we likely per No, would we cause, only technology launch our flow. say thought this

the penetrate into which India customer improve better that's three beyond if and robust have could to more we relying And works, to we that cities on right flow XX hybrid help will, literally the are models now, you cases want and particularly, there or language are on the deep Bharat, also which is that to focus. really and with or in reach us which are use the two a working focus experience the

and areas level are software The also to leverage the some development in think efficiency you doing the we on work to gains I if gains. there the some right prima where in or is some that facie focus of be you to in technology do are lot areas because next of that able still productivity see on a potential, bring to should also deployment then get the some system, you other

deploy of not but going use an technology this you comment, sort an important caveat as that add But to learn. may you maybe particular sort is additional journey. case, it just And will a every if in be of I

not the it. take you pretty some keep fine-tuning you It's get will you every It's learn, that it and more get technology. will accuracy, insights with going time XXX% overnight. happens Until time. is You -- to and much will necessarily not to

serious going or able Some but a quo you really is whether overall be there or journey. In very to to productivity customer is areas, us of to for gains experience gains, to see quick you a promise be it's improvement be right? the amount sustainable disrupting visible gains, status would but all innovation it

Thank Got it. future. you. the best for All

Gaurav. you, Thank

for that Thank you, we we have closing This question no last hand had in was Gaurav. to questions, over Rajesh the If his more comments. the queue. I'll

Thank Well, time Vipul, thank you. everyone. that your you you thank for and and thank you Thank your for comments patience, all you today. you nice you have and made thank the for

for Thank everyone joining you the call.

you. You please may Thank disconnect.