MMYT - Earnings call transcript Q1 2022

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Jonathan Huang

Hello everyone, I am Jonathan Huang, Vice President of Investor Relations at MakeMyTrip Limited, and welcome to our Fiscal Year 2022 First Quarter Earnings Webinar. Today's event will be hosted by Deep Kalra, our Company's Founder and Group Executive 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 be hosting a Q&A session. during meaning may provision of U.S. made statements considered of statements the within the certain today's be event forward-looking the Furthermore, Safe Harbor Securities XXXX. Private Act Reform Litigation of not may differ subject are These performance, materially. of and results uncertainties are statements actual to guarantees inherent future and information information date to circumstances. on reflect of relayed no undertakes forward-looking event speaks changed company Any as obligation only this this the to update

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

Deep Kalra

year. Jonathan. earnings our the Welcome new COVID-XX listeners good to for health the manage wishing the our world I to everyone like you, all first would as call, through Thank quarter continues to pandemic. by start ongoing fiscal

shared India massive was in new hit late quarter. on May, infections a wave of second call, by our As the during reported previous

day cases wave two has day. weekly Second late and new XXXX, in The in May now trending or infections in average new with the XXX,XXX a than weeks. situation XX,XXX March early fortunately last over cases significantly more with improved peaked month started a so about at

or the since million of has roughly quarter. million XX Central late targeting population early the the per down XXX per have plus doubled adults a partially ordered XXX than are of average While million this More of now only our by vaccine vaccinated percentage recorded significantly number Recently a the is the the have quarter less of vaccinated. to calendar of this more fully Today people is partly our has tenth thousand it's Government in doses of still from May. people rate vaccinated over This country X,XXX XXX day seven-day million daily in a terms, day, encouragingly seen year. over high deaths than and May. peak helped lower peak been end plus or vaccinated. And absolute also in has fully nearly reported another to

distancing, social movement While by of during second we believe new restrictions more the infections, to masking has vaccination bring gradually countries the and high as the life helped vaccinated, on population return exemplified with daily wave experience rates. normal travel to gets will once and down of

billion growth for to XXXX. the our travel reach room is Though and people has further the long-term the of industry hasn't changed. shift to over pandemic dented has have quarters shopping unprecedented, been accelerate as India so a by million While from FIS, by published users report has and the industry far. the substantial the by According helped that XXX pandemic, $XXX travel e-commerce the Worldpay reached inherent to world can few across need the been it has disruptions during experience e-commerce view over toward last online significantly

similar second this seen leisure ended impact are first views are XXXX, are the May witnessed pent-up from has In ongoing to for segment Our that and targeted recovery We by nation forward. results Ministry in lockdown quarter entire Similarly, our likely are restrictions to post the anticipation fair continue wave’s would independent of of situation than demand year being ramp ago the as increased higher demand as see better It's lifted. drive of up for opened demand chain April unfold. to continues a capacity faster recovery, fatigue Aviation wave validated to XX% to forced the past after now to improves. airlines hope than play fully that far demand top helping should the vaccination, XX% this to quarter travel second and also the clearly further going same more hotels within faired of bookings. Civil hopefully the and a out the and which sensible movement hotels say XX% wave, shut the of as loan our a pattern was and industry's recovery operating the over down restrictions, when

countries again will outbound call over for group which their include quarantine improving and Germany, have book to of during to multiple to the recover capital in recently recently vaccinated the Union borders of part second demand European induced through that of in Indian travel travelers stakeholders early loans. wave Green form by gradually and time may users governments desired a to like encouraged its made of once the plan support the playbook as online virus to Lastly We help across evidenced were good weather us the the that to the to hand operating believe during since travel Austria, color our on seen our some accepted XX trips. cash travelers environment rates, Rajesh, the fiscal an vaccines program. the more. post-pandemic to week-on-week with that, challenging first operating MakeMyTrip us financial recover will reported the I'd forgo by share for domestic Indian and services. Pass established Countries' With travel continue our the tourism announce the burn XX much increase fully bout providing travel bookings help The France, vaccination that highly requirements we of see With of us the and industry quarter. in to personal region We're Iceland travel fortunate we wave, is we July. the countries within Switzerland, use be brands second Furthermore, our for demand business to also quarter. open more to behind volatility enough believe current the use pandemic needed allowing more also has working months minimal news and over anticipate will will to coming worst assistance

Rajesh Magow

you, I are your Thank you and this during ones hope ongoing loved and pandemic. and safe Deep hello everyone. healthy

and the severe of very our due and outlined, had more approach the during of same much complete localized fact a already Deep the that-fortunately not while quarter, I a the around. to still this This wave material, just As without nuanced nearly the ago. progression time quarter country virus echo to past to the fiscal like second the QX, adopted this impact lockdown, was as that when would massive to the year to compared bend fact managed resorting to a was nationwide business

transport properties, while service during and greatly the of fact, In levels most operating hit month hardest available. reduced still hotel with were of forms May,

requirements we to to on long-term restriction the the ever-changing costs short tightly burn. stayed managing and and much During project to quarter, the minimize with quarterly a cash term in adapt continue travel of focused view, while operating

achieved As XX our less while losses able see, variable while in We night and and ticketing of in reduced to air X.X volumes restrict Also, were was travel in bus momentum nearly operating severely cost. we you times ticket more with level than ticketing This $X was by business, importantly, performance essential to quarter's continuing XX quarter supported volumes unavoidable, our performance QX, adjusted losses times hotels while increase the still post the room by nearly our the packages our due leisure in our business were and were restriction favorably can in to effectively our dramatically volumes the of times business, business. the the travel, demand lost in this year-on-year. segment first quite impacted. cash second than business compared million more in wave, wave during managing given

recorded of During achieved of and of to XX% the the March recovery followed beginning then into as the good that business January off basis. air to to flown with of XXXX, tracked momentum first number in on late domestic by in starting steep for late continue the July nearly daily passengers volumes news couple ticketing recovery of cases reached gradually XX% weeks in book similarly and June. the we decline April country drop across The into quarter, May is see business a a level our of continue the recovery new

demand vaccinations month-on-month recovery July, QX. with surprisingly, it within domestic levels We With increasing, playout far nearly daily similar our in in of pattern out June in levels there profile and so our and continuing to a continue. also by Not month also case less business is would has in with remaining a pattern are controlled severe bus load third and trend and average similar so have room ticketing of of May wave, saw XX% that the also into will seen XX% recovery hopeful business in roughly be seen to-date. seen July seen hotels nights a July pre-COVID bottoming if pre-pandemic good followed recovery we sharp to the recovery far demand

to the domestic for like remain hotels July. where of customers. recovery rates quarter. achieving levels would are starting share exceed The in led some also for bookings to same In and partners versus since by July allowed major segment our the the the and of I open capacity over more network our with Now pre-pandemic. June we hotel trends within even packages to hotels greater in room grow ongoing pleased are on the share these high volumes at been us progress see half our of lines by of business. driving on the chain we the period offering occupancies which color hotels quarter, of is partners XX% first the to keen hotel that attractive most by reported end has pre-pandemic Across premium the with Furthermore,

impactful customers’ second improve our on projects remained with focused During to the wave, brand. our team experience

and experience during our refined added We For hour second free wave. cancellations within reviews more databases travel. contextualization example, the to before greater the relevant of enriched the offering adding like funnel points also enable than upon the to need improved family interest of searches to our for respond we

before alternative their platform. us them supply, will To properties more host on out potential onboard launched rent our guests accommodation which we For our allowing to agreeing help also Request interact to with Book, by

distribution expand corporate segments. SME-focused and channel we different channel very partners continue cater to additional In travel myBiz with earlier, booking addition onboard. the for to XX,XXX to accounts. new our to convenient suppliers has the now travel to quest customer over reported shoppers myPartner solutions, with BXB Furthermore, the and added platform demand improving as for experience business

To of May. share week pre-pandemic the in at versus tough the of The that highlights January of pace we of segments flown XX% hit pre-pandemic we passengers across from meaningfully market up seeing data air XX% nearly the May XXXX, recovery book compare the of passengers in level from June. some up XX% me our XX% in number improvement July, a and are first XX% the we stands let recovery in first from of of reached of ticketing two highlight flown seen from pre-pandemic July. If on same brands XX% in market's two business. the in levels the Now, basis, daily an sharp recovery through of our now weeks our weeks

also to changes During navigate the new during rollout through of myriad QX, flight continue travelers teams wave. to help and our second adapt the products

listing personalization an of no last for brand handle with customers to offers to made changes we conversion. our greater and bookings Goibibo, As names drive on greater for even page example,

also destination need that based well on As users advisor as out search up flight, opens best to between international popularity, as of we COVID Indian rolled travel price help destinations suits travelers, and to requirements. visa multiple slowly duration their or a

out addition, embedded of help users requirements better. all plan to a we COVID In their their rolled mass countries the view trips respective further with

update move ticketing me an our bus let Now business. share on on to

second XX% we that highlighting We continued momentum are online. in and the has Northern back with plus May, so faster XX% good wave seeing daily like business recovery and business the roughly Western than while also the roughly are recovery June. since In within India strong in we our far, bus the have East. regions The trough also was by recover news of the seen inventories July South is, demand peak impacted

reduction first see second were first the a they cases. also with the As to hit wave and in the

among passengers Primo previously gain traction been customer these called operators good services. and announced has top for improved continued Our scores on bus has to satisfaction program traveling

greater In to business new platform the addition, occupancy to we on our and operators online greater volumes. and familiarizing the them tools rolled drive help with out redBus help themselves on-boarding, in [indiscernible] order available with

other our on update quick transportation and a share ground cabs ticketing. business, to train on Moving which includes

in in of volume of is ticketing. ride third was result levels, for a a cabs the quarters seen business a recovery of we pre-pandemic also pre-pandemic fees profitable of just As second week daily have about about news The the recovery of-to for has as versus cab a very our average rail and price pre-pandemic nearly July seen the strong quarter and QX rail. good recovery wave, for over three of half first

and quarter, adding within in corporate we cab corporate cabs based product the and channel for flow launched our the like and approvals usage. easier customers, During greater our functionalities type vendors myBiz employee status, specific on wallet of

have recovering of all pre-pandemic. utilities X% QX was versus companies renewal QXT and corporate acquiring results XXX% were nearly to platform and accounts in large of good for XX% other XXX of in renewed allow within active share and over financial to July, pre-COVID and – to and second enterprises nearly QX full into severe QXT. agreements biotech their in our mid-sized real-estate Now nearly me were hotel The wave conversions. XXX% the QX. SME for call in behind. we XX% seen room pre-pandemic naturally, almost XX% and night up recovery sectors to I myBiz compared close the days, Mohit for industry impacted to like and impact in successful travel in Despite companies anticipating second in would we wave With with color July, successfully seen excess business where hand our When and our seen bookings sectors recovery dropped is, accounts and Overall, myBiz on levels about pharma, large recovery to in which on we severely QX. the QX, annual trends that we've terms by share the news are XX levels in new in following some our more on healthcare, like recovery versus accounts that, the like expect to and of pre-pandemic a also for recovery

Mohit Kabra

I Rajesh. staying all and hope our are healthy. safely Thanks And listeners

to last year, the QX the the the severe burn on year-on-year wave fiscal over reported strengthened hit quarter whilst the the quarter the second was achieved wave As We recovery by minimizing focused pandemic. year. of last during of business pandemic, first over we cash trying saw grow the operational of which

non-cash over our result, QX less operating quarter of a were million million the losses Adding quarterly losses QX $X amortization year. adjusted compared were of of expenses, in As during $X than of adjusted during last $XX with than losses and last cash compared back losses less over $XX million depreciation the to year. operating million

fully seen While July, shall so industry from recovers until on particularly we the with pandemic. cost business we encouraged recovery time remain the are far the focused in that operating optimization, the

terms, on second wave but basis. was in over by During currency XX% constant down the a over reported to gross quarter-on-quarter due it increased by our year-on-year bookings XXX% quarter, the

margin the business adjusted our representing the quarter-on-quarter half almost currency an air million but onto segment, quarter basis ago, terms. constant a at level stood Moving same of on on by year achieved lower $XX.X times X.X increase a in ticketing

by the constant margin QX, at a a year the margin hit hotels ago, basis other travel wave. is million ten particularly currency market compared shown same but us this and which ticketing quarter-on-quarter of quarter business domestic strong and terms. more adjusted the help in two-thirds The the packages on severely for our as adjusted part to air stood has by $XX.X share period While in continued in resilience the lowered nearly nearly pandemic business times the in business to in services,

of bus constant adjusted As currency from times year the ticketing compared margin last $X.X for XX QX over and our stood business, terms. two-thirds level down in but quarter in the year, reported at million nearly to the improvement nearly as previous represented ago

in margin was the million, adjusted the but representing less year-on-year Lastly, levels recovery than of nearly $X.X currency reported half X.X in just times, quarter of the constant improvement terms. other previous a achieved in businesses

some efforts largely expenses, continue fixed variable quarter, will know details focus of me operating the sharply cost begin to and Let share optimizing amid by second the addressing and on costs profitability comprised reported we marketing I marketing which wave. where and during discipline around promotion. our sales is

season stimulate Before entering marketing first cases travel fiscal demand peak scaled summer confirmed we recovery based the quarter previous of new on few were quarters. intended with the rising to quickly seen planned COVID-XX, in the which campaigns on during

improvement of at prior of an expenses stood As the bookings. spending could from bookings and curtailed gross percentage gross these a reported X.X% even result, point of about be X.X quarter’s

personnel by As customer quarter. variable our lower about SG&A servicing largely expenses during for This compared flexing registered our million volumes about was previous $XX in at and our fixed $XX.X to the million in costs, expenses to QX. came achieved outsourcing reflect

second, are cost to of time with wave, the to while Jon. I'd infrastructure on that, post the Lastly, the travel the vaccination third we pandemic of a With management the call potential better of created in and we we forthcoming turn back a are level the headed focused to learning and worst and for been like quarter. passed industry increased believe the cautious tight from medical the

Jonathan Huang

management if Mohit. Q&A. Thanks, And you we please have the use questions raise team, audience any with will commence hand and your the for button,

yourself, The from your Stanley. Rateria question ask Gaurav comes Morgan and from please unmute first Gaurav, question.

Gaurav Rateria

I am Hi, audible?

Rajesh Magow

Gaurav. Yes

Gaurav Rateria

tough challenging a and quarter. in show good Hi,

capital we is negative I because a million locking number. same million, positive of a at $XX $XX the this very, is cash the operating seen huge year cash was different. my performance operating have working working was on quarter quite actually first question was capital last flow around flow cash So, and there very the and flow, cash quarter, release, look the but flow a if There

So same pandemic just when the changed year trying hit the we and quarter contextualize should us how quarter country? to the understand versus really what last this in

Mohit Kabra

So, pretty down from can end take right that. Gaurav business the pretty last quarter the started was the completely second And onwards. of I and if much until maybe the quarter much only see you quarter, recovery

linked we the therefore within these some comparatively quarter June of had better the And recovery that kind there quarter business not quarters happening to started thoughts, cycle reported better was setbacks from right you extent working upon of recovery in really – of the are like-to-like itself. amount said, within or and reported to kind as the capital June changes depending been As business the significant through manner have pandemic, on and have the a side. therefore, seen month of

So year same comparative ago. this a the a will little that May difficult between quarter be to versus quarter

Gaurav Rateria

Any Okay. And in the or be color things are on on second color changed stable? question any couple of intensity last on-especially the and on each of on the both segments, packages competitive that in months and segment? what's air is the very helpful will maybe hotel

Rajesh Magow

was in It's our sort continue months. view, question, Yes. significant just Cleartrip will, the in nothing it the be share. onto can sort to little Hi few Well, while that. last quarter a the yes, I our Flipkart. from fair take who market which from more what side, maybe been Gaurav, will the call different on much as the sort year, is point discounting, you think hold that From keep say know are market there here players out point by a incrementally et it mean to be our in gaining I other to share remains of bit of same. good of domestic improving on trying acquired of this or materially the last we of is has aggressive pretty if market cetera, to be but of flight so to also I holding could terms our whole And view you maybe are we

as action well. really their front seen haven't that We any from side on

in is change real as the no So been the past. far as segment concerned, situation air has on all-in-all, what

to clearly travel far be, as as that as of market I'm there action, continue sort And to significant on No in change focused at there sort again, from we has at opened massive no as is well. same global their that respective so levels. sure all of, given As hotels the are an out is leading the operating no standpoint, Indian intermediary fact up, well. be pack international continue concerned, the markets the are hotels all,

it's a very stable from So if again, standpoint. a competitive landscape will situation you

Gaurav Rateria

side, And obligation business. sort recent some the last Also came Ministry any question from the impact budget hotel there the Affairs, news around, about and players draft to regulations been from regulation me, how the have on the out of which putting on think on putting Consumer the on platform. flow around CCI color back

helpful. regulation color the on So be side, any will

Rajesh Magow

and e-commerce draft and basically rules is will right of industry I fair the drafted good recommendation, to is find sent given our rationale there that sort together sort typically the all would consulted draft Maybe a feedback – also the got for the as gas. various we industry where much in back. through our and And and on and be draft, am representation will industry now. it Ministry. and got of just every it in pretty player explaining inputs you forums we’ve that fact rules that together it rule And be the in [ph] space is, the the always news have our behind being And inputs first, all say to the the think I a are representations the

industry terms goes, other how an Ministry and in forum see it in representing along to very back be participation on engaged – our of own let’s we actively in back. iterative the with going to are players but this the terms going it’s the process, of industry So – and I think

there. posted I keep, everyone guess how We evolve things will

As to CCI that Mohit far you want question? do as, take

Mohit Kabra

could Gaurav, I mean, it sure, Yes just you repeat more. once

Gaurav Rateria

were operators platform, the which around obligation back there CCI put no on putting some there not budget news Yes, hotel flow an earlier. were the to

on business for that site anything the that color if us. changed has on any So,

Mohit Kabra

the Yes, initiated needs order and parties be the as well. been like be together all to share of Honourable of platform and some actually on work this on we on order the they active kind basis a consent has recently are change which and but kind of, was of, real instinct is needs that, to hopefully sure. of passed it said, have the for therefore is and MakeMyTrip Commission culmination kind a kind passed The kind process. of consent therefore initiated essentially to and or is as can consent And the CCI not and order are on the which of consent process, more with it, I that gets of we’ll we coming a consent order concerned

Gaurav Rateria

you. Thank

Jonathan Huang

The next comes Ambit. of Mehta from Ashwin question

Ashwin Mehta

Hi. Can me? hear you

Rajesh Magow

Yes, Ash.

Ashwin Mehta

congrats And terms some the on premium driven One still quarter, what drove the by revenue hotels, of being numbers. forward is in in seems ticketing that? set hotels. for indication margins question; give hotels sustainability it the more Because terms So and can the of good in if secondly, a net going increases air this the you piece? of

Mohit Kabra

Ashwin, maybe take that. I’ll Sure,

of specific of appetite in more was believe quarter statically, kind market the during we reported in extremely particularly like of XX%, calling we kind XX% be Overall, or very called paying being stable, side, the And last kind the than to in usually have really premium, best were past, the our by continue strong, few started seen imagine, wave rather time. a out would level hit hotel can a to we surprised, was been also you bit margins is which on and seen margins always the suppliers out, to of a has had find That – of XX% of getting margins of you we’ll over and a in pandemic, when put around lower quarter. liquidity terms side XX% increases kind period As the this higher that because out correcting of not slight kind margins of what on try is low, the of the drive hotel more range necessarily the on And and more significant our in depending have correcting transplant quarters, we side. are the a have mix we’ve sold. could Like second XX%, was the decreases to willing in course was there but largely quarter. this the the upon of coming exactly kind demand volumes. remain

So I the bit and addressing also, think extent, of kind little itself. mix for some quarter to part the a gradually of of a tactical

Ashwin Mehta

And domestic the by our there XX% one a look at our segment. passenger more. given I enough. Fair there’s DGCA, If almost just sequential in case, data a was in But Flight XX% decline. decline

exposures. are competitive there intensity in of So pure in terms of the side which the anything a air their higher on terms players, because are quite few air the of

a good convenience seems fee of a that in convenience fee. them terms with be that, new to are something of have and playing because get to would launched IRCTC sense lower it on So some even

Mohit Kabra

the the difference our has sets. of had remained data It’s giving market reported, therefore, strong. gets the during usually, the market. out, period. of Maybe on account over share you the in year. keep market of would in Rajesh like we whereas a a more overlap only based of It share improving domestic the of share, tax will I can based during kind if And comes manner data our Overall, two between And of booked is bit DGCA see called the And take gap of period, kind generally there diluted. our hasn’t an that little kind on kind therefore, largely or been on the packs our be numbers traveled that be also. kind more

called So therefore, of it’s the manner gap the manner a the by share, has which be that is or lost in which in on we this report, might that out kind DGCA we more not based the data have bookings.

Ashwin Mehta

Cleartrip, Okay. terms seen the which has by and from, any changes part of impacts you acquired the competitive in say, that intensity there other or in of Fair terms enough. been Flipkart? have any now And strategy

Rajesh Magow

the going I some for So I And that. intensity what we’ve There and a the side Cleartrip for what or amount last the happening there down. segment can this similar no real from a few same while. even other in it’s the is saw in the is been nature. is that Ashwin, continuing the in seeing It’s we going quarter. Nothing been specific maybe months or of it yet. take discounting mean, has players, again, in just that up either change market, last

I gets of at sort going forward point, rationalized a it bit it well. more the as as little goes. some consolidated, get mean, how see Let’s should market

Ashwin Mehta

All Thanks, for the best quarter. Mohit. Rajesh. future the Thanks,

Rajesh Magow

Thanks, Ashwin.

Jonathan Huang

question Next your Securities. Rishit, Rishit with ahead Parikh from from comes go Nomura question.

Rishit Parikh

for quarter, yes. Hi, on guys. taking Congrats a Thank question. you my decent

because So And can recovery through. the focusing. hotels could two questions. next onwards? which it not significant you. or is essentially us participating adding How So Or share we your color of I One, largely think market – you Thank some of SMEs come to value, the we terms provide be should if on comparatively what extent? again gain and I one website, just the That’s to to I’ve comes do have quarter there? trying onboarded, the just competition profitability that’s And many views, the we’ve back are once discounting driven area in think got seen by of are corporate equally second, are we the that also could the first. where partners? the how on a And think more the I right? wanted corporates what understand we help of sort little segment,

Rajesh Magow

take maybe of So them. just good are let Rishit, both question. me both

and is that, it’s from partners. sure your would you the first that to it as the And had well. answer to if just called observation make question predominantly we one, coming the your out So yes, earlier recall,

They view. So point to focus from there’s do, of tools to for depending go, they from a on point that of be definitely demand their drive partners to are different their and lot how the the could keep – the to the yields cetera. available them decide see now moving. the want terms the the lot coming the in much demand the the of of how rather different view, up occupancy area, what for moving on all provide sort want the of points, offers, features of market they or able they the different Yet, of intelligence price them on of demand variability with do based and of we intelligence, sort of volatility et is depending promotions, upon how the the lot is

market. the And of we we you sales there So the is haven’t diluted that our quarter, in And the et demand more on of to therefore, going were see should money sort large I of part there difficult keep for sort through the more would a sure. just during of lot or the really a latent our focus driven offers, the getting that own be occupancy, you seen because invest margin mind more also by and promotion would market the as in capture platform of second of partners, therefore, leveraging definitely sort pandemic, think the the the wave into that. desire is just to cetera.,

at partners platform. very the we’ve ROI investment best guess the the just able of working been I with make sure that the are making on they’re to our of them closely we the to end So get

coming two, we that’s experience. corporate, believe, side, ago important the we’ve the also and side. a of the we’ve – the started second this by really investment, kind continuously way, So again. area. happening question focusing X.X been it’s product been corporate spotted on question when play to that good been the improving we And a very on hotel that’s the that’s And had years We now making

who for at making very, them, portfolio. enhancing what booker in terms or or a whole the and just frictionless side, traveler if one side; in it’s whether specific been experience experience particular a improving standpoint, from central of and will, will the and be an the just product the in both – employee fact, their would organization, the second a you expanding the booker be of needs on admin in is we’ve or very the booker, looking In terms seamless assistant or booking a actual

international products the we and well. got both now other script we’ve and domestic, domestic flights, product as called and added in rail added cabs on, pipeline. in we’ve the for got just So as I are early hotels out we’ve Besides, international gas flights, have the the now that

called So it to more a one-stop catered is products our QuestXTravel. from a corporate, another shop for enterprises, platform a medium is whether organization, business that so which adding we’ll or large like being keep more and almost small becomes particular for a traveler it’s it a and

to large good we accounts, been market continue So interesting as In last that. on of similar to of trend medium like in keep were accounts, sort close and we’ll midsized acquisition midsize accounts accounts, that end be small, the will do We which on an for quarter, including space XXX upper well. And us about sort able XX-odd and be XXX, every it quarters, midsize well. gain to working the as previous share quarter, the accounts even believe has it. about acquired of happening of to enterprises

product acquiring focus or has enhance in was as three, So the on four travel the like capability. and the the and much business as sort lot on customers business acquire quiet to was possible the of more been focus last these all as quarters, the

rich of in we So to clearly, going that dividends pay come. believe these the investments all quarters are to

Mohit Kabra

addressing Rishit, of maybe has to what parts add Rajesh just question. to on other some out called already your and

spends I’ve of a actually called bookings. quarter-on-quarter spend, out, as of and a have that come own basis, kind our actually percentage marketing if down you promotional Our look on gross

So the quarter, reported. about at current compared quarter, expenses stood to has about which in X.X% X.X% been the these in previous actually

only through, seeing a really amount getting and actually have begin coming significantly will our we the necessarily we not time of significant start as possibly deploying is of in dented. not mentioned, end, up like go from that recovery we recovery So kind when

just wanted of I kind that out. to call So

recovery, the months of of we Secondly, see, if gotten recovery. in exiting impact almost into business if of high and quarter, into some significant XXs gone like even you XXs, terms had of domestic the see and kind which despite had of you kind XXs on the previous reported

recovery seeing this wave. of like of profitability. second start an business the million, it more amount kind comes hopefully kind impact significant pretty back, only from some which should This volumes, adjusted we the on kind high dent because be we kind cash the teens when And And pretty the come is our despite volumes. path quarter quarter recovery has to means, of of much the significant burn seen of of much $X was aberration under as to back on in probably

Rishit Parikh

size we Understood. that That would or SMEs is Rajesh, market to helpful. aim How there? on now? would was just accounts many follow-up have what one get the by like that question. onboarded large And

Rajesh Magow

Rishit, question again. Well, good

follow-up just Jonathan, have that with number. you? the But have I’ll with you this… Maybe maybe would So you’d handy actual

Jonathan Huang

Yes.

So kind medium onboarded Rishit, myBiz key is so onboarded. large about in. far. for XX,XXX And accounts, X,XXX small X,XXX program, for for enterprise, to smaller close logged already already XXX enterprises QXT accounts of our a corporate about about business And

Rishit Parikh

Thank Perfect. That’s you. helpful.

Jonathan Huang

ahead please question. LatticeWork our Amol, last Amol, are So question on mute. Investments. your ask Desai go and from from Amol comes you

Deep Kalra

are on still you Amol, mute.

Rajesh Magow

function. Amol might use chat to want the

Mohit Kabra

up. in them there’s anybody if could kind queue, the Maybe of help you else

Jonathan Huang

Yes.

ask question Citi, your Vijit next question. Vijit, please the Jain. comes from So

Vijit Jain

Can hi. hear you Yes, Sure. me?

Jonathan Huang

Yes.

Vijit Jain

travel and report mentioned I might air scale question, current what to be? get last mismatches small little be is know the number of the raised fund aggressive have color. more and a have flight business? would of domestic share looking my you that it looking maybe space, raise. share of the sense other market quarter between my be sense there market market now a of second on yes, just how your overall One some your at what I a post business. competition the right aviation have question. you two Could in DGCA question is business, And a on just the the But in domestic would the Air give given in So, you fund recently

you do space in how dynamics, So least about perspective? forward that at Air the look the from going competitive

Rajesh Magow

Sure. that. take Vijit, maybe can I

opportunity on is clarify of share take the market as well. now. close And the Our total side about maybe comments the market to can earlier our from I right to XX% this question just

because numbers as flown market passengers traffic, flown how a well. keep of have growing we been terms track do of In those good

X, XX%, average about I And about the flown been May million while for XX%, were was was like-for-like and at recovery at XX%. as flown the on at the at And subsequent XX%, of XX% well was recovery The was only on May in XX% So the X July X – was And when first market the for has of to recovery, similarly, about market flown and four And X growing June, those we for for at been ahead for then about XX%. few we of our and from flown daily July. sort were XX%. – July the passengers say and month see let’s passengers has to market in onwards. month-on-month June, XX% was June, XX% And to example, been weeks it as July, of XX%; increasing market. actually days example, also subsequently, numbers was passengers. the departures $XX of has increasing days. last has gone about

like is there And And absolute that clarify little I’ve comparison, just a confusion. as market shared broadly So already share more an is bit that to the number so this more. well. like-to-like no

Vijit Jain

Yes.

And in raised is right? guess from call do sorry, competition the can you the guess, Air one second it, How question than more specifically, the I in have here? overall times, I competitive the of part concerted of see – are see I my domestic evolving active dynamic making space I a Thank in India them is recent well? in hotel business? the effort market in and more you. know booking more do domestic my interest questions. making inbound, the but do funds dominant bookings as you Those you see

Rajesh Magow

that, Vijit. Maybe take I’ll

has pandemic, multinationals been part us to the through is that think active. partners of A and our I by Vijit, also what us hotel So actually their we have in have shared large bound. the what not of of business is with most been noticed some

We itself, in to an with anomaly now. if So the and which to the has muted. much go back as is part can think and have no they not since do that, been they’re fact, inbound track on till come efforts be them. even India, doing completely even business double there’s various you’re drying vaccinated, but foreigner inbound than carefully, because smaller a in obviously those we say used up, on they ground to countries I business on muted, nobody, numbers to anything can today, been that But much actually of because development the domestic. Not smaller no are well

down even coming to was our and were willing partners would partially. hotels beyond forward them actually hotel back. only forward much or like calculated forte desperate work either I I think have their because closely their some come costs squarely itself. We entirely than taken to ours. intermediaries. open met higher fixed a And that domestic able opportunity which we need It I deals, a are for the because were bring that think with partners, is hotels It double was who on, firstly, take So to of risks, stretch travel market we felt, And up requirement. to those

safest the COVID one where have cloud, the doubled were alternate and a have are people who to would that now down the look alternate contracted XX,XXX customers, silver been to option cetera. at getting we started close you on, of many accommodation at opportunities, we we at probably and only was that’s hotel linings such villas, looked and therefore, this not hitherto found if contracted went of now et accommodation, they properties. So lot that found more, close looking independent earlier of and

opportunistic, squarely but we I now this because it’s that in space partially well think So out strategic, think, has ourselves been, worked also. quite partially established I

we on question. that share I think what that’s yes, So can

Vijit Jain

the side. this year, on expect what fiscal in from one And you. TripMoney in me ad just the give my can look final – XXXX, at current Thank and business fiscal those updates do Any and Great. the business verticals? you question from on how you you it

Deep Kalra

it’s we definitely point sort Vijit, the them it But fashion, you is or out just both both, promising two, only meaningful while last rolled in a very days for Sure. view. long-term of quarter if because actually quite of early of in a will. from

the the platform, from we just now, recently enhancement standpoint, sponsored right platform, a advertisement the well. ad So capacity to third-party on enhanced as listings product add tech

capability. So in focus that, side of we’ve the to make having of already comprehensive that sure a terms as is more said the has But doing just started cetera., the partner been et lot right advertisement, now, well. platform

more definitely subsequent numbers, quarters, in sense now. significant, has In meaningful make – and beginning a it be but when becomes the more color I terms think very right we’ll more will that. you of able to give to it It’s probably a lot humble on promise. just more

as is to sort the now. status Now concerned, same the the right TripMoney of Again, as products. products. focus add of more insurance recently added the platform there is far more We have

transactions before way and of adding we’ll as them. in come, sharing, that become that like could continue products, product it just to the more more revenues and thinking And travel-related exchange sort the that it will but definitely of offering again, the clearly would services come much there. and as like more while we independent to well. a looking sort in is in also be foreign long-term from worth coming bringing these of long complementary time or other times where financial the definitely capabilities is platform, up. we in they meaningful at keep are platforms of the are are credit terms potentially sort are more as And travel bets. international bring the We to are share want travel the And in we And or lot now invest numbers thinking we term. adjacencies the will These card, also opens right are maybe get the back we other now in an platform to

Vijit Jain

Thank my Appreciate questions. much. Thank you. time. Those you were your so

Jonathan Huang

out please for or questions if joining feel I team, today, everybody, webinar. call to you Thanks, us for wish all Vijit. very nice our you, first free a you Well, day. directly. reach And any the have our And thank

disconnect. now Thank may You you.

Rajesh Magow

Thank you.

Mohit Kabra

Thank you, everyone.

MakeMyTrip Limited (MMYT) 27 Jul 212022 Q1 Earnings call transcript