MMYT - Earnings call transcript Q3 2022

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Unidentified Company Representative

Hello, everyone. We're starting the earnings call now. I'd like to now turn the call over to Vipul, please.

Vipul Garg

Thank you, Ruchi [ph]. Hello, everyone. President, fiscal at earnings year Vice welcome Limited webinar. Garg, our to XXXX Vipul Investor MakeMyTrip Relations and I'm third quarter Founder Today's Kalra, hosted be and company's event Chairman. Group by Executive will our Deep

is and Kabra, Officer; him Chief Officer. Chief Mohit Rajesh and our Co-Founder Joining Group our Executive Financial Group Magow,

These session. and of to as statements event the IR are available date information the not made for today's future undertakes harbor performance, meaning prepared on our As uncertainties Any forward-looking live differ recorded considered event of will hosting reflect -- be inherent speaks are is a safe also reminder, statements only circumstances. end of recorded may event information Furthermore, the of Securities provision a Litigation XXXX. will of and guarantees subject shortly At actual Private during after to remarks, this we Q&A changed forward-looking materially. no today's update this website U.S. results and within be being during relayed these certain this obligation by may the the to company company be Reform made of statements and replay Act session.

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

Deep Kalra

joining healthy. today I quarter earnings sincerely is our keeping Vipul. you, hope of call third and Thank fiscal everybody safe to XXXX. us everyone Welcome

remain the high, coverage It on This positivity is over definitely and assurance first a XX XX through billion fully the group hope gives another remain have will by driven start India's the this quick adult in continues and that situation doses, world, other variant. like low. surge severity December years wave rate the me that is of while cumulative in to vaccination around in XX% Let the going the countries India's vaccination of in started the Around children the coverage see been being reassuring the XXXX to giving COVID infections population XX% also by to time India, vaccinated. inoculated of Omicron country. vaccine. has dose old crossed with of the age X.X country's with update

seeing like previous the of lower daily decline predictions in new also with of onset India, by waves. with slowed Omicron Travel the Going wave, health albeit of in India soon start travel restrictions the relatively the should infections. number much experts, other countries, down than

of Leisure ease the the That in travel said, being form people with question. the country see has hit months. moderately As continued travel road the high, domestic situation travel out low, understandably with the overall undertaken sentiment a again waiting taken travel but severity to remains in to the as begins essential coming to backseat temporarily. remains

pent-up XXXX, demand back broad end began Omicron Unfortunately, the fueled year strong spread witnessed financial quarter. sliding high remained domestic the During of recovery the December, to of the sentiment reported travel considerably although we in riding season. towards leisure as the demand, travel third festival on of during holiday winter quarter saw travel down travel a and by further for quarter,

momentum Internet similar pandemic. India profit last the more to out economy It during Uran we a online growing is Tier X, focusing making travel tremendous seen ever. hinterland. buying travel the on convenient last gained real transacting improvement India's the native to This buyers in IRCTC with flights and AirSewa the on note e-commerce country area global online penetration, ticket that best launching now From the I the has online planning country end-to-end more. news growth As behavior. is supporting a base online The and adjusted in has bookings service and in indicate during penetration cities Hindi operating are the we and one India connectivity of years quarter is government's X result, the than that that silver truly of the in language have quarter. largest users Tier years. portal by trends, or are X simple powering platform in by in and two been the progress booking Enthused across our is increasing and recorded redBus heartening X language, have for regional we platform lining but X, two Studies tremendous the past good our tough made from becoming new introducing significant the digital the air by of coming with where to regional reported that, booking believe the to this process on across and

first to travel online. are make are more focusing that to platforms. more personalizing all to diverse. each and make relevant along of journey we committed products booking that bringing products to We're ever of our also user I build our booking We must efforts aggressively travel more for also the their Indians mention the building ramping the inclusive up all, experience across on meaningful are experience and

believe With entire prospects holds travel soon, wave tourism we and to subside for the industry. better the third XXXX expected

well. recovery wave strong giving us the the seen have waves, We adequate previous strong a demand following for Omicron optimism post of as recovery

recent begun travel that parts investments the Europe latest gradually in believe be U.K. domestic in recovery the ease. by We we travel. wave further have will post into U.S., My is are the believe to also feature developments our others, and other demand segments. where the demand restrictions third new host-in-app and by that optimism of led segment well in poised for myPartner, myBiz, homestay like tap to fueled We new platforms with

to been only a international of that on about few ongoing that Dubai postponed initiatives While vaccinated up be corporate also can and the expect the a resumption were Maldives. also of briefly travelers, taking to of share would pleased at XX, the crisis. as I'm health recently, while company social with the producer quarter, next we top In to recognized opening fully those honored responsibility, graded in social on care our year. bookings award the in MakeMyTrip Indian or only to for I we February focus international the ones and has till due -- Indian destinations travel like talk our fiscal previous including impacted open to destinations, was increase especially destinations the CSR for Maldives Travel steady platform. Trade observed in travelers the Indian scheduled flights

MakeMyTrip due lost have part a to program COVID. scholarship their support underprivileged of Foundation, As who launched unfortunately Raho, parents Padhte Raho we Badhte students for

working quarter. with request Government tourism the also scaling Ministry of closely Tata across Tourism organizations are from highlights up to not-for-profit Rajesh support We travel boost that, the and last India, infrastructure and community-based and to other as extend the of would I share With Trust such country.

Rajesh Magow

everyone. Thank you, and Deep hello,

less there soon. high is wave. contagious, also But mentioned, highly is is India, wave of way of With subsiding the many vaccination it virus thankfully, it's hope this this is countries, other battling third Deep severe. less As rate hospitalization, through like variant while and

this our is leisure is performance the reported the middle travel a continuing that the essential India even as situation strong While wave, growth-oriented traveling in eases, of back trips. their jump in to indicator quarter will for

basis a stay are We daily the and of watchful on business the continue situation to accordingly. managing

share upward to recover On business, from quarters Now, during business gross quarter highlights year-on-year domestic I'm demand. passengers touching we same of over let one momentum most managed to from coming news over than XX.X% recovery in accounted leisure year. linked from travel good to during demand up me QX Festive grew the share previous year happy with the constant in quarter some the XX% we compared we in years, previous to we market growth to terms. on tickets is XX.X% that strong The further business, last In year. quarter. trajectory over have the that reported same the following our propelled the pent-up in of July volume recording last ticketing pandemic. stay came air as continue daily the our the in Huge picked that profitable increase growth quarter domestic highest season bookings, demand, currency air XX% and segments November September destinations in to for flown. surge faster in an

On the other Dubai, international the with growth. recovery exceptions we slow robust of be overall, continued saw travel and demand Maldives where to hand,

airport insurance, to side, cancellation, offerings memes product the one that bundles, in option such as cabs bundle we launched customers fare a convenience-based travel zero On custom allows and booking. various MakeMyTrip

now. our packages to and hotels on business Moving

a of about third Our during in robust growth quarter-on-quarter domestic year-on-year XXX% constant currency quarter. saw hotel terms bookings. and in growth and packages year-on-year We gross business recorded the

We wave third in. bookings the highest was for setting the dip as the Christmas started weekend, check-ins the also had although pandemic the recorded by during time to

also aided by our While BXC platform. platform partly QuestXTravel platforms, myBiz, namely recovery, solid BXB and showed growth was corporate myPartner

it's partners, As products empowering across future. shared travel hotels of our wide more with to platform deliver on earlier, of and access in and promise range agent flights to aims myPartner and quick our inventory easy

segments travel in we to around agents managed mid-segment X,XXX every ramped to We quarter. all for to price and numbers. up On inclusive XX,XXX-plus to bookings have also recoupment premium hotel hotels segments surpass various recovery, adding agents pickup about started hotels, demand, pre-endemic of have of see share to homestay while this now glad of that villas registered month. On continue segments, to hotels our to lead currently budget leading on are myPartner

for continue product segment. to the our offerings On we hotel strengthen side, the

our premium on hotels and supplier see scaled traction both well have as are consumer beginning We to great across side. packages as XXX-plus

more in host. independent products assurance on travel user-generated platform site content more. further QX, a uncertainty. mobile we included villas, flows, owners booking version product, homestay through collection cancellations the and post-sales value-driven to to deals to the make make became ongoing just list have accommodation steal other to few the fee help Goibibo, beta any allows of introduced cancellation introduced worry-free their a I'm share planning on platform in-app our excited refined recently clicks. In feature rewarding. We zero The On On and we the we launched last daily feature properties driven amid apartments host These flows. also that and called our and minute the

wins parallel, closed properties, to the recording our further to improve quarter up a ramped early enhancing further In seeing inventory since and the homestays also already launch. pre-pandemic. on are XX% it's We've XX,XXX supply over stay We increase about booking experience. focused products soft here with we continue in

domestic in bookings the sold with On Xx XXXX. packages of side we holiday the business, in quarter when packages compared saw same

bookings on during that On platform. muted, international other for remain XXX% registered side, pre-COVID the for vaccinated same our while growth times destinations travelers, Maldives, quarter was over open

on Now like bus in I growth business, bookings gross to This redBus of updates -- significant would been brand. our a led has value. XX% seen share has business quarter-on-quarter ticketing by

quarter, the supply and coming from back as booking platform, travel During private future. customization reductions, and the the as our well-timed season driving fuel added supply, transport with of supply demand, introduction online. along saw Apart XX% point, on point personalization back the operators XXX% price regional remained bringing on dropping festive experience focus such we of to boarding corporation

on help similar triggers service. customized cohort sellers We as taking bus. of from helping a We It our length awareness. persuasion top-rated program choose based top-of-the-mind that say across such to the service build now trip customers note about parameters also X,XXX and breadth on the of to right good buses that is to Primo bus their Primo Furthermore, also ratings already who would have for be the took is this close nudges, XX% nicely. next Primo country performance is shape branded on-time of customers encouraging travelers Primo introduced and and a

also happy an business. experience, We exciting of at have Primo lounge launched transport a including Bangalore. one in bus differentiate pilot to boarding ground Primo overall popular share point our the some initiatives ongoing coming from I'm news number to of new

platform MakeMyTrip happen customer -- also a bus to a been we while, app have passenger web While as to redRail, large have travelers have and leverage redBus, redBus soon services platforms offering rail bus aim between plans now who we part the have overlap Goibibo launched India's a booking well. redRail for on travel our and on base. train of to be Through redRail

travel Ride's franchisees initiative Another end, across a launch the that busy kept also at umbrella. cab ground of in the is in superior team will pilot under a that help back period during aspects Currently, improve and Delhi operate plan reliability country our Bangalore With the transport in to are of of powers this the future. network and Ride, and running other it technology pilot and supply. NCR we scale cities up fulfillment all of this booking, the

these build to redBus With strong brand than on transport categories hope in leadership ground the create the new positions future. and initiatives, base to of we in user buses other

our to on Moving corporate business. SME travel and

K large including and also, Corporation onboarded celebrated overall was accounts, XXX% than quarters. but XXX recovery to some robust were us, More we While Raheja past recovery bagged in a by quarter. same growth of groups, pattern acquired We during saw We XX sluggish business partially SMEs key 'XX. XXX wins. the new accounts Capital, more. a myBiz Tata travel recorded On 'XX, fiscal this on for Nika comparison in big period QuestXTravel and over quarter, year the few this accounts aided

Now sharing our strategic updates recent some from of initiatives.

invest our we MakeMyTrip products, and travel After We launched loan ready fintech Goibibo. card to insurance including ForEx are called and initiative continue launch pay having to TripMoney. offerings, later book in on now successful or

booking there at and best-in-class in quarter-on-quarter a QX, products In picks experience travel share our base. other make it's user nationals, months, and new travelers. experts to population. we for was albeit will modes Happy XX% that are local in GCC, confident low building international way Indian in Indian for on of quarter, into As supply card last increase this acquisition focus a wallets during Emirati was coming that the the outbound

research app Our increasing focus UAE in of the per penetration will estimates. Internet that XX% uses the to remain region a on on continue basis considering population daily as

able key Fest, from our a loyal update about me in program, customers. to for lakh have than continue our value launch added and loyalty Black the and were we been MMT short of of upgrade ran campaign partnership our a feedback tiers the Since their to to Black two on To transacting MMT more users booking the flight organized top customers, sale allow has give the partners hotel with the platform. gross Lastly, extending received one on by users to programs. lakh which value one tiers positive XX,XXX

Goibibo, helping in goTribe, further consumers or improve usage quarter. the of by XX% goCash For redemption, simplified loyal flow under we the Tribe Coin

instant on offer over for single to instant to a launched With more financial highlights Goibibo me value now cash also We personalized let quarter. the back booking. against the engine with this, reward consumers goCash Mohit hand call of to

Mohit Kabra

I December led updates, the of in all international in and to were homes to to see everyone. Omicron Over in adjusted on marketing Hello, through are efficiencies and the building during quarter, side before travel recovery, which this and slightly in cost multiplier destinations boosted the you demand a quarter of of staying recovery last Strong have In the fixed started quarter. demand holiday. efficiencies our and spoken could operating their of India. restricted Rajesh. doubling pandemic high reported promotional third the scare quarter. effect customers in and much-needed note, we to all aided structural profits bookings costs like this efforts Thanks, a about side out supply the rationalization by variable three, wave sales beginning more expenses. these a of compared cost costs few domestic across we India Since hit reductions than positive the last segments due saw seasonality recovery fiscal was step momentum still leisure further with major the during travel of year The hope ever confident healthy. safe plan quarter third

quarter highest till further current almost quarter profit the Adjusted profit year compared to a adjusted million, amortization to the at Our nearly in $XX.X $X.X year. adjusted expenses, by and $X.X million compared in is cash last million X.Xx the depreciation for this stood for operating a QX noncash which almost same quarter's Xx in and $X.X quarter operating reported reached date. achieved million

the Our a the quarter growth currency year over over at stood registering quarter million the terms. constant growth and QX previous about $X,XXX.X last same of since total strong gross highest XX% pandemic, was which bookings X.X% in

business XX.X% our XXX.X% million, growth ago over over representing margin the previous to same year at segments; ticketing on $XX.X currency growth quarter a Moving air adjusted constant in stood and quarter terms.

online of during domestic quarter We share continue most which the modes the and the increase off-line air currency for including the platforms both $XX.X same and to margin with be over of air quarter hotels reported an increase one million in in packages and previous to XX% business preferred businesses adjusted the adjusted a ticketing market about margin ago the XX.X% over of constant our terms. of booking. The quarter a increased is reported year XX.X% in ticketing

as supply ingested over our million very $XX.X the the and represented business. XX.X% increase recovery and quarter-on-quarter in by margin led a far XX.X% As robust improvement, last quarter a bus bus year domestic same ticketing over business, stood at

Our redBus And as rail and expanding ticketing brand by bus the brand in to continues Rajesh future, country. the we'll segment mentioned be earlier. to cash in in the bookings, [ph] lead intercity franchise Rivers

constant in businesses quarter same an XX.X% of XX.X% and last margin an Lastly, previous $X.X of over increase the was currency the over year's terms. increase quarter million, in adjusted other

Let me now the some quarter. operating details during around the share costs

offer level years, we boosting television. flexibility higher brand stood about confidence quarter. around bookings. quarter, down the quarter aided at of the Even Wo centered spends. operating by in the reported increased QX, costs $XX.X for adds overall the run the on to X.X% significant quarters Goibibo's Adjusted was the previous acquisition two profit. cost value impact the and Hoga brand's of Wasool, the promotional pre-pandemic we to compared the theme, a Indian promise new during at per on targeted platform. our highlighting personnel the economics MakeMyTrip million the spending, with During Hoga expenses gross marketing marketing the the and our while last fixed scale on and Rule travel value brand bookings, campaign always to with the witness and Jo marginally was about rate best returned $XX stood MakeMyTrip customer finally X.X% reported Paisa convenience almost filtering after rationalization the Built offered pandemic, our and campaign The on adjusted at during million under six long-term SG&A to in of efficiencies quarter of than costs could Apna

During this facilitating are as and quarter, towards of part this future large our for the corporate we stake travel QuestXTravel excited strong customers. framework which of have about is the bookings increased acquisition directed in prospects business

Within pre-COVID levels we our surpassed remains one key it corporate the demand for segment, the and company. have segments of

a on Let non-operating also some color me few elements. P&L give

During of profit this exchange of Inspirock quarter, we by in our company. recorded which a about from shareholding Swedish Klarna, acquired million fintech a $X.X was

provisioned for HT the the available additionally litigation in continue provide million founders fully the the $X.X on of and for with also Group in all legal to while all to we'll travel matter. have take awards ongoing the conservative remedies We basis, a

demand. tight we to During cost the focus amid ongoing quarter, continue on muted control

a a in recovery in the there key seen of good with cities that coming India the in peak However, demand of have is we sharp the the of already believe wave, third reports months. possibility the many

we'll that, the with trusted for the make to redBus to With their with soon, operator and As more be their travel them Q&A. convenient. the call summer brands, like next most Goibibo over Indian turn I'd and MakeMyTrip, corrected plans to vacations,

Vipul Garg

Thank you, Mohit.

Instructions] now ready are We Q&A. [Operator for

Unidentified Company Representative

ask you question. to Vijit can speak wants Vijit a now.

Vijit Jain

you hear me? Can sorry. Yes,

Rajesh Magow

Vijit echo there your is side.

yes. I now, -- it's I Now better think

Vijit Jain

question on sorry. is My business. the Yes, just

in your international peak, for know and you in has first that XX% know QX? Omicron the I pre-COVID my business to That to of QX a if Now question. pre-COVID approximately QX But XX% is were, barely probably right levels understand I did dampener return I quarter. given the is for that it think, I recovered ongoing it's

Rajesh Magow

question. this Yes, Good Vijit, Rajesh. is

Let take this. me just

did XX% some quarter, few November, October, we where recovery a business, as see Vijit. that actually a out, to air XX%, well. You're even right, basis we up are quarter on the days we ticketing rate on run December for had reporting days seen

as one as In for was the I the to during very briefly, very as had well. mentioned pandemic, in line during hotel close fact, that even seen peak weekend pre-pandemic which just Christmas record well bookings, the we check-ins

and So, sentiment I good concerned. as guess recovery that board improving travel a is domestic indication of closely very overall was as far demand across coming the

say, definitely and friends with back I exception was segment extent, travel but an would think in to case an relatives I business of, in some any leisure happening. visiting

was accounts. other acquired of, more good we travel an So an exception a mean, little coming a had level very bit But come a was was business basis. run which little I travel story, business of a us, taking on a overall were back, would segments rate behind all basis, to lot bit pre-pandemic say, with I time at lagging for given but that to it close

think fair will I to that say. be

Vijit Jain

the Rajesh, on vertical, can second I last had you're because you further is give space. investments think question if make that you in time to looking Correct. that my mentioned updates advertisement

can Also, an further of business? any additional add side update question. on that if So the I

just -- can question. housekeeping a you If

your of you is bus and business sense business? share share in what market If the ticketing the can in aviation

Rajesh Magow

Sure.

that. first just Yes; one on third-party me which been first. we making was that we've Okay, had let the a continuous investments so built take platform platform, the advertisement

improving been offering In just we've fact, product also on that. the

enhancements been airlines that some further any on platform able recently, interested link of in ground all on side some very up sort platform, traction the very, quarter what to the from as of especially of hotel good we the our we've our been also getting our on even in participating was advertising cases, the in more partners, we've transport, And product in continuously have do. in it and well. but that partner So just advertise come last been from have can scaled the terms sponsored and on ads

initiative. So a this long-term is

have keep coming their come analytics We do more to in far for more quarters features. people platform making robust making and times keep a standpoint. far with platform are additional going add We the on and and robust who partners to product sort plans attractive advertise as lot of our would continuously more from our

So area view. like our of said, good who from it's giving going quarter-on-quarter. of investment are point be And to is I traction a sort number increasing it of advertisers the continuous already us on

market Now talking called think about his civil out the of I aviation part speech. share, just as Mohit

should continue online as as close ticketing We business air to segment off-line we be about together market far concerned. far from to as leader, booking and is the to online on XX% of have have XX%, by space -- domestic standpoint. XX% is both be we I to bus, close share, thought. would the And online put bus about the we space total market, booking as have the guess, far continue off should And concerned, I

Vijit Jain

I before lot, final back into question one the queue. it. Rajesh. a Thanks Rajesh, jump Got

be third-party that I'm housed this will your a part, that? cab What you you business the are I the that's on Where the that rain that really of marketplace, from a app it's about on availability bit called guess, And With commission bundled is little and that. from showing you on structure business ground right? under talk other stuff right? like Can on out revenues, transport, noticed assuming cars the of I partners offering. like monetization with partners?

Rajesh Magow

Yes.

I airport trying a products an build. the airport or are at to come destination. was partners airport the whole I the me or would just the sort to has product. the partners And we It from cab there you had, to that aggregated. option then more operators to you or referring have One end be transfer out fulfilled the the car that the on is is could the back an past we the -- marketplace had airport we cab operators the missed and tell what So one sort for also various car about lot business this option supply pick add trying as little sort is the like side who a of are well more the And from at software flight have let the had has of other the we we to there. it bit listed aggregators. customer who technology would provide intercity who we attached And investment the choose of or already a were it customer and of in to out and go that we it were where by effectively the and mentioned think that here supply if which the to which to just two made be side platform just

What one early initiative the trying is highlight model that's to cab. script So on the in also on intercity launched. was was there I have one more that we

and where is we Bangalore testing different called two Delhi and which a that model a pool is signing for up markets, partners pilot the are have Ride NCR already already are in cabs. it of We out who slightly

cars road. on sort the are branding of the We

either mean I Ride or who calling inventory are commission experience to model have. a it to ride to of to We partners improve like taking with we're partners are The be the model. us. actual the that more share like who a and position better it differentiated a franchisees or product the to going experience model set would model of the we for the model experience revenue right with the aggregator is going the -- trying control overall work

it's that. on monetization the So early market. this that's plan in days really But

are up coming this opportunity in and are some We in scale now, this this strategic doing a the we going right area very to investments but big sort we as definitely see of quarter.

Vijit Jain

so I'll the it. queue. into Got much. back Thank And just you you. thank jump

Rajesh Magow

Vijit. Thanks,

Vipul Garg

Thank participants question can who ask please you, your who to Vijit. a wish other you hand? -- wishes raise Any

Unidentified Company Representative

a you speak, question. ask can to please. Vikas wants Vikas now

Vipul Garg

is line Vikas, muted. your

to unmute have and will You speak.

Unidentified Company Representative

you Vikas, please. to have unmute,

wants question. ask Ashwin. We to a Ashwin to move

you Ashwin, can ask question, please.

Ashwin Mehta

Can Yes. me? hear you

Unidentified Company Representative

please. Yes,

Ashwin Mehta

the Hi, thanks for opportunity.

was up of So the drop the a question and in hotels materially ATVs of segment, this went the there terms of the to extent quarter. XX% almost one rates wherein take terms I had in sequentially

So largely the the skew hotels? towards premium was to due it

Mohit Kabra

take also that. the There this at Clearly, hotels. are that two And one, Ashwin, in during of more of kind I holiday could being favor specific also our towards reasons. mix the skews packages. was change the payments the quarter,

etcetera, more lot of coming packages it's holiday of is seen air down of any because since comfort significant muted per compared a through a premium. therefore, the holiday margins really a se bit little slightly more towards margins is a bookings. for as haven't instead hotels our like kind growth the And hotels the mix packaged we customers segment to margin stand-alone the contraction have but chosen combination have seen So have of package business doing tickets, well product as come the change but product as a what hotel

Ashwin Mehta

one Okay. of And air side. terms more just the in

at if lag. XX%. a more than think, So you growth, domestic was passenger look But of in I sequentially, segments, there it terms our was flight up,

So Or that? what more is it a timing issue? is driving

Mohit Kabra

that? that Sorry, just Ashwin. Could Sorry, missed one. you repeat

Ashwin Mehta

domestic tad wherein, if was India, sequentially XX% you was the us, for in lower. flight flight growth quarter, So traffic that at almost in essentially, look a up the this segment

timing the is So do more with to or… it

Mohit Kabra

absolutely. Yes,

across therefore, we passengers and difference little see You've trends is on emerging got bit what it on a is report flown. What you flown based booked a will reports right. of versus BGC passengers, booked quarters the

Rajesh Magow

take so he speak. Maybe have we not we think I on that is Saurav's working mic can not question is think to able chat as I because a well.

it's LTV great for in client we respond question, So can Yes, I into quickly And question. everybody's your very just that the stickiness initiatives to benefit no, to go businesses? Kushagra, quickly and translated has is, how in Saurav. over a before years different improvement the question maybe

So track. of we where I'll you one metric very tell sort closely

quarter. upon to will anywhere come will XX% existing the depending specifically -- XX% XX% of the the that between customers. from customers look especially played new short this rest quarter lines anywhere rate. the transactions it has on And think I is and out the any measure quarter, repeat to we it our given of question answer And matured have the would And come the actually in that between quite well, we products for at through offerings. the you particular from

So healthy it's a rate. repeat pretty

good new In coming keeps fact, base quarter, quarter, coming the transactions quarter it's but repeat a consumer very after also our from existing the way. every balance that sort users between the of

we've these playing have been all in as out overall for the well. that of helps the been a has playing overall, years, business that manner really given many So -- sort in investments been out it P&L

ask I questions. think we please free can Kushagra, go your to Kushagra to now. feel

Unidentified Analyst

Thanks for Sure. opportunity. the

Just structure. your so cost on at -- I look overall one question if structure --

like you time. been sense taking in market segments leaders air a on fairly can you a expenses sort of more If of which for higher have part is give long ticketing in share the the

on this spends, would in yes? relatively for sense broader sort is segments So a operating the hotels share is at be the of a segment of overall higher the guys. in would a just be taking which generating generally, So probably the to you on share overall have if one which I profit spends, cash And higher right? line look taking

Mohit Kabra

that. take can maybe Kushagra, I

segment-wise these of and guess difficult of difficult of by because allocate kind kind customers kind a and get lot of mentioned, to have costs it's segments to in kind segment. Rajesh While kind lot we to and transact of a accretion like come repeat business customer very across the of what, of it's profitability therefore, exactly

air now hotels broadly, has XX-odd a are of promotional in that Clearly, they been part X-X well played accretion out good much and and be a if close six high-level profitable business marketing space been overall, been time, a out at segment in about business However, the part even and expense, always have since of IPO in spends been we unit to fairly booking very last budget the customer of last has for to we of therefore, onwards pretty kind of kind much the sense, few have better. to ticketing almost calling and out XXXX therefore, our and points our accommodation now at almost particular gross this overall well segment. gross specifically of over therefore, area time five years peak, long spends XXXX used therefore, always hotels, calling our over percentage points about is what directed that this kind are the of been the an optimized. the hotels used see years. bookings. have a these kind on investment They closer pretty or and economics of of be that cycle have now within of large And we investment trended The space, down much looking to also start segment our and has very the we that towards percentage the or

half pre-pandemic, in so now so got significant very years almost that seven basis, business be seen see accommodation mix. back. a accounts until contribution built a the for on as used we've hotels like much you business So to normative about entire if small of the It coming that efficiency has the business

So kind right that's how of is broadly now. it playing out

Unidentified Analyst

that's helpful. Sure. No,

is side. commissions so I last segment. hotel mean, in -- is, for [indiscernible] the reason asked reason this fairly have again, and have you one I largely -- medium term how Like the the dependent the The hotel premium So this a moving question you overall? do you're from space And -- I commission hotels. on my you see ask over the -- in the

all more and point, will these all more one So hotels and digitized. also

hotel hotel you Second, coming a of So do new trend medium guys? part the for in a heading so there these or towards there over you for lot the where an the are which of indication segment term up, overall is is capital segment, commissions right? the this coming see more models

Mohit Kabra

for any occupancy which night for in as costs right? kind hotel also in when XXs incremental more business, therefore If the night you to coming to pre-pandemic, be in night in room almost mind kind it margins room the particular of perishable are goes and look And even this normal overall an that at or compared room space, in entire like a incremental unoccupied is the times, room it industry a actually used And wasted whole. the need the comes -- a added the night, on to to of it's India, you very keep hotel disproportionate.

incentivized lot industry level XXs. levels a kind as to the the overall, hotel of the also, So extremely an like compared or Therefore, global in I markets occupancy be possible. at as the occupancy other rates terms the said, the taking used of mature better markets But high to in fragmented of per where does hotels, extremely properties mature the the is compared occupancy offer se rather rates are with the much independent kind and than higher the landscape more of industry India in to of and more margins markets. the slightly fact of chains mom-and-pop that is hotel

from we the reasons hotels sustainable the in of XXs However, in years, the to short called kind brought that, from being of kind with of the actually our more sustainable all of business the And suppliers, being line own we've our last early at the kind looked irrespective our high in point teens out. over always few and overall margins therefore, in business long-term to I we've period kind view, is for term both believe, of economics now. of of longer-term creating down that the the

Unidentified Analyst

Yes, got it. Thanks.

Unidentified Company Representative

ask Arya, unmute to question. are a Arya wants please. now, you

Unidentified Analyst

audible? I Am Thanks.

Rajesh Magow

Yes, you are.

Unidentified Analyst

Thanks Yes, lot. hi, a thanks.

outside Internet mean, I cities. the you firstly, this and X penetration mentioned metros So deeper Tier of that

on on Tier And and how of share numbers etcetera, and the X move that can of of you cities. for you you overall? across that? transactions, metros any traffic, segments maybe So share has track outside Do the

Rajesh Magow

this, a from growth coming come has a to more in to next level question going more happy sort already of and the there. of smaller cities now given you to, and just from directional Arya it's that the good been it's of happy obviously fact No, give the sense in future, in and

the and of as to all thanks sort know, accelerated part Internet pandemic, in we also that, as his of cities even e-commerce as Deep well. As speech, these on mentioned of adaptability the penetration

taking or of users. getting bookers, So in But it the for acquisition, as think bunch called out. we users, user matter, the we've bookers a of I fair instance, have that new that initiatives, of will bus for to we some the our be I come say of them called out, are transactions out about been new from even quarter already XX% rail new the for

of contribution cities the and smaller through rail bus new or in from XX%. that user about is overall -- bookers Our the the coming base bookers XX%,

seen -- new on the other Uran XX%, lot of of air area of the about bookings, coming a smaller So or doing budget product as rail side the traction the bookings well. we've users in sort coming and the sort and of bookings the etcetera, hotel ticketing bus that through are is cities, XX% side. -- the And is that

those expansion all Tier going airports sectors, X line at share Tier even actually sectors future of even business. Uran small are X, of sectors fact, in to than more the regional in the on all So also cities, And ticketing the we've like air are and that. the effectively also, be all been bookings beyond those

So is side Arya. if else's. from all know in in coming think, or it the from all, we is I background noisy, traction don't [indiscernible] -- good your I somebody

Unidentified Analyst

Sure.

is and rail mentioned for So the users? new on users of bus new only you to the entire or XX% XX% XX% the users base of

Rajesh Magow

base yes. users, entire No of new

Unidentified Analyst

expect more etcetera, spend, about ad year? year to some your some margins investments, a talk sort Assuming of bit your of you come can normalized back. the next move you little your a but to Secondly, going then also of how is it's

So sort profitable can to what a full of you a we margin of you be looking expect range year on are basis? And at?

Mohit Kabra

business, Like kind Sure, on out stable I hotels remain that. to expect the can do just Arya. high take in of margins called largely teens. I the we

ticketing kind also, a range. remain the So stable, the margins expect kind least. the margins around is to the we X% to business at closer ticketing do X% remaining X.X% to X.X% with probably of on case best business, range air largely to And the with of

remain customer that which of that that marketing efficiencies in of just of spend, points kind kind of of be percentage to with margin at failed path. say, side kind we expense structure the that do unlikely increases it be seen of over should do XX to acquisition just we Now that booking might compared that two color kind we and kind we small it there gross and to gives used believe, mean of about, least the the therefore, of us percent beyond, pre-pandemic bookings with kind of X percentage level confidence on of go last on gross kind of of I the line little on while promotional is kind the point by a business, the bit kind X-odd of kind a to overall to profitable I've how we've give expect have years. talked

we if in travel year, able recovery of good through, an If kind is you scale to good therefore, we couple and more even a hit should the as been recovery of profitability nicely therefore, ends, actually was normal on a have kind see a kind comes in And the if side. year, a profitability months in the that recovery of gives and us the coming back be of this pretty pandemic of with and space high back which we to cash we've you of year up kind we volumes particular pandemic kind the confidence. of in be quarter expect quarter believe place kind were breakeven. see last optionally this with profitable of almost year And and of also, recovering kind

Unidentified Analyst

Sure. and any lastly, listing plans on update could be the timeline? what And India

Mohit Kabra

to who voice. I kindly background because lot those just not a mute it there's request put on not speaking, -- of are the the call on on

Unidentified Analyst

Sure.

you me you you or Mohit, to repeat? give do get me can So want my -- question, did

Mohit Kabra

Please go ahead.

Unidentified Analyst

Yes.

the plans? the sort -- next on year? are India Or on they any happen update about agenda? how not So thinking listing Would the of it What you are are that?

Mohit Kabra

open. plans from cash view, is a I plans you cash had if focus No and not And $XXX listing should free our of mentioned million yes, over for like options we'll on cash to be but on look we deploying we have open of cash really any called that as probably And got of out, the equivalents kind operations. we're very comfortable kind the -- also of that. at didn't the be call kind and We yet but point such of it remain on out we as We've kind position cash keep position. sheet. I cash accretive balance of -- it just

requiring large infusion. significant investment capital amount don't also there We opportunity any believe is a of

side all focus so, through. structure continue kind terms profitability. mind, We in And kind making sure kind of the to the be the cost in is therefore, of keeping travel I the and of through of now have right better pandemic and see the to on comes that of a think the recoveries of end that much on path

to going kind As we you're an appropriate of will kind take of view capital that happens, look an raised if at alternative models.

Rajesh Magow

can whenever out. wave, we've been of scale. the been we there profitable we've historically, best profitable there's can that one question see there recovering the anonymous maybe then out it's and we And is very on just an our recovery measures actually reported sort of called on more we has Vipul, that taken, are have and, Mohit, cost And I on out restructure that Vikas, and base, -- to profitable the a quarter based question I that all ever at profitable, guess on take we just quarter similar a chat question. from been the Vikas the already profitability. we as

Mohit Kabra

answers anonymous as have attendee. on question I also guess, that Rajesh, that the we

Rajesh Magow

yes. Yes,

Mohit Kabra

at great. Sounds look could kind we you wrapping we'll have questions, I now. if mean up any of the take that I'll last -- call.

Vipul Garg

you participants will I questions, I think, to get for to guys. call Mohit, back further we And now. we the can us and mail end any the request

disclosures on reach is out their the XKs to feel Our and the and so updated email website on free us. please ID to

Mohit Kabra

everyone. you, Thank

Vipul Garg

everyone. Thank you. you, Thank

Rajesh Magow

Thanks. you. Thank

Deep Kalra

everyone. you, Thank

MakeMyTrip Limited (MMYT) 25 Jan 222022 Q3 Earnings call transcript