Earnings call transcript Q3 2023

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Vipul Garg

Good evening, everyone. We'll just give a minute for everyone to join and then we will start. Hello, everyone. I'm Vipul Garg, Vice President of Investor Relations at MakeMyTrip Limited. And welcome to our Fiscal 2023 Third Quarter Earnings webinar.

hosted Kalra, be and company's will Chairman. event by our Deep Founder Today's

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

being also As this prepared end will made session. of shortly for a available of today's be remarks, Q&A website the on IR the live is these be our reminder, replay hosting after Company a recorded event event. and will by we conclusion the At

event event Securities may of meaning These Company today's considered results reflect Act certain forward-looking provision the date, and inherent during subject speaks differ undertakes to as Furthermore, not future this statements XXXX. actual may within and to circumstances. be of of of statements made to guarantees no this of are are statements information Any the update Litigation Harbor the performance, Safe forward-looking obligation U.S. the Private Reform materially. uncertainties, only changed information during relayed

concerning investor these the Company's Additional are the of from the with XX-F these on Form Copies XX, in report the Company's of SEC section statements filed Factors from XXXX. in information the filings on Statement annual relations July Forward-Looking are department. available contained SEC or Risk

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

Rajesh Magow

with took with successive helped related trends and fiscal world, COVID Happy as the the optimism Year in cautious countries improvement but India of demand last progressed, travel. to Vipul. or we in XXXX our each by third 'XX a call and Omicron New improved earnings the year started during you, which of the recovery third year and steady Thank led welcome witnessed everyone traveling amid demand quarter leisure quarter. most to Indians increasingly the in wave, quarter the XXXX. the situation

this demand weekends. quarter driving travel the in pre-pandemic on get and levels year to terms, to over and years. winter business strategies cost gross is and The breaks long leisure operating reported high the initiatives our last second We booking of well festival from quarter optimization season the over back the recovery leverage leveraged by aided full executed few while

highest gross a and both been performance, adjusted our operating this bookings has terms of quarterly profit. in ever As result,

Gross year billion of bookings million at for year-on-year stood terms. operating in million an profit XX.X% $X.XX XXXX. stood increase constant QX quarter-on-quarter versus XX.X% $XX.X witnessing QX profit Adjusted fiscal $XX.X in at of and currency

global As we opening to sentiment China travel, XXXX, we closely. situation other macro for challenges the in positive with its continues inflation, stay borders, consumer enter the and COVID while watch world

corporate all to suggest the coming leisure, travelers and Trends drive business, years with continue on pilgrimage that, are the growth and events segments well. back in travel as will

of that restoration supply recover pre-pandemic domestic we While by recovery of and XXXX, could fair levels in led believe improved full rationalization with the aided sentiment. international easing travel to traveler's soon processes some visa travel help

the of up next During going other the growth for this in And government development $XX which is and strong that domestic the news and traffic, to to is five infrastructure witnessed in billion spend is are good it airports. projected entities Government committed sector. to recovery the the on years, other aviation the partners. quarter, private industry of airlines the the

Delhi is underway. expansion among tourist A the most airport is the work and airports capacity operationalized capacity will was airport As now Recently, a terminal and there will is be of X.X and airports popular expansion greenfield passengers. up. in will destinations be million this Goa with in set per plan, in brownfield near new in existing and country many an new growth. future, in help the annual Bangalore drive Goa of tourism second in functional

and government are have cities. data up years, In per is India new being tourism country. a globally, to new In to will airports drive income. taken aircrafts coming growth now of eight third and place disposable orders drive Indian All help XX smaller the years, last air Airlines come new record travel and further growth smaller market increasing driven of by will the initiatives the in infrastructure cities. into and be as airports, this largest traveler penetration aviation addition

favorable, these of period a Outlook the initiatives. for of and prolonged aviation market back growth on is expect sustained we

up class prerequisite gone has XX% April focus world national XX,XXX important a seamless tourism of more for March to than than is and more from Another The has XXXX. transport kilometer domestic kilometer pillar a been fast ground movement. in length highways for growth area highways on XXXX This by and are government. XXX,XXX of as

there set XX% in Government hotels target hotel increase by is hotel of to XXX,XXX their expansion of the national XXXX. be outlook accommodations, network all couple years, develop and ambitious for of Similarly, highway estimated India. In kilometers Almost chains. has chains next these in announced increasing number an for an the continues to of have footprint robust.

as highlights suited large flexibility, with no numerous customer and campaign on to gap and to and to campaign After payment, our demand. capture media best varied restarted Goibibo. on choices reported needs. focused That relevant festive TV Coming book of digital value we a platforms such X.X years, upfront of of campaign now, launched brand for both XXX-degree enhanced chunk propositions hotels, we quarter the both MakeMyTrip

drive ran segments both of digital flights focus For deals deals on Goibibo, relevant platforms Goibibo. promoting in efficient hotels across a deployed We campaign to steel conversions. a a we daily collection order promotion and to consumer unique to campaign target

through business first continue value add air for customers to we our segments features. our for industry As business, starting with now,

reduction for launched of which quarter has was QuickBook time for a XX% frequent feature to led last for travelers. fliers bookings in taken these

within initial. the the again is first help these customer. strengthened XX During industry of free flow hours first innovations booking. we us of cancellation quarter, an our All This remain choice

share domestic market in leadership continue air our ticketing at stood position quarter in We to this our XX.X%. maintain

traffic most of in has the during witnessed pre-pandemic us Domestic still a international to We destinations and jump season to Traffic air quarter. is for surpassed ticketing recovery beyond have high domestic air this levels leisure ticketing lagging. have gone now grow. started while levels pre-pandemic a domestic

For steady destinations Maldives fares to haul for due across recovery Middle Asia quarter, for high tourist headwinds recovery. international in tourism but East short we of Demand haul demand. backlog however to international and this full still witnessed Southeast face improved destinations, and visa long destinations

expect We during this year normalize earlier. as this stated to

which pre-COVID pre-COVID and with more options levels. to with we cities. this stay over comparable our unique accommodation than X,XXX has business packages than hotels to levels. This seasonality, focus on par is offers now accommodation XX,XXX on Homestay continued Aided now which is Our at our us more also inventory offering segment, expanding includes quarter, platform, helped properties, sold

The be points, strong recovered in night hotels aided medium booking basis, stay. tariffs. Overall price premium strong levels room segment, partially back and to gross constant super across recovery the budget segment has to barring per premium continues and lower of for or currency room of on growth all by pre-pandemic the $XX on higher

continue helped XX% our much are offered the and hotels advanced which budget quarter in bookings. We the longer better customer that NPS. over growth flagship to our Book which is drive last volume @Rs.X launched product. goStays, with purchase and in now contributing customers, flexibility experience for to of invest program overall to certified innovate budget

March have in witnessing destinations. then, opened travel outbound for short steady a been XXXX recovery XX, and we since haul International

also hope opened we While international we scare to with bookings China XXXX end And and witnessed returned quarter, see slowdown COVID good some we the saw travel traction. in Europe during of fully. travel the you to destinations as haul at overall long but

Homestays plus unique have across quarter. in to unique recovery been lead accommodation category. during destinations overall sold continue this XX,XXX XXX properties plus

called Gems, set new has center city. where every we section USPs of the During launched property are unique this Hidden away this of from properties, quarter, a and the in

Homestays for We and pet villas, campaign that brand large for also among best concept every including on highlighted more options, and for awareness travelers our villas, various emphasized the launched day families. villas state friendly to create pool campaigns suited of the need specifically

are have now the talked season that business up of experts the about business, how we in quarter we reaping addition now Domestic packages packages online pre packages now twice to recovery the leading recall are high the you holiday more Moving quarter franchisees of now growth. and for this than with pre-pandemic would is volumes the XXX% the bookings up. channel are we picking than dividends scaled packages, last with total of international pandemic more volume and

on at currency constant business bus pre-pandemic Our basis. compared around to same revenue XXX% ticketing quarter recovery as was

which inventory for number and large number the This schedules compared southern buses bus has their is in non-traditional private being Recovery markets in IT by witnessed traditionally been growth as both still and of operators working are has in This workforce which quarter and online to of Central, slowness distribution been adopting number regions. with remotely. increasing East, higher. saw bus growth for of channels are strong made up slower-than-expected market, operators pre-COVID has in North these an

initiatives has protects gathered to customer have steam program in through customers assurance partners drive Our the QX. to traction. cancellation revenue increased value-added and bus high our inputs that RedBus also from seen

scale rail Our cetera, services continue hiring. all an as gross tickets, booking intercity other et well cabs, time such touched to value ground transport and

the buy any if trip We MakeMyTrip, Also, remains a wait book the have channel at listed a has can for which user to mode for who from waitlisted of guarantee our train fee, booked now use guarantee by user of up paying product time transport. a you charting, ticket eligible a trip of wherein product can alternative refund, non-bookers. XX small the is opened an ticket outside

for is count has are robust travel at large platform Active now XX,XXX on as compared a our to Business while crossed growing is corporate our has enterprises. XXX XXX which reached corporate a myBiz Active pace. QXT, XXXX. both normalizing, and count December in for customer platforms

easy On in We went year. approval and module. workflows to have with support number in-app live live with went we on of customers last our one to support the reconciliation enhanced we reporting side, doubled myBiz, product

brand customize campaign business presence according allows during platform, travel Coming quarter, our Western taking and plus. quarter-on-quarter. XX OTA a Experts X,XXX and slowly is of overall GCC our rate module gross XXX,XXX schedule the about to Quarterly in and increase amongst November corporates audience %. first travel MakeMyTrip and to launched We departments. businesses, for in the needs at and with reports agents the healthy radio growing stations. number grew Arab different repeat booking reporting to UAE. agents Emirates, value their the across to English our new XX.X% in myPartner, buying XX,XXX steadily, radio agent added reached awareness Arabic We international The to corporate

market same robust bus contribution With compared Big of share leader with market business in same international its is doubled in more in is running showing Our in as pre-pandemic in RedBus replicated Southeast in profitably. clear this, international and period playbook as recovery and emerging QX emerged Latin business overall of The to than Asia overall the being the countries other America. RedBus Bus XX% has the the now QX. has crossed business a of Malaysia. double-digits and markets to

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

Mohit Kabra

Year. an same $X.XX seasonally improved a this in quarter-on-quarter growth Rajesh. $XX.X the and Happy XX.X% Thanks, bookings currency to New compared strong operating gross uptake quarter million of growth delivered as last we terms. and everyone constant travel With QX a Adjusted million and at profit were Hello witnessing sentiment, of $XX.X profitability. was both at year, XX.X% business XX.X% during have year-on-year. billion strong year-on-year in and growth terms quarter improvement performance witnessed of in good

Rajesh stated highest this Company. earlier, and is gross adjusted bookings the quarterly As profit the operating by achieved level by

December months in YTD $XX.X as grew compared YTD XXst our adjusted about to million nine profit came in $X.X same the over X.X year, last came XXX% witnessing in jump terms while quarter 'XX currency a gross for the constant of For at ended $XX.X by billion, operating at and million bookings times.

billion, XX.X% at X.X% currency Our year-on-year basis. on air of for $X.X quarter were a and the quarter-on-quarter growth witnessing bookings gross ticketing constant

lines expected quarter. previous about take to As in this the rates X.X% normalized on to about X.X% that a high was season quarter compared

hotels result, XX.X% at of growth year-on-year year-on-year witnessing in the stood were a basis. growth packages currency As for XX.X% on a registering and adjusted quarter-on-quarter about XX.X segment constant XX.X% at margin constant currency $XXX.X million, strong terms. strong bookings and Gross million,

quarter-on-quarter and in packages mix previous terms. margins witnessing strong quarter growth the and XX.X% about increase And we due from year-on-year margin for strong our constant travel. seasonally is tourism a coming from million our of in business rates is currency is stood XX.X% XX.X% and this a QX to growth XXX% QX in year-on-year compared or recorded $XX growth business XX.X% to stood in business take quarter. for at as segment the hotels in packages Adjusted of a over packages at the

X%, for currency terms. at In and about at our million about bus XX.X% were $XX.X constant ticketing quarter-on-quarter growth a business, growing previous on strong with which a margin the on and the gross constant of is at about currency terms. in XX.X% bookings year-on-year XX.X% Adjusted $XXX.X XX% growth Take at quarter quarters. quarter-on-quarter basis line were extremely were in million rates stood year-on-year of

currency businesses Our $X.X on year-on-year existent million and XX.X% XX.X% the margin in basis quarter-on-quarter at in QX growth growth terms. which other on was in all basis a constant is a

the during spends saw across gains gap helping years. and operating terms last with X.X improving of our started leverage of we expenses, as brands The after more bottom-line a high drive terms years season equation customer quarter skill. campaigns few costs fixed of us the also brand operating are In over efficient the in rationalized

Also about marketing the costs. previous quarter million. gross the highest costs quarter and at peak operating gross has higher for year. bookings in and lower same lower helped quarterly us of quarter expenses the than same X.X% your promotional level sales $XX.X pre-pandemic and quarterly time of the achieve X.X% the brand in the as X.X% bookings at ever highest than surpassing last more overall adjusted profit and in than This marketing the the offset marketing promotion Accordingly, other by were came in efficiencies

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

Vipul Garg

wish wait questions. for click on on the queue Anyone icon the minute to Mohit. raise the to application We'll and a who now ask Thanks, will questions can assemble. hand for their take just we

from your of question of America. the first unmuted. Salgaonkar Sachin, line Sachin has of The been is line Bank

please. yourself unmute now ask and may You your question

Sachin Salgaonkar

everyone. Good have three Vipul. evening I questions. Thanks

made. more Mohit question to the follow-up First a as what comments you

decline air the and this ticking like at rate the it compared time at slightly historical packages, higher. was both take to at looks Looking and around as clearly, XQ, hotels

see seasonality I So, one should from anything is check is how at behind margins? just ahead, impacting us? seasonality, we wanted normalization going look should else there these now And the to gets apart ideally which that

Mohit Kabra

Sachin. Sure,

know kind to came you terms If I at of the overall, low whole. the was you seasonality, to is overall high the like, And a particularly dropping contributed mix, much margin significantly hotels and little packages, mentioning, in business, the look business. if due as a you in like margins packages of a bit that of for and a packages of segment stronger as

segment end we The hotels down, coming mix overall in some recollect hotel range. if of out the entire lower the other the budget extent keeping also is, that's thing process, you that that the the therefore will have been on of been and of of recovery kind to our has margins on side, calling the

one, as of is, seasonality. gets as kind to keeps mix segment more budget on of favor is cons, hotels, two in There we overall good of mix regular of of get in the second restored of the improving. And the kind the improving probability margins from a as a kind kind

explained. I would I've compared particular there of percentage so, package the for So, hotels in upside quarter that to segment, margins an and just possibly, point this overall, reasons improve about remains say, for a the to the or

we a and kind ticking the on we have of margin based X% business. and to side, in load ticking look try longer of air basis, our at driving kind where through the activity overall been On of margins that air factors the upon term a plus tactically the quarter-on-quarter rates what again, and of is you domestic of on will factors or load kind normalized if stabilizing, tweak see possibly want is kind the depending terms platforms, ticking marginally for the airlines of promotional basis, kind that are how guided take the air

in with healthy a of margin unless is think I plus a significant and longer drop load otherwise, there remain ticking kind percentage this business a of largely a believe, point of range. this kind half our But we or term, remain the to line in air minus should is with factors, at, kind margin

very would put broadly, it. So, this I how is

Sachin Salgaonkar

Mohit. Thanks

this, down indicated that, and we revenues I did despite you did see clearly see ticketing a question, Second as quarter up. Q-o-Q, the air stronger was seasonally are bookings rightly being the

So just ticketing wanted to air revenue understand what happened and why down? was

Mohit Kabra

in down. the adjusted Yes, previous how segments higher. is exactly margins business gross coming But the on come thing. because have on bookings gross air the down and the kind kind of The same volume the a overall growth link see to you their margin terms little revenue one, bit. That's of ticking

-- marketing expenses, for come they on see, the the and have than matter even lower even similarly, So despite marketing you quarter investment. would and previous the promotional

of coming So from can provided the the and optically and lower higher, the higher. margin incremental also also and the we of that promotional like end, coming the kind coming as seeing down by promotional promotional the of I and also on are In effect look overall margin some adjusted expenses coming through, both expenses of, because the how these this said, quarter were down. in promotional marketing kind of incentives marketing at expense the take the take kind that's airlines airlines terms

Sachin Salgaonkar

the more I this despite and that. happened that's going with So, look there airline the mentioned. forth. last what promotional the did rate revenues take dip Mohit, at so thanks did it on expenses, has and is there, So do obviously, XQ time around, quarter, to a for not so that, dip margin How down? you

Mohit Kabra

don't on to compared down at it's you quarter-on-quarter is look delta, overall purely, adjusted if basis gone overall at a mean, expenses even quarter. it a No. don't the promotional I margin, previous expenses It the look See, difference. promotional make come. the

So causing kind that's on change the margin what's the delta of side.

Rajesh Magow

at an And currency Mohit just as the will It's was air point, on gross It's what I like It's has additional decline. make additional a a the on can basis. already numbers maybe explaining Sachin, Mohit segments you The look it point constant X.X%. positive. on that if is I add not and growth, to if side X%, bookings only said.

the is indicating the more part well, script pre-pandemic was or recovered earlier as domestic levels, as recovered, I recovered international that it have has actually of traffic behind. while flights to domestic my As still lagging than

bookings, fact, and fully towards not get flight of of of the started long-haul up, half end one bit in down yield because focus, et and as the like international quarter, of prices died necessarily on things recovered. there international, because with COVID But, bookings So, to a considered cetera. all the of clearance, China overall was airlines visa a of scare things And normal. December up operational going have the got high well. it to sort fuel week, after especially opening the backlog the backlog all or second the Thankfully being issues fares back by of on of

sort see people continue international international high sentiment related you and then to to not of despite the putting stuff. terms if essential necessarily travel. bookings and if if travel really, high on that's the want are being fares under while just made additional they to just sort And pushed pressure. side, just the of of on get positive plans But, you factor in consumer air continued It play more overall season, one

you the that's keep additional think should mind. point in I So,

Sachin Salgaonkar

India regulatory a is Rajesh. last the listing And for key ibibo, guys looks behind. for like, approval you now the question Thanks, potential MakeMyTrip incentive that is hurdle got

thoughts thinking guys of how timeline it? in and any terms you are So about

Mohit Kabra

in of there the kind hurdle incrementally a into the in we But, point capital this taking and like So step agenda, the tapping on necessarily have direction. out, of I future. regularly view, the but kind market of think, probably calling good been to Indian from is near is not

update of crystallize our remain clearly going and we'll to it. it. are we come to are when able back So, plans as and to And we of kind kind around open

Vipul Garg

Stanley. question. next line Sachin. you Gaurav may Rateria unmute Gaurav, and of Thanks yourself Morgan is ask question the The from of the

Gaurav Rateria

for Vipul giving opportunity. me Thanks the

questions. I of So, couple have

Firstly, segments, the the in reached same to the pre-COVID. quarter the at I look haven't when of each the levels during volumes individual they pre-COVID compared

little recovery a the somehow, has slower expected. So, been than

Or of going So, is there is of in segments? other each phenomena it because largely international on? other some the

Mohit Kabra

out. Two reasons, could Guarav, if I call it

overall, at of look will recovery. You terms in market the it

at market XX%, look even about the overall is of you air, recovery if it's whereas kind So about to at our close plus. domestic recovery, XXX%

we market are but level growing the is while industry segmented is itself the recovery So an lagging, volumes. market, at pre-pandemic of therefore, ahead the

one overall, bounced international the if at look Rajesh it a kind was in like ticketing that's So you terms as air out really strongly. of secondly, calling and kind reason, hasn't of of pace, back

recovery the ticketing for So that's for the air the a the other reason in lag business whole. overall as

Gaurav Rateria

that branding question, it no saying the out versus promotion at Second or subsided about always the like shift like between percentage should think But charge hence, there you inducement and of lower market? customer kind been charge? booking? more inducement inducement high come customer it's ad the Is in overall X%. charge? have should end. How look X% the one one customer competition is to as And spend, gross lower the of the has it need how for Is activity that competitive tactical,

it one about a on think So how should sustainable basis?

Mohit Kabra

of sustained clearly activity would more things seen No, the in of that X% couple you like the that competitive And think going to in we've a a saying we're of is kind like basis, I difference. possibly the and range been as extent there. makes seeing be X%, on One market. a over have

important have or last, six, over also built There, over see segment we importantly, if years, packages hotels of particularly more like it robustly there. accommodation almost of of building the and volumes about amount is Secondly of kind in or in I think a the certain including overall seven segments, volumes, the built each you base gradually relevant and segment. --

volume, or of the start you kind better. And as panning acquisition build in out is models e-commerce as customer inherent online models, kind much costs the of

you the there about expenses. see promotional getting pace. think a why I threshold therefore, And sales to been consistently a in So, has marketing there decline is

become Over the has that threshold. sharper last, I kind crossed of years the few of reduction over last would say, kind as six, we've seven years, that

almost I it what is just around. much would kind Pretty of put pre-COVID

intensity apart So, in that's fact is segment. from that the another particularly competitive factor the hotel there lower much

Gaurav Rateria

compare the missing? cash cash down if balance question, should has there the EBIT lots have I like versus quarter, and have large generated from think XXX. last Last I come to quarter You have something should flow Is of XXX during gone up.

So, how in should one decline read the cash?

Mohit Kabra

being of are during the then do right. seasonality. we seasonality You quarter, releases move you you quarter capital This into see a usually and of seasonally deployment you know, kind working happening, And see lower quarters. peak high also as

So it's to else linked over and nothing se per kind seasonality of largely there.

Vipul Garg

Gaurav. Thanks,

wishes hand anyone click option. question the to to on ask participants, Just a the remind raise can who

question can the of your now. line from Suresh Aditya is Next from ask line question the please Macquarie. and Aditya, you unmute

Aditya Suresh

questions. few Vipul. a have you, I Thank

you of is in bit I of perhaps? tighter. kind marketing do down, challenge was an in question spent inducing of lease kind a for particular of bit customer in elaborate you chunky number, kind new kind but a cost, the little the Tier still could getting bit particularly funding, least life at of you kind which and competitive conditions your note that happening mentioned. come have maybe fairly just the are absolute terms it's Can environment on in maybe what's in where X somebody a a dynamics First speak about it segment that with can of competitors about So a air that

fiscal you is, Air think, two kind growth this part et gross bit Cleartrip, And speak are in there a as that? is X% as kind intensity can to of sticking you with of of a absolute So or any well? X% I numbers as Or little this One I think about the 'XX cetera? about fiscal guide? is competitive bookings 'XX,

Mohit Kabra

terms one, the part. of color Aditya kind invite But first maybe are, second it absolute number a of X% we of looking not better look going might it be kind this Rajesh well. to a to not the percentage be at in the more kind I'll X% that range one. to at of as therefore, of, on the And of expect growth to yes, I'll at to remain of be in of on it? share it take kind and forward may second of relevant in situation do way And kind per spend may look se, kind kind we the

invite one. for just I Rajesh first the

Rajesh Magow

Yes, to your to remind Mohit. to Aditya happy first, just of to couple everyone. I and I sure. you think Happy points, important wanted question, first

matured. market product us XX% share mind we that has been we we've domestic healthy, whatever I should pretty reporting flight think always keep also And in market. for our is share total of fairly on are about the the out, fact sort flights, of as been the at market for that worth it's

to to confidence, sort the we those the much continue quarter, that unique trying helps I innovating, every keep features, that was launching will that some as market, of highlight helps and becoming no that's up also a dynamics the customer we what pretty And of choice been first has reason us and has for And matter the able been be in the gaining been the competitive in might to stabilize right we've or around share the case market precisely XX%. while. end either

I the ideally. are I these noise important think often in think they get lost points because

your we've on view, delivering continue to if work the the they of the comes promise stickiness repeat beautifully of keep platform, really to point to when product come you our seen it actually a side. rate the time, over period From well,

the frankly, and closely, not happening Now and sort of as look specifically -- kind of so as watched all doing the that, at we what of a but far know, you who's we've I'm specific sure cetera, quarter We dynamics et what's obviously on. that by every happening, discounting of what on of the necessarily sort of for is particular competition very, not a obsessed that are day particular on competition. very

get more market very unit improving product dynamics keep our your and and the and strategy to more eventually sort to more has accordingly, economics whatever experience clear or that, marketplace. managing more think be basis, we continuously and keep and the customers that P&L our the share, helps I in might have been of

history -- you last quarters. domestic there the be There if market, and say, specific may air volatility. for few see the be into specifically might So quarters on, going let's

you action, You some cetera. will more competitive et see

But that never a of still stable cetera, et of stabilizes time, never sort -- it sustainable or because over is discounting, never of is rather. deep period sort

But that that plans been from shift to or the we of market with or our domestic have or any you in services matter or moving even shifting deal So, a basis. and products haven't quarter-to-quarter that really to long-term we of on just flight the move sort a for offer. strategy standpoint, have

Aditya Suresh

That's was to or incremental margins trying Thanks, the profit. I question clear. think incremental Rajesh. EBITDA about second me guess

You was of few quite levers across a products. mention did that different growth kind

incremental do year, overtime, your one. Now fairly has two is, of you thinking think million let's the in as large touch on proportion have incrementally, margin, therefore, staff terms maybe incrementing. say, a One part you That's $XXX any I guide are in things? about EBITDA at of you employee least expense of a Can revenue. of been of And two is, next how expenses? kind terms add

How should much is XXX. it EBITDA? be say, that think do add much But than think you let's did that. of more I you

Mohit Kabra

Hi, Aditya, that. maybe I'll take

numbers to kind in manner below prepayment the almost and that. like, cost inflationary of in of for If looking almost, of behind they the overall people same rounds levels despite, in sorts terms of are that But of of now you kind three still kind cost are slightly through. it's still getting fixed increases closer and pre-pandemic. quarter particular, are going kind growing of They

think kind or have we they'll headcount a And remain amount in They'll really of proportion increase possibly the business increase planning to increases business. quarters of Clearly, kind we the to the fixed significant large in come because a it's in completely inflationary significant growth going terms secondly, come. of of of the per increases years part more in in don't So is rationalization se of any at that cost. than on not that the I the volumes constant. the of kind way, done lower

question So, of part asked. that's one that you the

the The other opportunity? is, what margin expansion is

the percentage possibly getting of from kind looking margin on about is operating take opportunities. least this into clearly margin would at a gross adjusted gain X.X points booking of opportunity to refrain is an shorter of clearly, to at kind getting we this that kind term to business Again, opportunity, longer-term, But of basis.

Now few happens depend a in will whether years, multiple or factors. that it couple it and of clearly, in quarters a on

trend fiscal year can in year-on-year And you as the continue, you an the changes playing even operating nature. of same would bottom-line. that through out volume see see of, it trend. in would would an That on terms say, corresponding then see 'XX I the mean, that this leverage indicative but terms the I necessarily versus on But in 'XX. change be wouldn't basis year fiscal be quite of a you indicative kind a

Vipul Garg

Thanks Aditya.

of question question Fort of you Puneet Puneet, Next Capital. line is can Saraogi ask yourself now. from the unmute and the Hill

Unidentified Analyst

My in working questions. is of we capital. I seasonally? higher the India Fort can basis? Hill Capital. couple But question think And why a the capital an quarter, in whether you is This OCF and generally second click about had is the double for on relation annual anvil or first EBITDA on working at on all not? how is do it's an just on question listing this to My Hari

Mohit Kabra

side, high and take of see and generally involved releases seasonality in kinds the the some Maybe questions deployment off miss Puneet probably [ph], this during kind on the we business both do in seasonality. earlier and I of happening season I'll through But kind like this. capital generally quarters the working coming of on said, of in working capital

on it's like more it of a or better kind basis. to basis four quarter look at a think annual I So,

basis, annualized you working some just I an that, bake-in the on On capital would kind amount of deployment to suggest of volume. linked to need

India there. and So, kind and e-commerce on seen working the of market. of of into trend capital the kind overall of it lines that's clearly, to to open the companies markets some the e-commerce I of Indian in have capital when we are yes, kind tap the and kind second questions, platforms, capital mean, over comes And of one your go

good $XXX if cash, bonds years setting sheet, of on of were looking of to sitting that, a short-term, kind amount even the aside setting balance two of cash at not cash certain free the convertible raised for equivalents one had fundraising a kind close potentially From that the our healthy setting, after including the we kind key look million. at of we amount in cash at to that is back. Even of things over we aside, point we're sitting balance kind necessarily any of you're and of view, on

the of basis at a then and tap an said, in requirement. Indian opportunity point some keep tapping into of the overall market it, of that no kind run, U.S. multiple tapping capital other more from again. of eye markets, on immediate into an seem the from probably kind to markets we into So point I But kind capital value capital immediacy leveraging But it kind the market longer be doesn't an would kind will from in view, brand market preferred an once into and from tapping the things, there of like but India a on like of investor is I time. or going think a creation to

I put how will that's So, it.

Vipul Garg

the of unmute from is question question you line and Jain Vijit, of next The Citi. your Hari. please yourself Thanks may ask now. Vijit

Vijit Jain

questions. set Thank a you, of on Vipul. Congrats I have great numbers. three

with called sub to now barring First category, category you is you segment, other question. that the levels? super of every that would is out first budget back exception hotel and my international within perhaps the $XX at pre-pandemic That's say

Rajesh Magow

Vijit. Yes

Vijit Jain

quarter? your know, now you last GBP? something I How a earlier moved And as digits? that last had what percentage in would quarter, mentioned guys international of is double be

Rajesh Magow

Same, change mean, similar. shared what it's we substantial I earlier. from not

Vijit Jain

my And of ramp the about now, know, is, you et these my I up ramping bit just your my focus international if a agents about more international thinking light how going are with saying last working you partnership, three theme, in If offline this up? et you business you've areas in guess, more launched the that. in on talk you cetera, a affiliate question well. years, next one to is can to how cetera two last can that shed Ctrip question to lot little as myPartner, programs, years? use like What you two you're the to of business even kind would And there? on, be

Rajesh Magow

penetrated I absolutely Yes, a the think is of question, and we so, is segment, use you the grow set flights side, levers great could international much Vijit, answer future to it's sure. under behind, it? our you it pre-pandemic, the comes fact rate prepared was growth Vijit, no, And that look and even our the given when at penetrated is for top that but higher international you recovery from growth when online know, for that all really potentially it's of sort are under back given business, on both business an lagging the hotels.

could of matter almost international from of restless for are example We are international and supply that of that the sources features bookings. or to we whatever our open international that new out and They're up the already. for rolled all to and that on flights We for waiting expanding we sort the side. in for on side the sort on unlock tested multiple sort customer been side and side of supply domestic actually have platform, hotel innovation

also own market, segment penetrated, travel definitely core you incremental or and international made it I is helping that international of BXC will demand platforms, mentioned, under on which some available there out, like market in means get terms effectively investment of offline the is us the be pointed grow our acquisitions, customer -- international because like In of we rightly sort more the well. besides other as segment, channels they

agents, the that through our way out of coming demand, channel reach is as can which well. have we a to do sort we So, BXBXC myPartner, which travel is

is it leveraging on supply product international whether side, including, the So, and the on our of channels of experience multiple it trip.com the is sources platform. or distribution and supply supply,

So, said, and all fronts for waiting have like all are market we invested, to open we up. I absolutely on set

Vijit Jain

going in expenses levels. just that final on there. how cetera. Mohit. forward a both I between of mentioned here Thanks are and incentive cost fungible spending, to quarter to almost a the MakeMyTrip. brand basis? quarter just to get quarter still fixed Rajesh. the this I some mentioned We're to mentioned a about past question you But overall, that about which campaigns for on should you these The et handle secondly, know spends pre-pandemic the guess my customer it in trying and is think you below on, How have basis? think that we And Goibibo

$XX is of that figure terms million a I cost million we last, of $XX month is sorry now have a -- base, a fixed think $XX to approximate in quarter million, $XX an closer type million? your

Mohit Kabra

Hi, Vijit.

season to it, had usually kind expenses. I the the expenses the see kind maybe And particularly quarter. first higher was you of of kind you side, be of question if kind So, in brand the at look high have marketing of more going marketing brand on if mean, historically, on you generally,

So a that's is typically QX which pretty of fiscal and view, large. QX our year point from

cannot is particular the this where would that you typically generally, spends are quarters see on side. these those So higher --

I've customer cost always been overall is relevant. what is calling But acquisition overall, like see, out,

or out number. of possibly timeframe it kind as look think shorter a I kind possibly longer it's Some well time lag the some relevant pays in of as with of of kind blended at more effect. duration a lead a to have it terms of a But

say we better are call understandings customer And retention before, how of overall I marketing kind would promotion of and the just costs the together a kind gives sales out reason of that that because trending. that's expenses of kind you

idea, of but seasonal be it at mix coming from may So isolation, kind of great not a brand budget higher you looking marketing kind quarters. slightly in the it for expenses, a can in particularly in

Vijit Jain

in just run we And Mohit. on was of where the rate? cost base, are my it. terms question second Got Thanks, fixed

Mohit Kabra

Yes.

you $XX rate pre-COVID if $XX almost to million. like look of be run used about So million at terms it to the in

on we kind in We reasonably that. shared rate, good so below calling quarter, the are out still million just run business is what inflationary slightly despite three that reported are of I that below was going $XX almost that's through,

Vijit Jain

all are questions. Those it. my for Thanks Great. it. Got

Vipul Garg

Vijit. and of of ask the UBS. yourself The Unmute now. question may Chandrasekar your next ask from question Aditya question. you your Thanks, line is Aditya, please by

Aditya Chandrasekar

I Thanks, the Vipul. question air Hi. a have side. Yes. on

saw et et passenger cetera. DGCA, seasonally the has we cetera, data, been healthy right? I this quite And record So being strong with also highs, from quarter, mean,

bookings. a understand mean, Just even growth was like, we Q-o-Q the there wanted air air better side? saw kind growth I potential international gross because on of of X% and to a ignoring

I that wanted don't considering I get been have we a have So to we large think the could it that in Have market just at the QX mean, share, being -- sense higher lost volumes? any the but should how could we And of at strong? well forward? it better have going been be considering as seasonally or as volumes look should better lost growth

Mohit Kabra

XXX%. really it, Sure, recovery Aditya. domestic if at quarter, during the our out, the industry recovery, to more was Like had recovery I was air terms recovery in you reported look called rate whereas about about close XX%, of

of gains kind higher? industry market. potential kind kind way, for there to the the help the to market kind the I domestic And look of keep overall increasing. possibly of you growth been at clearly, mean, Yes. if that from overall of kind ahead numbers industry is So, of growing continue Could it, our are of share, we us.

cetera, some amount et But and which, airlines on of the right the pressures, availability, of spares inflationary and result of quite of the by being them also kind the challenges are planes grounded. overall kind a of also and -- capacity few of some now of some challenges there a terms in faced the maintenance prevailing are as kind of

back, faster expanding comes we should coming the see as of hopefully industry capacity So this well. the in all as quarters,

Rajesh Magow

was more point. Aditya. going I to one Sorry add just

at overall about numbers, and is, be market of the sort domestic numbers at can I excited important of peak would XX%. what market, think recovery pointed the about quarter sort all and only the was more realize will for us, But the certain from of up traffic. look will it the days. we get the the think is for And given point trafficker times, even full as that he sort out, down I was just point was to you important overall including

factors, have given And pre-pandemic and be can we very, I actually because give the just been pandemic been high, them. additional that, of data load deploying on, XX%. we have if was that to And more focused used fact on it losses to period very more monitor rightly closely have as traffic, yield, flight then just been every higher that all of is so load was, reducing for very, thereby reason and in they've the compared what factors tough airlines that flight, per careful the point out literally of the sort you very the and the passenger, for departures coming and

the improve As steady the et we're turn into state results. And profitable, Air some of the sort India airlines starts we news market all cetera. might that get with some these getting of health the to they and the health, financial from of

for Some happen, the of these come sure, and and will that, We'll growth also get capacity demand because things back. more of further then the stabilize. that it'll

Aditya Chandrasekar

very quick on side a marketing the just And again. question

probably do won't we these did in don't campaigns, ad campaigns, quarter, even if come there's you down we cetera, other you've seeing range. So, X%, of do next forward, it we quarter, costs. it came also Do at kind or And stays side which TV of a marketing it of I mentioned after also that the et some probably efficiencies from times multiple Because levels. going these other are the X% in TV think X.X%, we right? mean, while. that a for to though potential

that X.X%, or aim or X% for? be you should where X% So to X.X%, largely to we it is head could X% think you think

Rajesh Magow

Like remain should to of currently I we was the be kind estimated to X% in calling out, X% Aditya, range.

were of able range good that brand in while at more it's the of keep think to quarter, reported end it the seasonality reviving I in campaign. the peak least the the to closer lower we kind

remains color, X% but we let's estimate progress, keep see, keep as to X%. making kind sharing current So, the we'll of

Vipul Garg

Tarbir, is ask the of of question may The Aditya. line Capital. Shahpuri you yourself now. the Nidara Thanks question Tarbir next from and please unmute

Tarbir Shahpuri

you are Actually, Thanks you. day is when going question investor an Vipul. my Vipul, for us? for organize to

Vipul Garg

some Give it. on working time. were We us

are ready. structure We the getting

hopefully So details. soon back with come we'll the

Tarbir Shahpuri

guys. the Good next luck congratulations Anyway Language] question. [Foreign for

Vipul Garg

is Thanks It's question, line from and Hong question Tarbir. are question last The out the from unmute ask time. Lester, you [Lester be of next and Kong. Poon] now. please the will it yourself we with may the

Unidentified Analyst

operating that already In calculation And And I X% a of the revenue. than about their X%. season. past, the X%, will peak did is a QX, be booking management QX not the quick gave guidance lower gross margins is adjustment for

percentage it in the future? mean X%, you are the may you does can that non-peak below other maintain that seasons, the or confident X% the fall So

Mohit Kabra

at year. And for kind look a close let Lester, basis, And you we guided than we slightly do kind we in on take better run rate at as that therefore, are for. kind know time. whole, X% would this or me that. We're X%. should and full are maintain that should for if the year about look be believe fiscal a YTD above of you quarter's that, slightly be know guided also about We of the we X% full able we to of that to

about as color kind years more we share get the new will of into year. fiscal We the subsequent

Unidentified Analyst

much. very you thank Okay,

our person in in So conference. soon see you

Mohit Kabra

Surely, look forward.

Vipul Garg

for comments. Thank you, our last question. was Lester. just closing now Rajesh hand That I'll his over to

Rajesh Magow

then you, lot. and to your Thank for Vipul. back next And you, look come patience, quarter. interesting everyone. Yes, Thanks you questions. forward thank time, you, everyone, your the And all thank to a

Mohit Kabra

case add you due your been paucity any able we back get free as feel of to to you will Vipul we please have writing can. would not that and we time, you I to soon just to of to in questions participants and from take know, know as try

Vipul Garg

Rajesh. to call. Thank Thank This the Mohit. you, the brings you, end of us

please you. Thank You may disconnect.

Mohit Kabra

you. Thank

Rajesh Magow

Thank you. Bye.

MakeMyTrip Limited (MMYT) 31 Jan 232023 Q3 Earnings call transcript