MMYT - Earnings call 2 2024 | MakeMyTrip Limited

Due to licensing restrictions, you must log in to view earnings call transcripts.

Vipul Garg

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMytrip Limited, and welcome to our fiscal '24 second quarter earnings webinar. Today's event will be hosted by company's leadership team, comprising Deep Kalra, our company's Founder and Chairman.

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

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

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

Rajesh Magow

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

by growing performance, as another bottom year-on-year We maintained year. line report and in the are Gross at both pleased growth line strong quarter to terms, strong year-on-year. quarter billion, grew bookings currency our where to terms operating same XX.X% top $X.X momentum, for profit, million EBIT, adjusted $XX.X constant adjusted million in $XX.X compared or last to we while in of the reached year-on-year operating of XX% quarter

quarter and rains hit We delivered temporary in the country. of this performance supply the parts the during despite a demand challenged unprecedented some due short-term on to monsoon contraction,

GDP travel a experiences in a of be large India towards a macro of the to the gradual per major the and leading which larger and economies outlook, spending, allocation for future, garner As capita discretionary to will share. one increase in expected fastest-growing is

to to expenditures largest XXXX. of making by travel the to latest global spender are India countries travel reach increases travel [ rapid by billion top the in the ], in poised Travel $XXX world's $XXX on one a fourth spending expenditures is figure among report the million witness of XX XXXX. most McKinsey, According from anticipated India

hand, tourism to On according in the other the WTTC, contributed travel XXXX. sector global X.X% to GDP and

a While X.X% growth. employment including tourism in local steadily, economy and of hospitality, is for GDP, sectors, contribution The industry reflecting India, accounted generating and headroom substantial travel and to of various huge the opportunities for India's it transportation businesses. growing across revenue

new properties, help orders the supply destinations years the country. growing and key for will in large aviation We used as country in with expect corroborated should during planes to homestays sector. many in come. to that tourism have for expansion number of travel and the which all investing hotel in of will which chains homes fact placed of led part by be have the record airlines GDP all industry. A major for growth faster India next to a a than leisure announced new as act overall in This supply decade, grow secondary this the addition be tailwind overall by is major the Homestay in the accommodation also people is the and

government and by of overall million to XXXX. XXX That's in growth According rise to million air to current for India are the travel passengers sector. projected India driving forecast, XXX tourism

will quarters. coming good, engine supply short-term issues, situation repair improve While to the in indicating the on due the facing addition air industry that is supply looking supply headwinds projections

and to We've the deliver services company a the superior and continue future. a in our leading for building about We country opportunities position been innovative to further partners. back ability future excited to towards of platform our our customers our and the on brand to travel consolidate value strength travel stay as working solutions, aim

compliant, out our intuitive language and delighted bring a introduced we the and and homepage accessible from experience to Indian to is meet iconography where inbound it MakeMyTrip fresh also of of applicable. that demand, GDPR share from new some During to thus now I'm the This discovery more quarter, design making the diaspora. help will especially the regions GDPR us delightful. cater version to is buying our

grown to for to long-haul time, levels the which now, first grow pre-pandemic and As starting international business, destinations segments is quarter, beyond quarters now, the encouraging. business either destination air also pre-pandemic and domestic with air continues our recovered had few surpassed back business short-haul is All recovered ticketing rapidly levels air now. for the have ticketing while a this to travel well, or recovering

new We continue to our and customers. to value better innovate deliver add products to features our to

During the availability. selected international our their flights, wherein prices the until hold with day quarter, them decide on about time we the hold can end without to and booking initiative, giving customers of worrying went seats live

quick review page a checkout payment for to booking faster make launched on feature, on flyer flow options the customers. also our to itself We QuickBook see the frequent enabling our the existing customers

also assimilation selection faster rules flight We to helping Goibibo's results page, information, and itinerary aid flight improve baggage us revamped cancellation page the and search on conversion.

Tier business, packages, growth witnessed strong X and hotels, which on includes year-on-year back discovery supply, and towns. deeper beyond Tier increased the penetration accommodation Our metros and improved X of homestays and

strengthening and covering encouraging. new the up deeper XX,XXX our strongly drive smaller penetration cities India, are from supply, further. now initial new well. platform, distribution our the on nights into room hotel picked our getting growth plus as is X,XXX We across domestic to accommodation moat. supply live supply We quarter while continued part Through the quarter, for business have channels continue We to to as of we properties travel. International expand well, product strategy leisure now listed online Along country. and our IRCTC users the our website platform, during business this further perform the IRCTC our myBiz and response we cities with with on continue went our to expand

of key destinations East direct other while Middle and pick the to be Southeast in Tashkent, continue among Indians. Asia introduction in flights, popular travel up Almaty witnessed destinations and we Baku, the the like new With new

our inputs partner alerts for and hand. we we customers, quality about our have consistently the highlight enhanced Learning stay-related and stay properties defaulting work And from one with closely on push them to from the on feedback levels experience. our customers improve other, checks service on valuable to the

We our most take partners and of actions. have the observed that feedback seriously take corrective

increasing Our destinations. homestays to with of continues grow business coverage

World quarter, we Cup the supply country, During the venues. our including expanded across

overall X,XXX quarter, and steadily will believe homestay homestays increasing, is of out category During added Cup venues. we the this we X,XXX specifically World bookings that the future which growth. in contribution about to inventory, properties drive added of properties The were our about to

scale holiday the our Our packages expanded of business on continues back to offerings.

an accommodation which the we holiday in is with homestays packages During the first launched option, industry. as the quarter,

now have offer religious -- packagings, to started we've catering charter train tourism We now demand. to to started also offer

to holiday has now expanded a domestic of packages the in in versus footprint business peak Our cities XXX XXX past. cities the

the holiday sold countries is far. international which achieved On to QX, we the so number packages side, package best during XX

increase the along South mandating weak Our demand India. business more Bus QX, India buses, in bus Ticketing bodes especially traditionally QX North This large host acquisition markets inventory the good in as improvements momentum the operator sector, seasonally of customer the bus IT will in redBus in the This into ticketing of rate with the to private new corporates, well the sustained in despite platform ahead from in help festival witnessing is In are office, resulting recovery. work our are quarter was finances the and more business. in the growth inventory. new which This for integrated of UPSRTC makes platform. first addition UPSRTC's improve the a

are generative features on making on journey our We AI-powered progress good platform. our with

selection our improved This repository our results now customer AI the each bot Similarly, enable identify in experience user of deployed user-generated we've and Our provide process. leveraging property a departure. instant to suitable harnessing property's bus offerings. before insights has properties user in for customers extensive summary voice-based content. results the further business, solving review section bus to and feature swiftly generative queries has summary The

opportunity growth -- a transport us for your us. potential is for Ground growth a pardon, I opportunity, is business beg parallel

market. already are in a position We the bus have leading

user started airport and cabs. intercity We transfers making addition, expanding by we've case our rail use In via been scaling travel organic cab with bookings. business base gradually are our in investments

cabs country, it highly the improving is unorganized a presents a with road intercity and in opportunity. future Currently, infrastructure fragmented growth market good and

full with details So decided in further we company share section. have to Savaari. in line strengthen cab our an called inorganic his of well-known will Mohit intercity a business this investment

agents, now while which product transaction a and BXBXC with our India in terms offerings, XX,XXX be and platform expanding travel very active all plus our transactions of are our also every BXC our For small number gaining continues the platform for new travel channels repeat is to MyPartner, of healthy in users, leader reach, agents traction. has direct rate. quarter

both gradually and our myBiz Our QuestXTravel corporate platforms, travel business is becoming for meaningful.

customer is active their XXX sync seamlessly marketing to on focused has and and manual are the HRMS for the third consecutive companies the has count active building MyBiz And every in report holistic myBiz. employees has getting XX,XXX travel category set strong myBiz is diluting been for handle forums recently policies, report XXXX. tech solution, plus. reached been at for their corporate themselves the and with platforms now fall count as Both QXT, wherein ranked GX's quarter. allowing on ERP customer our management from This hassle with for experience. well, Our additions the without bookings systems, a APAC, recognition industry recognition can top without expense

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

Mohit Kabra

Rajesh. Thanks,

'XX, for delivered adjusted in strong a of gross growth have norms. the growth travel sentiment, Demand revenue to during of robust quarter in XX.X% constant with witnessing currency stated helping deliver bookings growth. We of tune our line year-on-year profitable with quarter, the remained gross of back the and fiscal billion $X.X in profit 'XX, robust us bookings, strategy year this consumer operating of second performance positive operating on a year-on-year

in grew adjusted Aided translating The with by this bookings $XX.X and reported operating is about by of million leverage, an last in the adjusted profit terms. XX% in profit the stood $XX.X absolute increase million X% the previously at in the from levels to about same of from to quarter same the improvement year. million quarter reported fiscal over quarter about X.X% quarter, year $XX.X year-on-year of operating the strong quarter XX% gross during in line almost operating a last current which year

in ticketing Our margins came bookings for at registering at for XX.X% stood the currency. of margin year-on-year for growth about currency in in about X.X%. gross a at million, Adjusted about line The terms. air quarter air $XX.X billion, in were XX.X% ticketing constant witnessing a $X.X the of rate growth constant take year-on-year business

of growth for and being carriers, domestic civil suspension outlook of 'XX the As restoration on First of as professional aviation NCLT issues placed mentioned operations the had in by of a is in to well for by long-term by capacity a Rajesh, large headwinds of servicing with strong short-term concern we aircraft Airlines. Based Go May Go as of the been supply appointment engines going operations. in are around basis, optimistic orders market aircraft on while First the very view operate resolution leading order there its the

this However, have now taxes Go towards provision there or have to and for recoverable deducted onetime accrued issuances, X.X during the over ongoing considering collected from challenges that legal at we recoverable are amounts and of First source incentives, made the all ticket elapsed deposits quarter. a resumption, months

is a increasing by compared result adjusted in million this is provision. the to increase $XX the per in exceptional operating tune million, exceptional As the GAAP about profit about not year-on-year about million as operating to $XX which this of of impacted profit, $X.X provision

next normalized expect civil small half domestic in the year, the by industry the fiscal followed from second of increases beginning the aviation growth capacity in We year. the of

came the for hotels our basis for Margins million at during witnessing in XX.X%. XX.X% for the witnessing stood in growth Adjusted on for stood segment XX% $XX.X of quarter line also year-on-year of packages about packages about at in growth hotels constant a and about currency and a this about a segment business constant $XXX bookings terms. Gross terms. year-on-year quarter, margin at million, strong currency

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

a recall costs. to of almost mind traffic high sales our existing of our Overall, last been about mix drive for customers, XX% so We efficiency expenses continue as On brands for and coming gross of quarter has marketing in of from same drive our came efficiencies. year. of the particularly us. compared driving of customer in Excellent about top acquisition that, top further in cost bookings costs in orders and quarter X.X% helping us at our the to the X.X% promotion organic

behind is drive COVID-XX levels pandemic to now line almost recovered business focus to the us With having growth. every pre-pandemic our profitable or above, continuing of on and

sheet balance and cash strong us expansion. to of over side equivalents Our with billion in pursue distribution inorganic driving both flexibility $X.X gives and the supply organic cash or opportunities

Across and ticketing. have travel in built we our brands, air hotels of services, and packages businesses portfolio ticketing, as significant such bus

customers. travel as We service offerings transfers of rail such our ticketing and have organically variety for scaled airport up other a

helped ForEx a we provider in customers, the strengthening who in us. investment had services ForEx in inorganic with offerings our This which book travel is and another well-known BookMyForex, of us opened India. for growth up service part overseas for our opportunity us As invested innovative,

years services this penetration, cab lack bus to experience. we city are travel to and, buses fragmented company. low lines, a like Car adding while cabs up Limited, infrastructure service well-run is akin Rentals focus offer apart next country, highway This for these space intercity of come. The under We well supply value online there pleased cabs India to intended opportunity the Private an in providers local length be closed or segment for standardization and intercity our intercity transform is a to We services of services, are therefore, opportunity technology government plans the a that services across us. of add to the a suppliers in accelerate which segment. to to better improving of believe day-to-day highways, Along in segment in presence further that fall as the X investment breadth of is the announce cab from the believe of a can This intercity in our India. meaningful with a with quality are investment, and proposition, impetus Savaari the and both majority intracity commute the of is the signing customers likely is in as this and which building of business of months, significant terms to the the in market

company of During corporates. the over with quarter, travel we of of founders holding have ownership of stake in the completion marks services acquisition equity to XXX% majority final process also been and in QuestXTravel. acquired initial the engaged from providing tranche corporate the We the in our the last a QuestXTravel, XXXX this the increasing tranche years. large-sized had acquired an And

to growth to I'd turn look initiatives support that, inorganic continue call will for We well. With to as such our like future investments to back for the Q&A. Vipul

Vipul Garg

is question Instructions] Sachin Mohit. America. from of of first the Bank The from Salgaonkar [Operator Thanks, line

Sachin Salgaonkar

X have I questions.

regarding this to just I wanted entire clarify one-off. Mohit, again, First,

be So incremental coming not factored in is right? one-offs quarters. basically, in, should all Go see in the any coming factored First negative, Ideally, we from which could

Mohit Kabra

that's right. Sachin, Yes,

Sachin Salgaonkar

Got it.

this Second question, perspective, issue issues which bit to near-term entire into there you also one But about guys next a is at the airlines, Pratt Whitney risk said. just an a on year. of & again, going Indigo capacity engines create continue is a

and resolving impact next what a could understand XX-month wanted see let's to that say, have, from just kind to do guys this where perspective? you So of XX-

Rajesh Magow

speech highlight maybe valid I a part trying sort I I of it's I question. my that as can And to well. take No, Yes. Sachin, think script as guess, that. was of a

now schedule quite factors where is X%, encouraging, a All addition net supply is indication, adding and any they've addition. been necessarily engine the give this that sense considered Express, the of but including the the India, that that recently XXX% will net while, been capacity, has actually an the a filed about Vistara, and which fact whole to So including operating supply there SpiceJet there is the a been of issue, so has more X%, not you winter out are been if that despite Air there has is of market of overall First at also -- Indigo claims. both Air fact Go for

there of and net-net because is quarters, out has couple the on already on from supply the of placed together. a net -- on month last the the have that all projections now basis flow -- projection an every And much. month orders been addition come of to for a going sort that's kind in airlines every is And that pretty

coming going the an are So indication in things the definitely you that ease quarters. gives out to that

based really going the momentum standpoint, available Either long-term to issue working or other. of fall multiple engine all And because from all gradually, alternatives along be outlook be going standpoint a standpoint, these sort place problems operationally, get resolved from going to way. going long-term that there that there sort long-term any is you sure other is replacement are a is to to on the And the don't a be clear or other ultimately, to find are -- to if from slowly an because, way going alternatives that the come blockers to more demand everyone I it is projections, honest, see sources. it are one hard in -- of these see various if are I'm be and

an to to that But months projections watch overall giving said, have indication going we'll situation. I like situation. X next but the to seem -- So it's be obviously the improving start

Sachin Salgaonkar

been has early it the bit you opening few harsh your in understand to of commented given about demand, an on especially progressing I the months monsoon. given associated issue issues how seeing last season. are also a remarks, just the is World Rajesh, wanted still in bookings? Are a we we Diwali off? general comments and with heading into reverse Any fact or on there to demand that started December the Cup

Rajesh Magow

monsoon-related temporary cities confined So across. remained And to of certain issue Sachin, July, was the and specific the August, September, that not positive. demand overall necessarily was country, sentiment

September, In from August, days season November, for But high. a its now of And September. quarter, fact, October, In it's high around at peak as historical like again, just right is December, that end the was all-time know it the trends was early it's it quarter. and because current October. we

part specific and it play Of hotels also out it on for then course, in November. third and of well week sort of wherever playing goes overall featuring as games, both we've into November basis, into transactions of where flights. But more of come. the Historically, starting actual specific which will because is in seen the growing ends -- the World and middle of was bookings Cup, December, an up and to India of yet season October, with end cities,

And will guess don't so early but it's see any for any it reason be I the overall days different. why I quarter,

Sachin Salgaonkar

Got the is despite guys holding it. on And seasonally slower of last in in your up Great job quarter. the these operational terms question negative leverage margins. well margins

question something out as bit margins? the here X% low this you which a selling of And ahead? hence, of [ the is and sustainable upside GOV below to there ] medium-term your could is, So be marketing going is guys see

Mohit Kabra

are of or margin point view. this or out had around bookings concerned, at the as far to during X.X% an margins of kind medium-term the mid-teens like of we consolidate the from last gross like as would year Sachin, adjusted well, we about level called call As the margins for

annual where on as years this So the expansion in look an to to well. the consolidate coming small like a we at year. would for we'll is continue basis, And

Vipul Garg

Citi. Jain question line Vijit of in the Next of

Vijit Jain

well. of is last are we quarter? Congratulations, question we made, XX%, recall recovery this staying on the is because these recovering, costs set number why is -- the mentioned -- can recovery. terms has understand you normal question marketing guys, budget new one. and just that where these a since? as this I hotel there on you you believe last hotel reason great numbers. would segment you a have budget My had levels like in quarter, see in the up stay the Mohit, moved That's lower to are completely you XX% if at have if point And can of Where I

Mohit Kabra

XX% is pricing recovery on like around of recovery and, So reset we amount seen mix believe to gets other on the this has been fine explaining, the and of do be and back And point side, the Vijit, segment all a XX%, therefore, price continue it's of to this which slightly above. budget kind before we've the is from levels, is which -- is just a than segment. levels of And -- points. view, overall segment lower the kind even pre-pandemic a is time which of kind matter that of an significant we

So the that that of considering kind just an play witnesses. segment extended sensitivity, the of to period for out, amount price

reason we be would consolidate likely the this customer would expansion year, customer On we side, overall like amount have said, and -- this our like side. go to levels. are of changes on the last kind any year. operating we've And optimized of already will the these costs significantly The acquisition if that I our -- the said have costs around like compared cost, decent we acquisition with mix margin uptick at up, including a seen therefore, the the all, in happen margin believe line to to

So of of to say, mix. the like hotels for kind Right we packages instance, about contributing contributing and XX% for of seen are pre-COVID, almost the up we now, packages mix. and have seeing to XX% hotels

stable acquisition of moves is favor customer of that, shorter do through the more and a believe a and of time, of term regime than regime of in But case, likely improvement costs. blended kind in more coming in kind in other or a least we kind term stable of for a customer medium period in, as that we mix overall acquisition the also to, the take at are in coming costs. increase as could if margins of well therefore, packages the rates hotels see And a little it of over we and in bit where

Rajesh Magow

the just segment important point, Sorry, one [ ] a budget I Mohit, Vijit, on tips more quickly. may few very if add

I important to Just it's things put in perspective, an one. think

than Mohit recovery effectively is to time So and of it the point sort a to to market night a the But that little because is there night, the changed more within more the a segment explained solely any X,XXX that. in then pre-pandemic and INR for equivalent room INR adjust or like the taking more that, already level. gradual the had point than bit recovery price at is price X,XXX room budget recovery

fact, about XXX% growth to In pre-pandemic. compared numbers growth year-on-year are achievement about XX% the also robust as like rate, at about XXX%, is

So behind little the less segment is only be $XX INR night. than that room a might bit which is a effectively X,XXX,

now because aggressive during price going Now to It push sort historically was points. because of higher has It because it of is very that demand exceptionally nothing pre-pandemic the not the with on get lower reason. of to only that aggressively of price do was back. coming sort historical segment

very now. the think overall of standpoint, So from all from segments well recovered our point very, I view, on just recovery have perspective, that

Vijit Jain

Correct.

you Q-o-Q are Next DGCA just volumes the know I -- these what when air shows it DGCA on your question mismatch data. we mean, the is side a But right, little now. looks like data of see decline, up. X%, and in in numbers I X% there's bit and recognize ticketing

what market your is is you domestic quarter? Or in that related domestics recovery this share aviation a tell mismatch me is that this question, that about? were And is talking air here? if you just international -- can So

Mohit Kabra

bit of can both. a it mean, be I Generally,

kind you ahead on advanced booking quarter typically do peak fact, bookings of pricing, [indiscernible] the of which to windows. seasonality getting strong, into In of tend see because people available is kind holding good

the seasonality flown bit of [ been book improving. So has therefore, little ] see international secondly, ] kind tweak a reporting. And [ our could happening you versus on of

In fact, actually, kind the been mix quarter-by-quarter. of of international has improving

the mix recovery In are full been the much back versus recovery to on back of the fact, but international pretty like we international is kind had have kind from we domestic of pre-COVID pretty slower, mix much side, pretty mentioning restored been much and now coming now. in international to now

Vijit Jain

the it. market Mohit, Got And your share in just side? domestic

Mohit Kabra

plus. XX% be to Continues

Vijit Jain

Got plus. question. last XX% it. My

QuestXTravel And in you total XQ? just just on Savaari If tell thoughts what the can -- and buyback. and investments were me convertible on in the in XQ

Mohit Kabra

of we've is kind this to Yes. than more of in coming the See, of QXT, is a as range. ticket of million And to again kind of kind far numbers. a concerned, And the small less use as kind be view, reported the proceeds already I on mean, the kind into of the still The bonds. able point particularly tend repurchase haven't has over from of bonds premium any repurchases, we be of there. been improved a They $XX Savaari on actually to kind get to convertible going investment quarter.

fact, come trading because a months of and which in they pursued premium double-digit like about put at premium, haven't And away. the the premium. are at redemptions being of bonds of almost kind like already option of in we In trading a any these to kind is do repurchases therefore, XX% over bonds. We February, X any not expect

where that's we So are.

Vipul Garg

The next Stanley. of Morgan question the of Rateria line from Gaurav is

Gaurav Rateria

quarter? typically, the Has event see Cricket is for something advanced And So around? the in of that is the the first September stronger been quarter question than is just trying quarter? the the December of Cup because understand for year likely you December see different you advanced this usual bookings quarter, to booking World that September what

Rajesh Magow

now we going thing thing the is won't would other concern that sort dramatically But been whole would of for an quarter the been side. created some say, high and I people cities, bit travel some is premium sort for on Cup some only advanced -- of more because in thanks I is that of -- peak up, in seen only et this more to seen to around side advance which anything and in awareness to as can behavior have some fares worry that to is consumers' I on little we've overall purchase there especially sort have certain consumer hotels, rate, their We've basis, the over sort take hotel it or that of in last, fares interesting X a cetera. I our of nothing is extent World of the for to be Gaurav. plan experiencing their X, at dates very of say thanks consumer getting marketplace noticing book segment the advance. certain and certain demand, in different high -- because unusual. The pockets honest, of more or Gaurav, mind for Maybe maybe that, unusual, like, Book on travel is time the product

gives the I also even on specifically, you go and sort hotel hit book sort trip, cancel this I'm it you talking without it bookings. pocket. can then flexibility planning Book of mean, It on -- if your the edge of still at you on also flexibility, and your are any you for gives X ahead about

of kind anything bit this In not -- and at quarters, behavior quarters the is that buying reported of whether or shaping the any Indian also us see a of will the least line tell So future in X on permanent or an there consumers down X consumer But the unusual. we the not, quarter. quarter, but shift sort a to is just extent. didn't

Gaurav Rateria

Got clear. it. Very

thesis Second the question in your cabs. is around intercity investment

about market some addressable share? this highlight current the could you the bits penetration? If thinking you're online And what's how What's segment? of

Mohit Kabra

I share Rajesh some can add. can Maybe color and

kind bus focus of of significant bus of kind we've know, the the in in And you So leadership area been ticketing ground have also space has of out, in of overall quarters. dialed that has space. amount been redBus, an brand a of over company. been have And we have couple terms last the online the calling like we a identifying, for leader as transport we ticketing

up dialing good customer acquisition. And have transport, a when non-flight to customer kind of has kind cabs. travel intercity to by been the as trip commute choosing ticket the we entire info services, very We very through rail option travel between tickets source offering, that's bus choose easy of of to or bus rail believe comes it or another or by kind of also

about our no online penetration it but overall to in cabs on be result, point the be from low single service cabs. would of likely kind market sizing a intercity been a rail of ready on of is up Online the high to as So is as billion to very ticket we've a kind there well offerings as market dial estimate with is side Intercity the $X trying penetration. view, digits. while close report, the

So pretty get to opportunity it's meaningful good a into into. and get a opportunity to

also that seeing while the we've more government expansion And importantly, airport significantly with the of believe has in, are very grow of entire has the on aviation of been we particularly market cabs infrastructure highway now, of bus out growth like seeing the the side, also focus could been new have significant building amount having laid calling We the been civil the created significant the been supply with kind private and breadth on the on kind and of side country. coming the this benefit getting in of in length and view infrastructure. market highways across that intercity this significant

the and where will of aggregation and an side. of much is out, kind better look transaction And scope able kind is better worked customers been to plans existing been of area would investment on a logical at. us on we creating supply are an of well. for kind creating we've a clearly And for a eying be our of thought a for we significant supplier has the it amount that of the intercity the that we've also some been much offering time. Savaari been kind this shopping accelerate therefore, glad This has side there it kind as help of space that's experience that a platform. So to

travel in should able So we of of the be meaningful a dispensation, market to expertise online and various kind we our services on well. create impact the kind with believe the cabs intercity as

Gaurav Rateria

Mohit, on comments you last question made around the AI. generative that

I help on lower look think if outcome just to that factors: moat; how So competition the competitive of eventual the can third, your early structure. X cost and one, addressable your market; the about to or investment efficiency at second,

Rajesh Magow

look and It's looking fact, is looking a by started, to great a long the we variables we to And at, all X, aspects. in should In we've going sort new way. that it's technology this X to at started all journey, the see how of Gaurav. going impact. question, be separate See,

bots reflected penetration ultimately, making can help the, done the with -- of going platform, expand can will the we either interface cities the the of online country. would cities soft overall it there X that this as us can the far vernacular that the intuitive, XX, as sort cases our an in discovery we XX far well, be -- innovative are customer will improve use top to beyond are intelligent making is come voice-based think which technology it more to get based, overall easier, We say, lot launch working first I experience. See, the up increasing already experience well. smaller reach can the mean because let's on better, it We've more on. a

come more mean online. the improve and will English. will resolve side, and also beyond language of well, obviously experience beyond effectively as all that comfortable continuously that on cities more people And more go buy And the to it and and would customer feel to one issue XX and will trying more two,

be this this technology side, language this be journey. an is from necessarily I already promising. more definitely But specifically to is not to new going feedback is started Now vernacular side, to on good experience is overall other -- feature the on some that -- this But looking is that going and feature we've It customers the language on is think helping. overnight long getting the crack issue solution. the a commerce helping

post-sales make be from now Now our -- of most a X.X et And is how which right already transition -- phone identified a button, on the X.X the significantly done have servicing use looking from, is the say, journey end. lot self-service. on the contact also, customer cetera, can a at are that self-service with cases click experience to the the that already cases the maybe share achieved of of now third we quite let's or and one sort or self-help, doing on or journey center achieved we we of of further the automate are which we at for side, for them was the there post-sales experience on perspective, efficiencies do use customer

on And that I of the technology, a in bot the of this look the get of some a the sort which now in sort lot information information agents introduction think How for is some more filtering gains really on by at be post-sales center at X.X complex one journey, agents for filter sort the cases hand, queries to our productivity gain level or way call using further the providing we, of could of of -- that either the queues. lot generic the going the journey. we or for can service come the

that enhance one experience more And is that's efficiencies. et give the customer area of for clearly which So us we'll will on, cetera. the post-sales work course, also queries,

productivity engineers some on just the all we on life queries, well. I gains basic, is think a can to And on the be side, would impact the on actually would is to will side, of easier that also will the make side for software we sort on development one where hand, can level, programming and front keep some say on the the the the sort side, wherever first which working will use there's but at we internally. cases level on be focusing productivity gains for as other get at other again, I this the engineers, just first some going get to on on, And which it continue that on fronts, work of and keep customer. to us fruits programming technology, efficient low-hanging help leveraged look going on the be side to of the our journey,

Gaurav Rateria

of traffic? come down dependence of here that technology? do think you also our use And dependence terms Rajesh, on what's can this just clarification in a with paid this

Rajesh Magow

interesting Right, that's one. direct. our already, we Gaurav Actually, lot -- are is traffic an of

of So is and market. on and has brand overall Goibibo already our standpoint speaking relatively been low brand compared all MakeMyTrip, actually our an is established, dependence low. And on as paid OTA that rest from the to the traffic brands even the of redBus dependence back

a seen already -- help we necessarily already we'll well. -- optimization, we are have And from engine and as have actually is that are and this paid that if see well There -- more gains search is areas to there traffic. they're mentioned of -- healthy about at to specifically more technology we that need any keep have because technology. But this like here, on looking we we've gains dependence areas relative as mix should said, side there come even from further overall, traffic some have that I leveraged coming underpenetrated started leveraging a leverage not SEO to it's on this and and would an the low, conversion also new can in. still have And we that have a of learning I users sort more quite market keep it exploring

not. do therefore, I this some investing new we area? -- users from come that getting so will in. Perhaps immediate, Maybe also continue will that immediate out see keep gains to really material And gains it'll because immediate get in balanced

Vipul Garg

of of Mehta question is line next The Ashwin from AMBIT Capital. the

Ashwin Mehta

hear you me? can Vipul, Yes,

Vipul Garg

we Yes, can.

Ashwin Mehta

rate. the numbers. Yes. Congrats a had of on a good I question set take on

well terms bus historical. as of bump-ups take air take also So in on seen ticketing, both stability in we've rates versus at in And we've rates elevated hotels. seen as levels

drivers rate are what see the sustainable how for take these improvements? you rates And be? term take these do So to near

Mohit Kabra

across stable I the actually, segments is Ashwin, little generally there take have linked for a mean been of reasonably seasonality. to rates variation us. bit

QX of both stability QX. business compared quarters slightly seasonality be slightly the trying in optically margins quarters. Otherwise, I segment. ASPs feasible and the only and it build of we're load in rates seeing that lower called out, the So take factors. the tend by the And slightly find That lower ] therefore slightly would kind better to reason. promote I look to the [ peak to like to better fact quarters mean the be suppliers seasonality compared comes rates to seasonality from to is possibly of weaker more take kind in the the kind also kind you also, of possibly more QX, and like quarters, seasonality are and peak QX secondly, of

Ashwin Mehta

think that take So hotels hotel the take budget recovery because that the you budget to -- Mohit, or are on go rates you in the from typically are terms have stability higher rate seeing you are do seeing of up scope the properties? side, on here

Mohit Kabra

if likely overall the marginally, remain kind significant no all, percentage Pretty but of rates. take expected minus, on Ashwin, to point, or and X.X are range, at changes plus around this

Ashwin Mehta

in of And terms sequentially transactions. of question terms a and we reduction hotel saw fees, ticketing second the was in bus

were or largely in compared part to us were for floods, air But line was impacts expectations there ticketing more of say, Now of accentuated terms you in would it or say is hotels bus which with in it of, seasonality. seasonality?

Mohit Kabra

seasonality. Largely

Rajesh Magow

business. the use seasonality is it sort between business hotel And the The trends of go air see more only about has you you Ashwin. than air similar only, in leisure hotels. the is seasonality segment and cases. on all air will No, if reflected back always and is history, which The

Ashwin Mehta

the Okay. Got it. best. all Fair and enough. Congratulations

Vipul Garg

the now last We'll Aditya the of question from UBS. take line of Chandrasekar

Aditya Chandrasekar

of questions couple from A side. my

the the SpiceJet. And seeing growth it's could exposure to overall Firstly, are the of to $XX Y-o-Y to in ground? last XX% possible, I if mean, kind your made the quantify quarters. bus million risk couple similar What around stabilized think the seeing the understand you That's also we equivalent second you you wanted of on SpiceJet question your provision are to first On I -- on I assessment kind basis, of for GoAir? a at And of side. question. just

at kind at this segment ahead? this in kind it Just kind or wanted saturated should stabilizing going levels on of this outlook your we understand of to of segment? and look how penetrations overall Is these

Rajesh Magow

add. with to there can company, in this have listed ]. and Mohit, [ SpiceJet of whatever rating is SpiceJet us start I Listen, and, is And can I domain which a is all free as is we feel take concerned, public that -- as everything Aditya, known please far again, the to been is maybe there, and

the or the which in -- standpoint, of to to in of stuff terms months they seen that last terms day-to-day they few -- that. flow, of the made, that supposed operations Just sign. from the the the a were of only basis couple weeks on have were pressure cash especially a a a immediate actually a in we They last in couple them, good have been court supposed is honored already, be like and orders couple doing of payments be situation

adding might contrary planes perception, be least are And more during in more terms generally of we this that they at actual what building also, a X to or thinking departures season adding about they're quarter. planes,

very So have operating sort not not today. From good I the obviously to operations, They day-to-day watch a monitoring how and because guess operate. able I reasonably keeping share at they a we how in well, they -- been to they're far seeing and to are just XXX% will have keep wait sort say continue we so are to situation. point capacity close of because in be view, and would our say volume based with of able of watch that and navigate day, from the operate accordingly don't particular be is a any business estimating sort keeping projected point view, monitoring from of fair -- sort will them. time at schedules standpoint the us for to we're it them. this point exposure business business our start of think of with at it usual are their it just to being on I any there day-to-day then of as the

because guess sort second this at think time the penetration saturation reached I it side. that indication So real bus has the reached point on fair question has don't that that no I of a level No, your don't to point would this time. I in think level. in of was there's sort a yet. be estimate don't think I saturation at

past is as to we've In part come about growth talking of next wave been well. in commentary -- of quarterly sort from fact, of segment our as likely X bus in could the The terms online. buying necessarily supply bus even is consumers from online of very there are regions, not the penetrated in are where coming One, adoption still the the accounts. and well private underpenetrated sector market

example, is keep growing. north is. focus and the have our The and where well the on West, are to underpenetrated it that -- continue have South still and for side, penetrated and grown But is

regions, of sort We to awareness supply. more more some is from more level to the and if we we area in is that to those get from including of are trying just expect trying second add the can where inventory, next sector nonprivate of growth sort come create growth see the

of making We started we of that the the our size RTC's out get amount on of progress on opportunity sector coming that. on is journey offer. And started digitized bus supply a a and underpenetrated the already of equal huge lot has that pandemic. beginning and private to Now of good are completely platform. opportunity, space that And

to the traveling create consumers buses buy get to awareness have question is through online. who our Now RTC reach and also been and those more also more expand

of think be I level these would early the to sort is, areas for of focus this that drive to say next I that I conclude steady-state it or where -- our both don't growth. is to be XX% But the growth. XX% think -- think XX%, will

at I think time it as mid-XXs we do see some get potential to point well. to in

Vipul Garg

now his last Thank This was closing Rajesh question. remarks. the for Aditya. I request you,

Rajesh Magow

you and Yes. the for quarter. all Vipul, you wish best. next See patience, I you, and Thanks, Thanks thank your everyone.

Vipul Garg

Thank you, Rajesh.

may the please You now you. disconnect call. Thank

Mohit Kabra

Thank you.

MakeMyTrip Limited (MMYT) 31 Oct 232024 Q2 Earnings call transcript