MMYT - Earnings call 3 2024 | MakeMyTrip Limited

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Vipul Garg

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

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

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

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

Rajesh Magow

everyone, quarter Thank Vipul. call our XXXX. Welcome, you, fiscal for to third

are quarter report operating strong another of to performance. We pleased

and ever During gross leisure pleased witnessed leisure for to demand and as travel, our outbound for this domestic report highest for robust travel well revenue are late. we bookings, as season profit high in travel quarterly

million XX% quarter by the the year-on-year while in same constant to our growing million reached currency in for bookings grew at $XX.X Gross compared terms, adjusted quarter or adjusted billion, $X.X XX.X% $XX.X to EBIT year-on-year last operating year. as profit

significant rails all transportation, and across is this across offering of categories and including traffic, levels XXXX. to choice. by more aviation convenience investment thus per increasing resulting travel categories airports, As infrastructure all current government continued is To domestic expected highways, customers in of to from and traffic upgrades double estimates, there cater increasing

exceed of the and put requirements. close the in airport commitments could billion capacity in time, for to near- we've medium-term tourism the years, But should for which to next to only travel planned for industry. X meet airport well place help $XX X the projected The demand first modernization current bodes

is Bernstein largest report, in X% globally, fifth expected of to share been become momentum. contribute is gaining XXXX. will the and in Domestic India and largest government's of size efforts travel the diversity already this the market, to receipts maintaining of tourism Regarding gradually globally up the global help India from now to XXXX. domestic travel India new has by The strength develop third the X.X% representing and to in tourism market destinations growth of

recovered is by market is the component fastest-growing the and Outbound and to India pre-pandemic from pick XXXX. lead India quarters the years. India up should This growth now, outbound expected also to being the levels to momentum fifth overall travel largest be in has travel expected spends. India of to coming pace outbound

are excited of hopefully these and and exceeding committed the about aspirations and remain meeting travel travelers. We opportunities innovation, Indian to diverse excellence

As for with business. me our ticketing let start business air our segments,

the near-term During large the due the are grounding Indian the in the gap. issues. Go of The steps, of challenges, to years of in last number talked and planes coming to market, due of domestic I addition engine insolvency about fill First various quarter, the including P&W airplanes to supply taking particularly carriers supply

the planes single As highest next during which a are year. to number about per collectively, airlines in XXX of estimates, add additions expected year, be will

will that the year. situation start hopeful the next supply are We financial from improving

air the of market. to levels outpaced our on Despite market at in flown a market us quarter-on-quarter, the the allowing was consolidate short-term our X%, XX%-plus X.X% growth share headwinds, growth basis at domestic

recovered, business, we pre-pandemic to only peak. not our but have started fully to the As have grow ticketing air international above

we users trend, completely our premium cater and product innovate to an premium demand enhance an provide experience We for economy and booking to and proposition. Where business increasing business for class ranked enhanced and now to ticket have the flights international to the funnel our preferences. needs continue showing specific

introduced can booking. class in-flight meals, entertainment can the view including cabin preview and tickets extensive priority finalizing customers business process the services, before airline flight We amenities. comprehensive have shopper visuals preview also miles of industry-first for where booking business access, of points wear and an Customers a enhanced comfort, other services lounge have inclusions, and also

on It have our days, see early listing is we to started pages. engagement but increasing

have well. UAE booking site. been by flight on our to to proposition our this desktop as seamlessly will process the The apps has further option wherein our initial strengthened customers response and now soon be feature on during for Additionally, international this we e-visa their have UAE positive, launched

further have we can lock, now durations feature include where for different choose price prices lock enhanced can customers multi-contract to the our be Finally, from time price long. which

well. hotels, stays which quarter-on-quarter strong Our as includes year-on-year and packages, growth home recommendation seasonally business, quarter witnessed in the strong and

of quarter, highest sold domestic across to about people check-in single of unparalleled cities, We unique ever back demand. X,XXX our us close giving and the holiday reach During India. touched XX,XXX within strong the line we on hotels over XXX penetration

continue supply we our our supply and we the on properties to now platform. XX,XXX domestic expand On offer side, over

Our outbound business to well. international continues scale

have international and Indian various like announced, have to these Bali and Thailand, visa During the announced to the quarter, for been Sri Baru come. greater like waiver to destinations travelers. fuel for Malaysia in new Lanka international is direct times demand destinations key of destinations Dashka, flights This holiday and likely

decision-making thus their the Users shown multiroom simplifying and preferences On suitable side, suggestions, the enhanced more now customer are can room combination we booking experience explicitly, process. experience. they specify

We services will the bundling bring more which have customers. with various help packages, super value room, started value-added hotel for value the offering also

coverage destinations efforts. still continues to business increasing via customer our grow increasing with awareness of home Our and marketing category-building

properties we XXX-plus During plus the quarter, about destinations. across unique sold unique XX,XXX

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

passengers. in coming with plan scale building product other offerings product the We during this started spiritual to ode-train XXX have We our a quarters. launched the and We charter on tourism quarter. similar

Singapore meaningfully. the witnessed Bali like started destinations Africa, were while top Japan, destinations strong packages, to have South and EMEA, new and outbound For growth, grow

available growth a higher robust for is redBus in new QX. now from RTCs. us also Our business customers Tier bookings in particularly towns, giving bus on witnessed X share of Hindi, and X ticketing

We with online. corporations to bring various transport road continue state them to work

The on by government-controlled new in Transport bus also has Candie with RTCs. on our additional this plant A UP inventory and increased of quarter. the being and meaningfully live RTC Telangana has platform RTC, state Undertaking, come to onboarding made the inventory Kerala

real-time tech improve We have inventory booking undertaken errors. status RTCs optimization lower to to for

is next should few now, over increase growth. help bus the quarters sentiment positive private operators supply overall amongst a drive and steady and bus private also very The we in expect

Red to and our new demand customers Rail up by in driven continued organic On efforts Tier app, driving and X growth towns, seasonal base. leveraging acquisition, our scale by the we user acquiring are redBus X

back to market X on we train all the of a As in continue brands. share gain bookings result, our

the through inventory, users routes and of Leveraging have or of for travel bus we frequency rail to lesser travel confirmed combinations availability extensive on strength trends. connected on options our discover launched a feature that lower

campaigns our details season Let me quarter. during now high this some brand on share

maintain ICC World top multiple value our with was Cup, existing We and campaigns leveraged potential India build proposition our to brand the showcase recall held and to and customers. of in the mind which

During launched celebrity, Bollywood Goibibo Kapur, Karina quarter, its a as campaign and well-known ambassador. with launched the MakeMytrip while campaigns brand hotels homestays, around

offerings BookMyForex MLP drive we demand also our the During integrated the platforms. platform quarter, brand new the product ForEx campaign launched on on and to

Our corporate every platforms, myBiz scaling up passing quarter. with both travel steadily we business, have our are and QuestXTravel,

XXX on count is corporate has myBiz reached And customers SME active Our the active over now corporates. for large QXT, customer count XX,XXX.

We offering innovate product continue based on customer our to feedback.

our and their in layout. reimagined homepage, home myBiz of team the recently to corporates the the We customize according page terms offering to preferences capability

employees have the their enter on frequent greater of option to personalization numbers to we terms for provided Additionally, now the flyer platform. in leading preferences seats users and to corporate

our We the ground Thank over transport options include highlights Mohit the With this, of financial for workflow have in enhanced corporate offerings. now hand let our you. call to also me quarter. the to

Mohit Kabra

Rajesh, everyone. Thanks, and hello,

such that the pandemic the years this I is During is made the quarter well to the year called us, investments truly as and XXXX, choices services, in curated our the pandemic to platform supply impacted on now and out business customers, in well positioned technology new expansion while personalization the and time-related travel of scale and side offering investments areas segments. driving leverage behind demand wider during first strategic had fiscal key of and building building efficiencies, improved

metrics us as such seasonally and that is routing It during gross numbers achieve across financial these revenues bookings, operating multiple this quarter. heartening strong and profit have milestone helped

by XX.X% grew currency quarter a from Revenue billion in quarter in the as has year. XX.X% during an $X.X $XX.X quarter in quarter witnessed growth year. for last billion to strong by quarterly compared same of bookings IFRS constant all-time the million terms as per same grew currency constant million million last last year-on-year compared $XX.X $XXX.X $X.X to in to than high same the million more terms and year-on-year to EBITDA year. doubled to $XXX.X Gross

for by adjusted in of reached $XX.X the last expanded growth to a the margin gross has million about compared XX% EBIT or year. profit $XX.X X.X% year. operating X.X% compared about quarter business operating million same registered about Adjusted during to basis and of points last Adjusted XX year-on-year the to quarter bookings same

previous X.XX% in adjusted the X the basis year. X.XX% On of operating a first at as quarters well, the YTD stands versus margin

constant gross for Adjusted quarter about billion, growth in margin the bookings a at stood a registering year-on-year XX.X% constant XX.X% year-on-year witnessing in e-ticketing Our of currency. million, $X.X at growth in came of currency. $XX.X

at Take rates line mentioned about by business were as for in X.X%, the e-ticketing Rajesh.

issues the orders leading placed outlook While around short-term given for large longer-term the headwinds, by with is capacity aircraft are supply aircraft aviation engines. there domestic carriers, and been the strong growth market of having servicing in

We financial that by these will the headwinds out next easing year. start expect

and at came constant much Gross constant for growth quarter. XX% $XX.X million, in a basis, linked seasonality margin segment $XXX bookings XX.X% year-on-year on at adjusted a during The the in year-on-year on strong and terms currency Packages of growth for at the million improved the currency pricing. stronger and came to quarter witnessing Hotels stood

XX.X% the both pre-pandemic in growth surpassing for and hotel line at domestic with about rates international our business witnessed this the in segment. peak. take international across strong quarter Our We were destinations

[indiscernible] the on domestic hotels helping multi-platform segment. in our to this offering through via X-pronged various approach of as markets. international approach We both sharper that the targeting strong continue the drive segments well demand increasing us contracted in of work growth while This also breadth business as is a

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

invested drive we the quarter, season behind our high organic thus us to helping this for -- our brand recall brands of traffic. During further campaigns top-of-mind increase mix

As X.X% the quarter lower X.X% year. higher at a slightly in to than quarter the the previous but marketing came and comparable low last in costs result, season were the X.X% promotion sales quarter, the compared in of the for

return tends in fixed on drive target these longer around costs our repeat has via we over the in in should to to been continue duration, customers orders. were All the orders campaigns coming base. continue positive efficiencies existing us largely While and XX% other bank year-on-year line, response initial be from cost to our help or a and our of

of during peak our management capital highlight was the strong quarter seasonality. working Another

in million taking release were $XX saw cash quarter, the of has million million the previous $XX quarter, the operating we into to to quarter. we had over million end as the by for about profits our higher Accordingly, seasonality, a capital working million in quarter. this $XX improved almost at position much total deployment the quarter of during position compared While the cash about previous capital the working $XX about cash getting a seen peak of $XXX

Savaari, During management. announced December. transaction Car teams early consolidating and signing of The with all efficiencies in quarter, thereby to position report last the by supply on a the was the Rentals, supply acquisition to working the are take in we driving concluded and Savaari that the and majority agreement happy I'm

we an drive note repurchase we in our efficiencies filed to to their recently With expect for tender this, intercity on the end company the intimation business. scaling up at per indenture shall right the due and much the of conditions par by XXXX, noteholders our the February of course. supply of acquisition, better as notes of the on for the progress XXXX our facilitating cab terms process We of tender the the third XX, in the year update at

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

Vipul Garg

is question of first the [Operator of Mohit. Thanks, The from Citi. Instructions] line Vidit Jain

Vijit Jain

quarter profitability any this there in had Cup and in question. of that done either looking that one you call wondering terms at quarter. World because My hotels of really congratulations question terms packages benefits in about or obviously, forward? extraordinary set And during as side? you on that gains And That's appetite. well just your specific going One, other Is current Cricket first any again. is margins very this per the terrific any well segment or realizations things. X on of numbers should you quarter business, yet special travel can -- general was of had think both as the has room in in from how in average first I in the pricing night my this your out anything

Rajesh Magow

Vijit, that, and you. can Yes. take Maybe thank I

weekend. mostly momentum really India until quarter, games. relatively of in of this hotel especially third focused Cup, the the right, after we picked were was the of demand World quarter people of while their But season World Because also of and sort half some the packages specific up. first is of that it hadn't And largely, terms You're was it World for up Cup still, matches especially on watching -- there lot more a Cup sort was, the World seasonality were given momentum, picked the Cup, quarter this with growth, focus gains therefore, a had Cup the speaking, the World significantly. cities sort and over

more quarter moment But Cup a it and was made sort World overall sort took on of off I of over, than guess, up the basis.

So The overall to you anything our momentum see, was great. was But the your the if packages extraordinary. wouldn't hotel And there overall say XX% the mix nature. overall, mix, extraordinary in was that seasonality revenue specific contribution and -- changing. the sort of coming there revenue now, on to back or I anything question, improved basis, has mix is will a XX% of in from to from on great. is which of temporary

to helping on the one But supply from accommodation use trend also also saw overall additionally, segments I up. a side homestays emerged of all and late, demand the guess the has that And of demand started -- cases demand because specifically added have set a on standpoint, we going in that new on also and new has hotel momentum side. the added actually, general which emerging demand has

And this as within back saw sort we outbound packages packages, coming of well. in bang quarter with a

but the in So bunch say, of factors, would more sort and side helping hotel lot I overall, segments and is a business rising, this overall which on the demand of packages grow of it's sort a all quarter.

Vijit Jain

you hotel to demand And do the on that it. of hotels or even comment you do that situation, or that on Do the over evolving? think shift branded outbound the go have that is thing. is here? Got just make supply you in to doing staying any well. at from think did the least in bringing general, think do up outbound side further ADRs, mention question on hotel you or at India, And a and very space how related international segment from Raj, kind the therefore, some in that, India? premium international impacting resilient least remain You into

in kind some if of wondering And affect a just how you're seeing I'm general? there? does that So you shift

Rajesh Magow

No. Yes.

I So good think question. it's a

mid-segment even years we more, on fairly robust. you the say if But premium on So no price in real all I I the on the thanks been on couple think to of side where areas sort past should data COVID, quarter's at lull was had the hotel was period look segment, there forget increase segments factoring there or have the would -- never happened. and that X of

the would in fairly and So sort for last, it years, would inflation if about normal X say, factor realize of that and is you inflation reasonable overall my about that you is XX%, adjust in the which to increase I view. price cumulative

of be price exceptional certain always -- this weekends, over sort there that for of days because et there cetera, demand to the be will be is very be could supply. there demand gap, and because increase see demand that an and any my don't mind, less that more I market. will which, in case And where the happens prices, in increase would then normal, as exceptional except long in

the new But otherwise, overall and a in of like terms is stability an I in the in setting think base certain I in, there is level. is think in degree pricing which of market that sustainable

from how sometimes whether events, I will certain certain demand less, of much equation a could function think in demand et of a it's increase works of around more and or could very here market, weeks, and that, down. prices Now it will going the will the a and gap up what's of where -- the be normal it how sort weekends, be go go or of be cetera, further to function of much sort certain sort out. But in outside the supply

in terms holidays I think set that demand sort from and base more to means maybe have more new of up in consumers where travel, -- a of general demand that standpoint, of on the percentage a is which pocket noticed of spending we it's seen market. heavier take back disposable we is have think customers in taking experience the change there the in upgrading I more income available a we

which upside definitely is is more demand, there the on So helping.

premium a segment. And it's of level from I let's a mid-segment for therefore the next -- upgrading a also to segment and particular say, behavior that, within think to, and the

you because historical of that see it see on also the more price for hotel levels the to the sustaining relative specifically obviously, MICE weddings or travel season. trend is And seeing of which, the there and lot specifically it non-leisure helping of whether the or typically during segment. or is I the to demand premium A that happening matter, the corporate activities would And market. point of has that's period. events, in more, last these offsite like the in also More events you sort the is this also and that would to are make the

of whether will view, of X%, But XX% to are jump what together and all in that have is factors this will the sort analyze you to I -- not. of down and or which there be plus/minus to gap. conclusion In up think these terms brought kind will function sustainable -- a is and cannot regular with be supply certain my that happen, demand of sustainable

Vijit Jain

Got it.

just the from my question, international on Just last India. outbound

on give where channels, you packages growth you're -- least agent of from. you're If have color any your business because platform, also can in coming Is seeing holiday and feature direct at you on available where travel there's the more also the you booking that it terms then Or side? in seeing do.

where wondering in if international is but the question just you more can on answer My the well, relevant maybe see overall. domestic you I'm outbound do as is the momentum So that. most side, answer

Rajesh Magow

No.

on and up as picked ago, So mentioning our I And Like And international we -- this pick of expecting. mean it's think the quarters that sure. on we of -- script hotels. well. outbound I on we recovery part point, the were earlier, expecting It's was sort packages. also on packages momentum side some specifically it business relatively international travel, on on at in were And X I because up the actually, has that is for was slower. quarter.

for similarly flights well. We as have seen

visa happened more of or you is travel in of And and in And as like the examples short-haul even the gave. point call. activity, direct easier definitely announcement because on making is direct I mentioning, this similarly That versus sort connectivity, the adds destination any for comparable then comparison I the also people. this smoother to solving and a bound up end taking domestic helps script, either then and convenient the the for international sort was destination what fact, there X with momentum that for that the,

low demand back. was has pre-pandemic the fact pre-pandemic and And back little of sort get because of now to slower it level pick the coming was that a outbound travel it reached up level, to to

business see In terms we channels, it our this quarter. from coming is part holiday packages a of large of

contributes. to not bookings, Standalone or respect hotels flights, BXB packages necessarily with also our channel

an well can In platform as coming with channel, the pleasantly terms there we in the the all on get the which sort BXC, surprised it. benefited regular traffic of services of of contribution sort have we which of see on and platform products coming overall demand from in growth, is out fact, our when besides back

Vipul Garg

America. Thanks, the from Vijit. The of next Salgaonkar Sachin question of . Bank of is line

Sachin Salgaonkar

again have Congrats of a fantastic I numbers. set for X questions.

wanted strong. you look are consumers base just versus traveling XX% are question, demand on indicate quarter that to this is showing of clearly, Y-o-Y It more. bit understand where does a the a guys we First numbers, XX% when And while pent-up at behind a on growth is actually growth, a growth. the like pent-up demand demand more

quarter are So and if general you don't the for what here a understand should some sector to and XX strong but the to Indians of trending? the a growth? for would color to could a the in months? you difficult something give remain any but you changed it's is you next guidance, I are question help give terms this which upcoming how out know growth That guys of XX And continue that course, more is, guys of is, lot a it. is of be traveling has could in question drivers terms related than And leading before, in

Rajesh Magow

XX or or And Yes. X you, outlook X would thank fundamental And months. firstly. infrastructure. away is months say And the improvement from actually we would the and demand seems the on one to But on factors. clearly is X the second an I I whether so side, stay from just feel saying that it XX happening. be Sachin, is of standpoint, factors one months overall

use earlier mind, also seen now that #X. there Point that cases the of regular #X pattern a which definitely frequency from is to that have emerging sort certainly also going On is point where behavior change. is were for travel. consumers some seen emerging, Point is #X, my standpoint, fundamental use we a up, adding is cases standard the the new which, is side, of taking that breaks are we've to a the demand consumer

So say when purpose effectively it's cases, use I travel. for

So leisure, pilgrimage, standard purpose et for travel, for for family, a for purpose or was work. cetera, for travel for visiting

milestone the what also family together have benefited than celebration the it, space, more inversely, whether new we in with But group used use now to case in sort eco trying are more of specifically we seen of emerging the celebrate, et case of the and cases and milestone the use past. friends, getting sort or in both some seeing alternative friendly family, celebration more celebration, out the travel, accommodation of use the doing and and cetera, happen extended or other to it's the getting are

clearly emerging behavior, travel buying or more spending side we the demand are behavior are the on consumer the on travel these or that experiences So on X see. can

And destination instance, and the I convenient destinations. awareness, picking demand We've infrastructure travelers huge any develop destination, and for and to improvement the seen on also from for side, and of new more expansion key of other nearby creating Because up we've on smoother, those say, is the in to out destinations. and definitely easier add an outlook it that standpoint, would we infrastructure make and the more overall the more. going started

was just the tourism. spiritual Now tomorrow, script, in the mentioning like I

historical I because would say, has some [indiscernible] these let's had to might number earlier be really for travel of case development event, up, people picks case. why want a not offering and and which to that no experience for infrastructure use of hardcore is people emerge sort case to the pilgrimages city, for or destinations, use that the right? people an more also if into sort just for an of more there's they see in and sort new past the destinations of new that where visit experience would It Now go these prayers want of reasons, explored happened in happen which likely was reason going

think would the we outlook X the factors forward. going outlook in for have I sort big and than are seen as say growth permanent So of and more help that temporary are travel these that emerging, the the or pattern should tourism I industry nature

that on be my would So take Sachin. it,

Sachin Salgaonkar

clear, Very it. Rajesh. Got

where is good Second clearly, question, taking just demand and coming. new and are cases it's from some left, you

So does doesn't ahead? to marketing as going on lower than, it earlier so could have spend X%? let's MakeMyTrip say, be mean GMV, percentage And much much guided a that of the

Rajesh Magow

Go ahead, Mohit. Go ahead.

Mohit Kabra

you this maybe And mean, the that guidance rolled if see through generally, we've a remained kind also. you continues that. look if to I believe X% within of can year. hold historically So had I out, I take that therefore, this, largely think, I at tend really also we the quarter And overall, and good. we to do

and spend and on QX, of during tend brand to a seen QX little have we During is which more what side, quarters, even peak the kind like generally marketing this quarter. seasonality we

kind came about the that, in at X.X% with overall still even same previous the in the X.X% of spends But well we're year. below quarter and

of kind in the ballpark a be number guess number to kind at good mind, for a I of keep year. this should X% So least

efficiencies, to as continue if will years see in keep we kind can We get some of well. building the efficiencies scale coming

Sachin Salgaonkar

seeing Very school my something anecdotally, is and And also I'm There on expensive thought that around sure it. you in last is India. Got Mohit. becoming also traveling generally it, guys of question, clear. a

. some was to potentially do going you direction? a Thailand Bali. impact risk demand? how or you let's expensive more a For guys And Is that go say, guys than, traveling example, which that New in towards in bit that could something think Year, are seeing,

Rajesh Magow

I destination see the for think be comparable or actually markets. between that to or demand. healthy it competition competition international that be will don't say, would peak market between domestic there matter an I is impact Sachin, more to scenario think I this period. domestic on a a have would will the mean turn in healthy It in destinations, going should market this from the we whether destination an

point then B destinations, from going say, travel to still think that but But their they I if, are to of travel, destination. mean it And hypothetically impact demand go not pretty X, let's expensive, Plan don't would because might that's the they all will view, comparable because that may travel. not people

given we've see therefore, whatever and I in seen of happening, as is patterns rather at would that accordingly would the ecosystem, start emerging that -- mean specific don't would threat least products and that people So which, at at to the based other. look on in a than start to every data look the sort their to -- sort X price destination taking markets all of scenario

that rather is what overall, it's happen than think I because I likely not and travel. therefore, would really to expensive is

Vipul Garg

the The next Sachin. Aditya from line from Suresh Thanks, question is of Macquarie.

Aditya Suresh

few questions. a had I

first was on the X PC. So BXB

You a But the the scaled you BXC on side. seem kind on BXB to segment, have about lot of that. spoke

what You capital mind have the whether the you a give on and an that would Rajesh, that. kind impact really mean of likes? partnership with Zoho update kind working as or curious may I'll and that understand of here be segment well. on be for growth to that

Rajesh Magow

sure, Aditya. Yes,

for an headroom is give think an it's couple growing. there data think a I there. there. to see standpoint, we And a our from indication outlook headroom good points I of good There's how question. just do corporate is I business growth gave And of actually for growth

the a is voice feel of or growth in of for is way this to recognized just the it's QuestXTravel. that whatever in product market whether have, more -- that worth add both from this from is enterprises in medium very customer the platforms -- going of the we more the we it confident well and -- standpoint, for definitely has enterprises been as and our for as small And us, sort myBiz large the revenue sort both

other trying also what are point keep And side, the to on is make I the would continue experience that the we enhancing do product to enhance, just significantly. just to

keep is them. BXB more which the on based a of delightful adding features Just for -- feedback, customers, for for our experience sort

you that very second the products use and different travel BXC our more of one-stop experience your for because platform. corporate X we corporate to the would outfit benchmark And personal the personalization adding what behavior BXC, travelers, plus do like cases, One, And And BXB basis booking when with very any doing actually way becomes doing of personalized it a that continue on you up do world, that, part customer the your like have concept the corporate. use on trip conceptually, buy more your that the is a as to rate, on so than end for purpose platform for accounts. than is own we is already. which keep be the work we which we'll retention different

and the So and and we focusing -- travelers. smooth insights are enhancing for significantly we have that, great very customer very, experience on easier and make just it the on to that corporate

we So very of to working new we've been continue hard, on areas, keep sort features. those and X rolling out

we in there -- that increasing our class, engine believe the and us is And has world established so the have, been definitely looking segment. acquisition at product share is to of therefore, that for BXB the for keep become how growth fact sort wallet continue we already already I headroom that will the and lot there a improving -- of definitely growth is to the

Mohit Kabra

corporate your significantly kind core Because particularly these right, of the technology, or overall part, is which and the BXB, platforms. small other of is BXBC the affiliates, working we've I ones platforms. leveraging BXB those agents in BXC more To the extension platforms, the the are of the the the the on side, which platforms, which which travel a mean, are are kind way kind of driven margins capital powering platforms the on other put place,

that as traction, with And on as seeing currently both medium and very corporate. the I gaining are kind enterprises, good platforms, we think small well with of corporate these we're large the

to would kind So have growth a travel making keep said of of at is gains coming sizing the is of in an good. corporate headroom point largely opportunity not there in like area. long we demand. X/X X, kind there, least of be big this if view, From market business-driven And

significantly net on as And of both in likely the the side with line. bottom come having and line margins, economics transact and the well, capital BXC growth address and should because like the we kind And created capital working the of deploy largely working kind kind these BXB for I to unit and don't pay meet accretive, businesses. top kind at BXB getting working side setups of in invest of said, to that without kind really on capital are of we have

Aditya Suresh

maybe Rajesh, The second the question be connections for frame I use had a you Now should can spoke right? was more routes and us. you and few on the outbound opportunity opportunity, great that if lot cases. the a new But about

X et X of focused domestic even So in the a the modeling, how the should think on about terms, opportunity, it's if our Because mainly are. where India domestic piece. I to is cetera, over say, next, lot scale compared to businesses years broad we our think of this

And really of about curious to how outbound. so international see scale you're I'm thinking

Rajesh Magow

long-term have destinations to placed that -- in And you some outlook alluding new quite get earlier, or from a Yes. I all X then the orders at grow the fleet already, the chunk to also the record if foreign -- some X open the up the for fundamental Aditya, significant the midterm airlines, say, perspective, airlines point look little know, look next sort that that as to have for you and actually them. orders or the placed been what or is them market, for a deployed was as more is all have next, going to is of of for into been destinations in the you years, is outbound. foreign it to it at underneath bringing it positive is of to

is think data which is point I X that important. So

overall HNIs, the go from other of definitely force was -- an destinations. ways the be that's middle the of demand to you per on sort driving for demand income let's capita definitely going to standpoint, growing in outbound the demand income or as the for the the if up disposable country, class a point middle I to class upper making from, say, standpoint, see And I to a earlier,

points if maybe there And example. specific can this can are, by at specifically reports from and the outbound we way, you know you take offline look some don't of or opportunity many CAPA, this third-party I captured also sort point, data to that the in to size it to overall X make tried X has and they mean, independent well. not. and seen the have on as those years next some have I for reports, research of

next it report, your be share sort the In it's the the and as report quite the outbound of on that in could just you that. form years own should want at the neutral look maybe if domestic X as of maybe happy view But research you credible these and fact, this, top new well. and terms drivers for be And X X to and of headlined offline. drivers, would we'll be to for

Aditya Suresh

guess of the cost the those kind kind out discretionary are rising, scale, compared me I of discipline. playing discipline. with dynamics favorable there's kind more bit cost kind is was, of through final of reach you of that demographic see here. kind of finally, platform Industry structure previously a to all for Plus, a guess, I as piece the And is the after come

up, X, question and Like you? you're So in the which is cashed is XX next are is flow. the generating you the specific as the platform to I business a specific for cash guess question fact things of months? worries that you guarding what what about you the also kind of of against free kind some given -- you plan

Rajesh Magow

in the Aditya. guess in the business, past, we've macro question, I the as this more interesting seen worry than An micro. the is is

we we during back, new of happened and wish COVID, time like that always COVID, of et know as concern cetera. definitely would the started, variant the So some [indiscernible] sort had causes

a and the new be side, investment everyone both great. growth, cetera, of et place fundamental now, is is infrastructure so in all on demand well an you as supply of that improving, structure to And level overall, side, rightly seems loan, mentioned articulated, poised for

You don't anyone, neither any happening. that or for It's nor you really disruptive macro control. want can matter, event I can

there a of own last, seen macro over than over is that decades sort whole disruption your events over or if if say, we've caused X it we've is in concern industry's sort issues been in the micro let's the will, the mind, of items. that you that business, But X the

So at it. better business and poised. also the operationally, about of record, relentless well to taken we as about and off organization, within standpoint feel a it eyes the because is that also relentlessly lot well. be and Not confident execution is be that much -- consistent track given the confident, But we'll we an better execution feel and from have to say this

or is only would the -- there if area concern to events. would as call of have one any But thing out I potential that be worry macro

have for in So the coming definitely if poised smooth years. a better we industry think run that, I times on is

Vipul Garg

of is next The Aditya. Adukia of Thanks, question the from Manish Goldman line Sachs.

Manish Adukia

Yes.

competitive Aditya right, dramatically. have of even Just is an think fact picking down in years, perspective, with the And profitability concession spends from the promotion like you quite your biggest left. single it market the where about fairly come last up When from the seems outsider's the a driver X of that marketing players. been has number

view, again, let's X intensity at competitive a related years. for In what is is what what go low? may pre-pandemic. low, And versus question to your up change? suggest or used that numbers be relatively least lower to potentially Or why competition change X could next to Your competition say, need

Your thoughts, please?

Rajesh Magow

Right, a Again, interesting very Manish. question.

is You to, know within MakeMytrip way travel. Manish, what, the would I say, not or specific address let's this,

I think overall. the this in change welcome is a very ecosystem

focused now of sort will is my at the the it's aggressive. profitability it very, And very Internet entire for for also welcome pointed aggressive changed super disruptive on The ready of is there, competition, end healthy in and is To entire sake competition, a within everybody not industry. Internet ecosystem. the the mind, being the day is within still that It's of chain necessarily just or super competition you welcome. competition as What never that competition not stop always out. has

travel tech matter. that happened. what industry about Forget has for is And that

of works past, the lot And learnings just super of market again, this also other of market the have just sustainable ecosystem I also of and behind what the a think the capital aspect market. in the is the believe, guidance people change, with aggressively that's of the sort really assets market in and market. than also, work is, of is evolved of what the it's which is the in amount the in also is to investor right the a sort level availability is playing sort more do with do doesn't sort think trying the push what And of to the rather to from and with the not also I side, become the of knowledgeable has from aggressive everybody more areas. sustainable, how -- capital. cognizant I And investing fundamental And and what's right and

market. So part it attribute of the it, to I the evolution of will

huge. in it's I it is I capital Internet decades anyone going that reached that on bit So of more. time old, And invested think enough not amount X stage definitely been think, this market where that if because has is now in got a a over for to has industry for, good India run is also little the

overall knows said for I'm given et maybe years far it aggressive, likelihood who to the every again I relatively and and ago. but relatively not response is as I than market has to and to go same level, likelihood and wishful but -- the be more that the for market of a bear high-end that. at density go I this the would to of fact XX question think, stakeholder of could back with for second same thinking So cetera. as this change But that, much amount fact speaking, me that being might the think, learning evolved be, what I the well, do sake the of tremendous is the part your entire aggression it actually I the ecosystem is of think have sort answer matured what sure. would of given super that competition, to it well, for mean for future, in less back

Manish Adukia

a lot intensity My the about of your marketing And assume promotion second sense. top line that makes in we now. operating I growing mean, right stays XX% in think ballpark. business? leverage let's how should the you're of north question, same that the

could say, other X years growth tradition? for expenses, right cetera, the outsourcing, or X about employee next, the et of how we costs, should be say, what, in number Some let's let's that the think

Mohit Kabra

and is being in driven level a that good down, driving kind to of we and of are Kind of we amount at last and way more maintain we over coming leverage want looking that the optimize seen kind want only have trying we we sure. net more at kind few make kind profitability also moment but kind growth improvement. of to skewing towards of on continuously Yes, not sure that improvement of of necessarily operating the to the are years,

margins kind So I adjusted X.X% the think next adjusted bookings medium XX% on this we of kind close gross to, if of gross of to of say, that the years say, operating bookings. can X% X, more an in would to about or, term have, margin we X approach to closer take be see and X.X% try

to think kind X would the kind healthy improvement a would margin next as X to profit of that an to in very years. endeavor that adjusted of the be kind coming I operating maintain, be over of level see and

Manish Adukia

use on cash. question of Last

only cash buyback that growing. $XX the and understood. the that this well million, million annualized EBITDA amount you mean, I close business, million, of out, is when carved So quarter about $XXX alone, $XXX you've But think number to

million $XXX cash So -- in and then plus the book. you of have

return that So annual a too meaningful when an there affair could the buybacks many out M&A about are Because from steady become you opportunities like I in I recall there. not you to what mentioned like last business? shareholders, mean, think

this think cash X you as next you and balance do cash how growing years? of uses So X, go about along

Mohit Kabra

coming to we option the next we we have have terms the beyond to And balance an intimated cash been in that called of priority close the called option had of in inorganic in the you as the years Sure, this also kind now a Manish. the keep that, to we note And we kind in of organic kind through of we that like to previous that and kind that be kind out look because out Clearly, actively feel cash large first option investment on out, have. buybacks come. we put put of see kind to as equivalents, in the XXXX a Like of clearly, of calling looking at But quarter, to opportunities put in want up would intimation we $XXX there's well have do for business. would is date. that believe have holders as as is month. kind this exercise therefore, and million of and

yes, into be end cash. want And repurchase close plan the year. X by possibly to fiscal share quantum of next into or then, from to the upon in market right plan the and dip the we earnest. potential The therefore, But the of the also buyback would year depend would of timing we it. of would the fiscal this in of size, onwards, in again, is around kind And avenue deployment kind this the

Vipul Garg

Thanks, Manish.

now time, from out are question almost We Morgan line Rateria the Stanley. X we of gaurav for of last of and will take

Gaurav Rateria

talked is that in from about you on based which for talked think elaborate are the likely things if second will question half, be the term? can first easing a airlines? you first you the out the out next the on on And more half? The plans on you short-term business in fiscal things air actually near year. to also you like Or impact the Is about it ease immediately that see --

Rajesh Magow

improvement. think I more be to some every it's first than half. don't I to going be it's Gaurav, second half quarter think, going

the I happening think see practically cetera. is et based that wet lease we more there because explored, we'll is of month, half first sort and every see options on some improvement that are coming there planes being plan

would improvement second detailing. be the quarter, and the be a we'll could higher, quarter that But quarter. et much but small the every that pretty see improvement in now But it be we'll pretty matter improvement first could cetera, see of much

Gaurav Rateria

quarter bottoms from And is this of on, in out fourth perspective subsequent supply issues to So every improvement? say year. there an the actually the fair quarter, it fiscal there of that from kind

Rajesh Magow

will fair a be mean I will not think things being be assume, that there new all But all things of to development. any make. that equal today, being equal, think right? statement fair mean I be to as yes. I I should

Gaurav Rateria

XXs. it. this journey, one Got we last penetration strong segment. say, a be question that But state, package should where the volume in on in are growth in think about It's can hotel Is My the of be growth? and volume actually on the how steady it back let's online it strong like more the second Is on to going pretty year. something is like teens? given

understand what to online trying scope X- in for penetration? growth the Just we And X-year to journey are of is the headroom where next perspective? from

Rajesh Magow

category to standpoint, is an this more clearly, specifically and more and emerging which out also, category try But me flights it by homestays online the market, penetration add the than that let and a goes. you'll it calling just So for you one number even a relative becomes -- also Gaurav, is in supply how It adding when address, see especially much more rather because from there, penetration headroom is there's category relative low month. the fragmented terms.

headroom. XX% a consider things be say there XX%. online world compared XX-odd the, and you online the like milestone next many percent it least saying in And markets, penetration if for global would considered, XX% all want for going look about markets western benchmarks, domestic accommodation that thereabout at for talking way in because got been don't we So significant if number the and XX% even penetration even it would I all I'm at assume about, hotels overall the that flights, we penetration obviously as is to or to a side I'm to has

It's relatively quickly product, the bit than more move transport Railways of just and it's that to time that unidimensional because the online. for that in little is good side, rights that just the relative transport online transport, good fragmented every market, purchase, to fact it there more speaking, really there moves a are of on example and the actually, matter. taken domestic always time because has a it it versus market experiences of more it for completely. supply takes Wherever example involved is a that very

rate, say, talks market So look perspective, we and I annually to say, I it, reports, at I grow travel think the should rule the if form tourism let's in overall the should online terms and if more some to going it of from part like, growth we then of as growth and we range thumb growth is you. X.X of of double-digit demand to see see industry that at about emerge in anywhere, can quarter basis of probably XX% think kind third-party sort overall think about the how of a the a the which XX%, just Xx

Gaurav Rateria

stands you competition actually us a advantage and significant even is Great. that competitive I for every this of highlighting product have is question, last kind you something replicate kind difficult think that? for have single very or And quarter. creates them seen been helpful. for of easy you or to it and That's us? How really made replicating enhancement apart And a

Rajesh Magow

basis, and whether post sort it's up else of called we've and data one we on it leveraging do the is so the to core experience to of continuous have, end-to-end, more how of is anyone continuously the actually a like an at of probably would thing. is market. with It sort terms prebooking up believe sales experience an out in not versus we or customer the continuously -- the that improving the on. come some players journey, customer first. which necessarily basis I keep huge the back uncomparable X-quarter features improving coming company the of is And other much on have industry and in there a experience of keep is a on And any DNA overall of keep the if

some of trip for the or as inherent tiles. that we've keep And cancellation And are sort a a So there's be the well not hotels there more -- done on on fare to reviews. more innovative journey. book that improving already top at of able of front our that X us it's build many, very continuously that advantage And to or happening guarantee gives whether a you a led are for for or to overall an features. just X AI customer to basis innovation continuous work forget on there that lock

it and there, way, keep in would get core think time, I belief some future edge And be the have so of I out BXC inherent can a the cutting of sort for of have experience will core continuously that is thought. we our will the always a business these enhancing theoretically, strategy given and fact and part and the of that us, the But we at and copied. our all it advantages some are keep very almost competitive the to always advantage be the all that

Vipul Garg

Thank you, Gaurav.

call. Anyone we to bring not remarks. us question will can Over Rajesh, the questions. your of offline. As are time whose are you, of end out That them unanswered, take we'll already, the take be able closing we to to more any for

Rajesh Magow

you, to Thank and everyone, look you, time Yes. you patience. you. you, next everyone. your thank quarter. Thank seeing Vipul, your everyone, forward Thank you, for for . Thank and

Mohit Kabra

you. Thank

Vipul Garg

Rajesh. Thank you,

Thank please You you. may disconnect.

MakeMyTrip Limited (MMYT) 23 Jan 242024 Q3 Earnings call transcript