MMYT - Earnings call transcript Q3 2025

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Vipul Garg

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2025 Third Quarter Earnings webinar. Today's event will be hosted by the company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; and Mohit Kabra, our Group Chief Financial Officer.

As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event.

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

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

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

Rajesh Magow

travel. net growth for portion our and quarter surplus travelers continue the of driving experience demonstrate travel Vipul. call start Confluence bigger strong new tourism the in everyone, is international quarter of horizons to Happy available a and leisure to you, for to Indian income changing call XXXX both Welcome, by behavior spend that in rising and the for discretionary to to third consumer their easiness sharing India. levels fiscal domestic Thank seasonally

fiscal first of all year-on-year the the currency terms, compared during our growth across to during half this indicates execution A discretionary quarter in of in our increase with their macro have rate constant XX.X% business consumers goods in favorable outpace recent spending with enabled to value performance and survey gross segments an Indian accelerated focused Visa of that rate combined booking trends, on by us XX.X% XX% growth year. plan to services. These reported this of a

has we operating which million Alongside have leverage high a the about XX%. to at and been year-on-year adjusted operating of of is an profit, $XX quarterly registered growth also accelerated able all-time drive growth, booking

years, outlook, projected growth GDP year next driven demand growth investments. at positive Bank India's to investments growth fastest-growing its a infrastructure forecasts steady strategic X by economy remain public economic India larger and it World infrastructure seamless, development macroeconomic significant and reliable. in reflect is economic travel, world. comprising The XXXX, is domestic April undertaking bolster objectives. and to airport beginning achieve in a railways the fiscal making that front, convenient On roads, infrastructure, India's for point the and Travel the X.X% the strong said recently

with drive India seamless of the reasons continue will been to domestic connectivity the connected. future, year-on-year and Indian international XXXX. a are domestic of destinations as to and more the and one and XXXX, major the first growth for exploring tourism and Indian a growth destinations has million XX% now. increase half travelers travelers increasingly compared in abroad, in of traveled marking This Along abroad In travel get rise XX% international more Indians -- XX

suggest opportunity will travel XXXX, is projections outbound the largest huge fifth world's Skift a presenting by that become for that market, us. India

Air International grow our continues fiscal business grew our Similarly, fastest-growing segments. international revenue business industry our at to XX% hotel for a over pace year revenue making Ticketing outbound QX international faster 'XX, of one year-on-year, outpacing this Our growth. by

back on business, in our maintain market remain. we Let domestic air this Air now the been rate the starting to turn able domestic leading challenges, the growth position, share outpacing the market the have our segment, particularly industry we overall to air Air me segment. with near-term supply, business Ticketing of International in underpenetrated growth are Despite while supply low

our our recently of percentage of payment customers rent. This must certain a international or whichever help to The consumer booking of paid remaining which days endeavor will confirmed very date before Air experience, comes only indicates, total paying issues. part affordability currency within be Our by the increase on XX by in balance year-on-year have improving Ticketing fare travel flow we address cash first. a either off feature customer-friendly XX% constant revenue a enables In launched grew product to keep get terms. booking and

We also including led more refund, Visa, bundles products launched customers for flights, This for full value reason relevant for free cancel fintech more flexibility rejection date add-ons change. adoption. the the international to as such any provided and and has

year-on-year Our growth packages, on constant which continues adjusted strong margin We recorded Accommodation and hotels, home to stays a currency in includes business, basis. witness growth. the XX.X%

was and of to slow back and festivals, due MICE October December holiday significantly up and little demand. November on a ] While season [ a picked the in the the wedding-related season

witnessed consumer segments We all and quarter. was uptick points an this growth across and There price also demand broad-based cases. use in

result, [indiscernible], in like December to last record as existing a drivers et other cetera. of popular the season. is we witnessed new XX the key As peak added the holiday in destinations Tirupati. India, Spiritual check-ins one getting with destinations tourism the growth during days emerging [indiscernible] of of tourism

specific such find distance and property product these integrated aspects easily recommendations. Besides our such into now from sites, of pilgrimage suitable this wheelchair personalized have lift enhanced These options. features provide are help travelers cities platform demand, by food supply properties to in on more to as smarter, our and new vegetarian depth accessibility, we key availability emerging highlighting

further As reflecting this and faster strong demand growing satisfaction. customer a is segment result,

concert-driven a across seeing is the new India. We in relatively also Tier X in are which phenomenon demand metros,

for recent use local XX% the were for of presenting in new ticket traveled concert travel. Indian the Play estimates from Mumbai, buyers Cold thus while around XX% other states, Mumbikers, demand per case As a

good seeing Abu domestic Singapore. in Taylor and We international concert not Dhabi Coldplay for example, Swift are destinations also for in but only for also demand

that is consumer Inbound, segment showing especially promise us is for Indian growth [indiscernible]. from Another

in year, platform compliant, countries. You might that accessible last recall XXX we our GDPR making it made

to albeit small we aligned growth also major feature need a report we witness started I XX currencies, inbound to payments an global have important bookings, customers. Recently, of have happy base. in solving enabled multi-currency in these am that on

and strategy, these. It expanded GenAI review chatbot generative analysis, we related our pricing, specific by hotel our our enhances stay of AI with places powered best other our complements find the the image Myra, quarter, product. filters customers helping user experience handling part for ordering, including and queries. availability to booking accommodation capabilities, this Myra overall real-time As GenAI

Our homestays business the to to scale during continues quarter continues scale.

the XX,XXX cities Yoda, During across Pilgrimage properties, across destinations. the sold The the strong quarter, increased back and we demand highest XXX-plus plus of growth in like over leisure destinations, cetera. [indiscernible], supply destinations unique unique from et with Varanasi, grew on business

the subcategory further have to food choices. of category elements cornerstone transparency, always customers and While deeper a alternative property taken by we across platform, nonstandardized amenities, key more informed ratings location. summarizes build a This reviews introducing our especially to accommodation, enhancement of confident make been and have like ratings and a and empowering step and trust in aims

well, business witnessing gross numbers ever Packages XX% Holiday growth growth as booking CIS witnessing Vietnam robust year-on-year Xx year-on-year. with driven strong And order in achieving packages delivered in highest Our international outbound growth countries over and performance by Malaysia orders.

business, period the QX nearly the auspicious in year-on-year and In weddings growth growth further XX% quarter period X points -- supply. And the in buoyant of has in bus occasions back and the due about in by on Bus our festive private to November. year-on-year. improved travel holiday was Demand October, in in for has December

for ahead was the leader, of resulting us. market, share market a in our As growth gain

language expanded we sales offering Telugu quarter, a experience Kanada the redBus and booking During in full-fledged Tamil, in as and offer well. our now Hindi, post and

the as to with pie. overall International business all a growing in contribution countries Our continues well well to grow

ancillary For our Rail bring to business, guarantee primarily growth seat we in in to new users product. continue revenues, besides platform from the

our cabs. business, airport to For and transfers continue scale Cabs we both intercity

catering peak XX%, demand. season, During to were the peak our we fulfillment to to the scale able over that's

front, the enabling multicity this with outstation for product multiple scaled the stops On we option quarter. booking itineraries during seamless cabs,

is myBiz witnessing business via growth. Corporate strong platforms, Our both Travel QuestXTravel and

myBiz is has plus, to Our active customer to XXX year. last during customers corporates, And reached the large compared same in year. over XX,XXX customer for quarter active the count corporate quarter count XXX the XX,XXX same QX, last compared now customers on

well. up scaling is business Ancillaries Our

for like witnessing travel ForEx, attach are rates cetera. healthy We insurance, products et

uptick cross-sell impacting was have bite-sized to various flights, with customer out international persuasions. to customers to the address We adoption. ForEx launched by reaching holiday funnel an in lending customer multiple including needs in and business driven campaigns, hotels insurance specific Growth

XXX lastly, our strategy category. with And reach highest X films performance leading insights our thought reached for wider customer top helping well us users, the and customer strong was supported across by brand categories, user in recall acquisition achieve of to also and mix. marketing our hotels efficient [indiscernible] million-plus through campaign the media effective combined mind featuring consumer deep travel on campaigns reach consumer and with and This via new heavily based

call the for quarter. over highlights hand With financial this I the now Mohit the to of

Mohit Kabra

hello, Thanks, Rajesh, and everyone.

in was a operating to and travel. pleased which We gross across bookings, seasonally quarter performance for strong profit are highs leisure saw new a more and our better all importantly, revenue quarterly report few to quarter, during have pockets last We as been all-time the platforms demand that of have focusing for as the from that new services emerging well been segments we upon years. adding business we in adjusted

Rajesh, is Adjusted acceleration margins at the operating of significantly gross as the came bookings the first previous in $XX comparison operating than of highlight X.X% better same by growth million, for for in the last in during and which along the came adjusted profit quarter in half quarter X.XX% margin year been has year. of operating in with As X.XX%, quarters improvement percentage shared year. with quarter the at this in the profit and a bookings

results. our Moving on segment to

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

has quarter. Rajesh market, color let air ticketing, the daily domestic share While seasonally more on departures air international ticketing. about up a In outperformance continued me some were in while broadly strong the updated domestic the

plus grow We the market XX% ticketing ahead slightly with continue of a share market. continued the of domestic flight to

came and Gross was resulting in margin in year-on-year the ] currency. bookings segment in registering adjusted [ terms, currency ] in million constant [ a year-on-year XX.X% million for Hotels quarter. growth at growth in of during XX.X% constant $XXX.X the $XXX.X quarter Adjusted Packages margin of

country properties cities from compared doubled resulted X,XXX have cities spread efforts us country quarter levels. the the about has nights the and This than to around sell last more year. room across X,XXX able through pre-pandemic more adding continued more to during across in same Our than being

has well This expansion us first about been as almost the these cities, in rooms in hotels segment XXX XX for and adding opened faster tier have supply argues months, Tier branded in X X,XXX in new the X new cities. Tier

countries during years. for scaling contracting hotels helped in the We in has quarter. direct bookings international XXX this have us strategy spoken up accommodation about this recent over get And

we compliant Earlier during to with year, and including put geographies, our which similar GDPR allows platforms, applications countries. requirements over become in be out the international fiscal efforts had to mobile accessed XXX our in now certain called in

in As a outbound and We bookings gross will crossed quarter result, our of initial last year hotels years, combination the portion the day compared inbound room X,XXX milestone in inbound around per at business during an increase believe XX% during to of that as this currently of coming part segment. quarter. growth the same to lead international the bookings XX.X% the which stands the

the XX.X% a XX.X% with constant currency margin million, to Bus stable business seasonality. by growth gross over continue festivals for million, our rates our Adjusted in and segments. stood In driven growing quarter in at line Take $XX strong business, and of all demand currency. $XXX.X registering remain year-on-year holiday at at bookings constant stood in year-on-year across Ticketing

change and costs, higher in and is the reported X.X% acquisition the marketing previous at of customer remain same bookings. year line that X.X% efficient seasonality. in linked sales is quarter to promotion slightly our gross the quarter Similarly, with This last than expenses in

bookings strong leverage costs, on operating we and efficiencies including general focused expenses. and remain driving growth, our cost to in operating personnel, driving margin addition or fixed administrative In building selling

demand technology management, and to drive combined us in has profitable investments approach targeted and growth. growing experience on enabled travel capitalize this cost disciplined to customer with Our

is in backed instance, our about increase and center Pat call post-sales costs revenue, intelligence, driving our For the of bookings quarter. the in that in efficiencies. coming half there the artificial increased quarter, working this seasonally by deployment year-on-year year-on-year improved coupled the demand travel for that later thus by and to high has with reverse X% compared fact higher-than-expected was to quarter almost during which pickup investments capital, in in cost just been the automation quarter, XX% a likely the

opportunistic to leverage we maintaining line transfer In organic as with Happy Besides the as growth equivalents opportunities watches, we InCred. will buyback $XXX business invest million. strong programs. this from cash Our platform cash Expense potential niche and to acquire this agreement well cash at in a over stand continue signed a stock healthy inorganic to and position strategy, Management

Happy scalable well will reinforces solutions to business over expense our XXX is this a transition and expense travel as management becoming management and for the that go-to and platform drive data-driven in robust This corporate team particular corporate as corporate insights the expense value in efficiency the for product for acquisition clients. business its commitment brand leader and and Under MakeMyTrip. to the comprehensive capabilities management solutions. with Hay dedicated customers development, agreement, consistently

transaction the We the quarter. expect in to close coming

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

Vipul Garg

Mohit. already a I few Thanks, have participants.

Sachin of Bank line First America. Salgaonkar of question from of is the

Sachin Salgaonkar

I have questions. X

remember the resolved, I you air operators the might looks the in by but in past, issues gets for on delayed. this First said air. question engine have the of it, get that guys airplane is

pressure some take on seasonality, but do So it's I any how rate look that terms also And wanted to should to out related in from booking a here. at Air We rate. take if the year see down at growth wanted XXXX? quarter. the course, I understand we get in direct largely is IndiGo's going presume on color for there's calendar of question, the of

Rajesh Magow

getting yes, pace. is for Improvement that supply had supply at about get had the had in, trickling is that solved probably short-term right on is right. you, definitely and in our you're out, constraints were the will the coming side, we supply the because when we quarters right. new happening improvement All a X Sachin, happening overall specifically time. supply and understanding hoping -- -- or definitely last it X firstly. market, called the headwinds thank we it spoken We about or supply slow that domestic it but And now. on And is is the spoken

therefore, get which I for issues, and have completely they problem is the also a to grounded, is remain there planes guess, it X for it been engine continue the issues. But necessarily thanks that between sort supply again of supply, grounded pushed because progress grounded another not for existing The fully are And I it's where to the to to the engine think X, better completely addressed. new get is getting or versus resolved, quarter that -- resolved.

down. I think and on positive the on up. of progress and necessarily there it supply is happening sort new the that existing the supply not the -- progress engines as is the with And making expected

overall, of it the see on projection this on basis let's of right a XX% supply XX%, overall and year, to we say, was now. perspective. lag is x, have in think that -- rate beginning a the on growth So the is there about year-to-date In about of I net the

of that next gets are is for new supply and in hoping and delay quarters, situation there couple sort the some 'XX certainly, this hopefully, but we is resolved pace picks -- up -- the there. the -- outlook and So of for the

take concerned, As you far Mohit, maybe is as that. take rate can

Mohit Kabra

Yes. Sachin, largely that with take in And I can change optical seasonality. this is one. in line

the rates As you largely selling even increase across this during then comparative purposes the on air And blended close know, ASP it QX, have if XX% it if fact, increase is kind at look to from but about the was at you overall in higher. from of you take industry, X.X%, average basis. down higher tends XX% ASPs a in to about domestic, than with the QX. to much be look X.X% a Therefore, QX price come

optical on is regime coming in based this seasonality. from largely in change pricing So

Sachin Salgaonkar

Got it. Very clear.

adjusted wanted should about I understand think question, how your Second we to steady-state margin. EBIT

out good from right guys course, playing is out pretty You X.X% is brings operational there's added of here of Any low, term? in. here? an Competition you thoughts guys are going X.X%, to already is now. say, in an control. X% to, Question in leverage disciplined at X.X% medium layer cost what out. let's what AI stops And inefficiency You are

Mohit Kabra

Yes.

generally, an seasonally seen the how close to therefore, XX% have best indicating itself out. of we margins the much to of consistent know, margin margin good year, you quarter, an on the is adjusted expansion the bottom kind QX probably by And kind But any play kind operating of or said, So growth on in would this quarter QX. our necessarily XX% -- side. like X% of of aim is I as the X.X% line is currently to yes, not reach -- to basis. about we of

or kind play range of range, few we get we'll have on how So view the as I'm in kind sure that can that of a years. next lower of expansion better to closer the out margin

Sachin Salgaonkar

again, And Got expense. I there's wanted anything question, going interest if specific last to income it. understand interest both at and

much income is Q-o-Q materially finance Your a down lower on the historical trend. than basis,

And higher so the historical finance than trend? the which been have much is costs,

Mohit Kabra

be would of factoring this largely in some fluctuations. amount also So ForEx

coming So with slightly note more could on you offline. Maybe detailed share can of that? kind from a this be Vipul

Vipul Garg

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

Manish Adukia

mid-XXs of has remains that there I strong, off business, very out. levels. and related My gross here is mean, say, come I that booking foreseeable really meaningfully XX is do to any growth tapering been growth is Air like down down? foresee or your Y-o-Y cause kind actually X strong, your question business. this Rajesh in Or let's first so north My sustain one-off at revenue may XX% in the future? start X you closer with come let's growth the the mean which could and consistently these in and strong particular, what quarters International now in Travel, Hotels. of to growth growth in overall, it has question calling the number, say, can this driving International over really your for is like sizable or is been last overall

the question, should wanted Just my first thoughts about and get That's your pushes how pulls on think we that? here to please. and

Rajesh Magow

Yes, sure. Manish. Thanks,

a question. I great think it's

things see really of growth what is we of macro robust of and you one if out growth coming sort other one So or micro. calling rate X performance sort out are consistent the our combined,

demand I front, from our sort omnichannel foot channels, various execution best the to segments, and put we've mopping the been strategy On including able various on. across so forward board, to thanks up our think of

is getting it's of travel sort experiences. terms even like on. to supported not fundamentally are overall And the trying stuff. highlight, of travel also benefit or favor And where sort macro income consumer changing the about portion on and early of it by that happening is trend It's spending of disposable of larger -- of a we was rather as those rising also well. like in and the as more I habits only and events of the -- concerts because the income, of side experiences call also travel, But back in the rising favor disposable income are behavior in on of of some

So down would your question say to go I macro. largely answer slow of what a which could bit. possibly wrong, growth this it's could

travel. pattern sort to seeing for consistently more been now more of fundamental the goes while and if, pattern sort some because we've for reasons, spending down change the respect if like of a experience, in consumption we the let's spending spending travel So say, on changes, believe do with or

growth But it we we situation. relatively way reason, the at of sort control. there sure, is growing are that rate event gets macro overall is will sort what happens be changes see for say, be Maybe growing any because why overall of the that demand macro confident that down. are -- the that a of which or we for of of can't course, it the as event confident than the that reasons But about the of But impacted. growth regardless robust because higher slow industry one we some of that at, rate growing whatever economy that, of really other could is some of not is just would let's

if is one macro would there event in just happens. could slowdown potentially change that the change -- that growth if aspect general rate of economy But this overall be and the just

Manish Adukia

X is helpful. OTA my side direct question from Extremely regarding and airline second the and side. And it One competition, the subparts. on second has

in more Now our have the than your slightly no they love on on them share one right? your be just historically. your used numbers, it to which competitive direct, in seems Indigo, the what seen impact last growth being the impact business. as But few Indigo despite to country, the being months, airline we've competitive largest despite would thoughts airline phenomenal, to why that, is to up, had market no your looks is all on So relatively more has get had

you the If still you're market to maintain just share? to grow can understand being your or nuances able why help us

competition now meaningful And in the to OTA travel your from stable second, is to very, we've like as maybe even all Airline in been any environment, doing mean I we've really again, Hotels well. strong. why intensity case? reducing the phase side. declining. that's it very for trial, maybe on where domestic a the or I more not side, even OTA seen seems side, that thoughts And very years X But the growth looks that competition, than the international competitive definitely despite around maybe almost on and not be travel mean

the again, future. thoughts foresee as you in if changing case to So foreseeable why your that that's the and

Rajesh Magow

Manish. Yes,

supply see the that hand well, If From available hand, is directors focus of on the and last on way sort we was is start sharing of the our focus is, it the even larger goes think to of direct our I more So take sort we of market pie not as point intermediaries thoughts have Manish, it right? at we call. view, one, first So on it's necessarily to I right? in my for competition. and quarter the the

of and the supplier are focused even large. the sort direct and might to pie incrementally, we of the that that able is -- the to very if -- if is sort of on that So if the lion's able And share share say, pie. very, be of let's get portion of we rest today growing, whatever and stay

that ensure continues let's our our has to we've happen. I as that that well overall been that sort our strategy say, International improving the and that ecosystem. the market it been or of on think side, on is the more holding market has consistently on underpenetrated. on to an able execute market strategy, domestic incrementally on there's been And to and relatively on standpoint, is focus, share, our reflecting where the And penetration supplier underpenetrated from competition Internet on the

[ We've degree just of all on on sort the on of customer the down that segment experience, potential. sort tapping and doubled particular attacking to ] improving XXX

is and our doing happen sort for left a it there still lot online and of continues that of is potentially might continue with been that online. that. move is a has we'll players to that because headroom sort to more grow of business that So online lot keep going of could penetration strategy And that overall overall the

we've it, well that we'll us. keep sort I for of and to think continue the way and that's working out So seeing way it's it seen

your part was that I the to think Now link second I answer question. is as to giving would concerned, I far it I again, as back was first the

on product from retail retention and growth keep I the segment from sort that our just we've favor of think worked very is side. on in perspective has perspective, strong the besides back consistent innovation factors also at BXC a our doing of we the that been one of experience the that our to

Corporate to for years which old, that relatively We've been X the also to to very other where time. MyPartner very successfully span segments. the of on example, channel, are into our young the the X, affiliate a short every basis able business from other scaled consistent been we've of of Similarly, deep but to and penetrate new sort in sort for our able is of tail already travel with quarter. demand the customer execute business, significantly us the get reach as strategy other business we've long affiliate sort get users market similarly well a partners agents,

better combination you really quarter, the customers every very this a the rate multiple get new from and strategy a is very sort of segments and So user over single of us, because acquisition of new us of sort if on our consumer the sort of quarter, see sort grow market. high channel helping healthy reaching transacted share repeat every to of the and

I think the market. that is for in relentless curve obviously, largest the in stay and perhaps and of the across besides, ahead execution sort reason stay is it us board, helping the single

Vipul Garg

the Vidit Thanks, Citi. Manish. The line next question is of from of Jain

Vijit Jain

Coldplay My of first somewhat new XQ. January end question events, year called Macumba, into in well. weaker, both current call multiple demand is, some Indian typically, first this out called went and spillover the off hotels after January. right, coming seasonally earlier, are think these you out quarter day is as the as But in And I

generally going previous right XQ, seems your to you be like vantage So point versus do think speaking, it's in now least very seasonal from at less years?

Rajesh Magow

is leisure really previous different a We that, of think going April, point sort seasonal don't in when Vijit, Well, any case. favorable Novan's the use and that anticipate May, the to we November, and standpoint. And quarter that should just from mind us, I for seasonality mostly us. specifically, seasonal that keep it's that quarter for for call June be That's don't years. from December, October, we a

in tourism reaching to the example, of for segment kinds addressing a India, business, use pretty of sort including emerging Like, the Now much pilgrimage of is use growth all which as cases, consumers of and lot sort for new we've our got cases in non-leisure a particularly. out as well.

That off well let's that in of of case, like celebration across as a travel on, case, Now have that that occasions of pilgrimage say, business travel that some use kind cases sort right? -- is case. So the and use and linked happens. has emerging the business to, been led no new so Similarly, the season. use use year, of staying alternative accommodation

these use all now demand standpoint. cases combination so our of And from business is consumer a a

And numbers, just for the of to seasonality -- of that this for sort of case use of a therefore, season at as pattern able the we on with mind out respect see at thing draw at we seasonality look October it, last this quarter, the us we will for quarter look see from to when should standpoint, pattern of December a should and don't sort our be relatively low keep different least of of the it. to aspect leisure quarters pattern and we it years specifically, few we in now. because coming is be November, as But out sort and some any significantly different historical

Vijit Jain

My second fairly spends while split are GBV been other rate, right? marketing the number. low brand the upper that question $XX range, customer way promotion your you in in now expenses The X% your marketing the so of has spending stable or is, and a million quarter A&P that expenses had inducement sales

of bookings marketing top I my are question, what directly trying funnel of you how bookings? sense much of brand would is attributable guess get to broad -- And be are such? much directly what you attributable which give So the can a the sense I a spending of to how spend, any is that is pure just marketing, of to if on percent those think, not of to expenses called say? -- so things, type as

Mohit Kabra

at another the that. look So promotion, at or the Vijit, customer overall sales kind of take to would marketing but we trends look action I can seasonality. maybe way and say, by costs I

kind quarters a view. travel largely, to X.X% demand spends year, quarters this better X%, point kind about to in closer trended have over at around the X.X% X.X% of these from seasonally kind seasonally leisure leisure of to in seasonality travel the at trended have lower and of off So of

size of And not of as the of with absolute tweak from kind kind reason marketing, slightly campaigns to imagine, And kind -- direct other and changing it at look brand you these evolving kind tend you we kind of if saying makes better in line even would scale the more much size I'm in spend with can business emergence sense it of to the so and because brands. the of the on an seasonality. of respond in seasonality keep these a dollar of the line more is

that of cycle. So longer a a life has slightly kind and

So a indication. you would I trends looking at quarter just think seasonalities by the give good respective over

Vijit Jain

question Great. of on side, of to question, seems is mention Myra. it will you GenAI is things about on that that GenAI one be able lot of bookings. do did the that last see the also suggests end-to-end bit first sure. I the travel discussions My next Okay. just talked to you A

call it So your use and I that, holiday travel Agentic AI they and thoughts first be will [ bookings guess, ] in case bookings on stuff.

that? Your are thoughts you that that on is experimenting guys And with? something

Rajesh Magow

that mentioned, our GenAI picking last live includes been quarters application potential with. using our for that of business, Vijit. in engineering as bandwidth and And of the what Very our implementing any going that strategy just up just part much, of just this and you sort agent several of And the context our has focus now, AI. deploying we've on the been

you our is If and is completely hotel booking on of of user with all the user it are we've as interface, for I of well. then interactive eventually doing chat booking live as and new boards some the mentioned gone hotel queries, live at hotel our already and kinds you're recently, to interface well. That -- ACO booking that our actually related look and a sort addressing helping funnel

is So is that a my journey. take on this this

excited of While our business for case far particular, continue lead promise strategic of items last for the to journey we we on overall the is be to in as of keep a travel and as sort or from whatever point quarters, one key marching we of at everyone several counts. and concerned this is of standpoint and to least GenAI, of try technology course, passionate sort of strategy view, One, about this from and ensure that X a -- us sort are this and so offer. has but it, ahead face the on going it's is use

accurate, for to make has the more But sort also be -- also interactive for a up always the that more new, compelling be you the cetera, journey. would sort consumers, question then to to the that important adoption it has and more let's some that of to me a to intuitive, more -- adopted is it developing that very is the sort be able also relevant, by et convenient, is and the and these make is is a more of shift. other aspect to really adoption which other to me super more be end ends our of interface and because alternative say, is And going but one used and front so equally faster, will of personalized that GenAI-based of, and I'm existing endeavor

have from And cohorts but all like part are So said, I it a point view, country. that is strategy. our -- in consumer it's because our kinds journey we of a -- always of of you our core

And both we very and -- all there partnering closely et technology open it solved cost, live, terms new -- which recency of be go every things of solved, the of ended the also of or of the alternative keep and making that and of from still at cetera, with that. sure standpoint and definitely and sort to standpoint making not and that which a it adopting will is We are from getting are the is is but sort develop add improvements looking need working partners, into comes accuracy, we're it's right the sort learn lot and we only whether because in we that picture. still a content model also

already. see GenAI every sort into And you absolutely or So much something MakeMyTrip. quarter, will deep the it of coming other pretty on we from are

Vipul Garg

line the we is not question hear Rateria Morgan Gaurav to of Stanley. next able from you. Gaurav, of are The

Rajesh Magow

with is next the on this the caller. but now mute, something wrong to mutating we give Gaurav maybe not he's on opportunity --

Vipul Garg

meantime, we'll next the the take question. In

from Next Rudra Ankur line JPMorgan. of is of question the

Ankur Rudra

looks consumption parts Clearly, but including your and on peers. weakness, sections of several extremely side. strong, your is sort Just of of the out side signs solid from extremely first the question the demand some demand basket platform continue of point to

being b, in any you You A, any which current of to are signs in hidden the consumption pricing? the don't any seen cohorts, numbers is by slowdown? have in be quarter. headline customer strong of you the of impact something of your And quarter, seeing seem that that confirm last seeing this because can

Rajesh Magow

No, Ankur, it's a good question.

the sort the I think travel categories far as as pattern is specifically. spend have and some of we've there of it's been in with slowdown some as a to consumption a observation respect some from But well, and of discretionary lucky. tourism other murmurs categories around, concerned, been good

October, but December, for was us, of as even part really and as it I script trying to and picked up well. November the was highlight, October that muted

I you nicely. the growth, your quarter nothing well. actually robust absolutely volume overall on seasonality see did, And is the there's There's pricing. for actually point nothing because that as So quite to the out quite played done if

reporting November, least seen, So slowdown, we really December October, we sort part side, of signs in I quarter, But to material also of from consumer haven't will. to was out, reach expanding well. at the you which if just question segments our the are obviously, that, as of any earlier of part well, different it's just as is as responding that our different

say, robust. how you to categories years, at the look to Now for obviously the let's develops, they be the projections, situation, well continue economy if for watch even other we will next have overall the because of it as couple

aberration. to hoping very carefully. the having we'll I'm said watching keep So But other that, happening this is also whatever space categories an

Ankur Rudra

difference And strength users more between Goibibo users budget category, app, the any traveler of of versus demand you in MakeMyTrip the in Rajesh, nature the traveler premium the sense? by category see any and perhaps there is the

Rajesh Magow

of cohorts least of script at very We cetera, going. well. of And and sort we natural category. segments function this alluding out as good for well. premium, habit pricing and has You middle-class I budget to news was different well, quite been, is And all that to of robust. all et clearly, we them we've more know income, the at And travel of more been income saw so as what, And the quarter, last sort for in as category for with because again that this and is, growth upper more few looked the spend it's saw at experience quarters calling and a for it's segment, look on us higher pretty changing growing. to premium as disposable been segment premium sort much

MakeMyTrip and that for well. saw budget even as back But we the sort for of Goibibo, budget, segment, example, growth specifically between hotels, for coming

cohort really of on of least our us at slowdown didn't specific any together. actually. sort quarter, the In both those any brands for So last put we platform, particular in see cohorts,

Ankur Rudra

at they of either significant in it's don't a destinations? seen months few consumer we've the lag you I change behavior currency directly volatility certain headline past seen any of in happened Rajesh, for cycles, have of or see anything but when quarter. a the prices this amount this kind know whether impact last of quarter, looking with

Mohit Kabra

when Ankur, continues demand regions The Visa from strong. pretty see seasonally made realizations remain it or have demand, called as Rajesh hotels, we've this been those to like offered. more continued impact, kind Visa comes strong at strong we particularly has in where as haven't to any out, easier least, international seen been of well quarter, international to flights

Rajesh Magow

overseas I What If weaker said, is a cheaper what may point additional whether just rupee plans of just Mohit Whenever expensive. the fluctuation, on the destination fluctuation, there less I we've becomes sort mean the in is an They add impact relatively currency which natural -- just just where let's a less seen just that we to the dropping this alternative it's see becomes one change perspective, mean, if is past, for domestic. destination, it historical what particular people for don't or I more is seen and travel. we've say, look for of

at for travel really haven't least we changing plans particularly historically. But the seen people

Ankur Rudra

lower a how out here? this and BXB sort bit your been than there's international you and growth of business. Perhaps Also, and there? of estimate also business of is if this -- segment has MakeMyTrip of repeatedly it's what called share You've your on support remind consumer you from traditional can that much the amount segments? BXBXC Could a us your huge

Mohit Kabra

shared side, we corporate had side, quarter out this scaled business up kind coming particularly BXB, year, of se, XX%. now that coming if run that had of And international mix the $XXX quarterly old I or some the bond from regret all per first overall, over of on put called On rate our together, to about basis. have we numbers million -- has in a close in bookings our the on to on to to International or mix corporate bond moved transactions in

those are So the as things X of out that kind indicative. call could I

Ankur Rudra

to of here will estimate business? rest versus share over the your the how Any be

Mohit Kabra

in Rajesh early has for is stage an said, us. like corporate, So

for pretty And been the of therefore, only X, years. BXB underpitched on have things the much X side the we're last to We kind of market.

should estimate business-driven the or higher. if Our corporate driven, X/X be market least is of at not

terms So go in ratio. long catch there's way trying up that on of a on to to

Ankur Rudra

Understood.

Just last question.

own estimate market? You your to is coming Or mean, also you again spoke quantify I about of is it event possible and Pilgrimage -- can travel from size the what bookings for if there?

Mohit Kabra

of the demand segments coming now pilgrimage, as concert-related that like Actually, say, started emerging these all or for instance, off. such other has kind of demand of new some kind

a share kind areas. Our of therefore, are historically has doing low. volume now kind these been requirements And in pretty from therefore, that full these of opportunities dialing improvement holistic of And are of travel new of these kind coming kind up.

and right cater supply we're kind and of able specific both cities channels emerges these to of these kind the to to the BXC. trying kind very build of that of kind also or So to significantly requirements, BXB demand shoring travel for in up platforms be

longer nascent. this slightly on end like I corporate right think cash, just So side pretty is to now, the term, more

Vipul Garg

question take We'll Morgan Gaurav from from the now Stanely. Ankur. Thanks, last

Gaurav Rateria

audible Hope now? I'm

Rajesh Magow

Yes.

Gaurav Rateria

new I year? are we of customer to were seeing questions. addition seeing pace now, versus that last what quarter few the what's want a have say let's per I understand you

Rajesh Magow

new data just as Gaurav happy robust, year and -- you, calculate too. to well you one pretty and Actually, Or can maybe that. point to give and you

this to like repeat on this was robust. It XX%. have to date, basis, pretty is quarter And been life-to-date is Last be our coming quarterly about transactions the XX%. XX% the been, used So like from a customers. about has XX%, rate of

date to of about together our brands to touched and contribution XX% X XX%. is been from new between from $XX $XX has million, And users the range base has put overall now customer million typical up in all like

direction. at it a are so same adding the changed the and really up we scale But continues of one with new And at lot. the more scale. just obviously ratio quarter, effectively, and is the hasn't in -- Every going repeat users only

let's say, [ [ the of XX%, XX% So going XX%, XX% ] the range. same to, remains ] so XX%, XX% kind broadly

Mohit Kabra

customers new a Gaurav, new the X.X typical a terms, million addition absolute to net the the addition million is platforms during to X.X say, ranges quarter. in Also any generally anywhere kind that see. of There between we

Gaurav Rateria

Got it.

at focus booking gross defending as the issues, Is year? What competition? explained you percentage cetera, than it So spend ad explains keeping the increase? this you new led? market into near-term to it comment X understand beyond investment on competition that. why any Is how fiscal and that the the a your et of about year Just higher look more this in last appears more months this mind trying of and

Mohit Kabra

spend marketing for together? and marketing the say, only about proportions put instance, versus, talking sales are You

Gaurav Rateria

together. at put the like Yes, I'm looking number combined.

Mohit Kabra

to levels. at say, has like below seasonally largely combined and kind on like and trended And to about The number quarters in generally And a QX. around weaker seasonally we I QX of line I mentioning trended has of gross said, X.X% this like instance, this in just trended last had during number stronger bookings year. X% of earlier, kind would keep say, at quarters, with, was want would we X% X.X% question QX, at for another QX

hasn't there any of change really substantial kind So per increase or say. been

Gaurav Rateria

Okay. Got it.

could budget. within layer what these be Lastly, rough color would get in it's to market on different share subsegments, great the online it if segment, for whether Hotel in be will the segments? market whether competition some And your premium, overall for it's you for

Mohit Kabra

no out there's ticket case kind of kind segment, flight report of unlike in Hotel as of thing. because A the you get in of we market it know, call difficult to shares GCI from kind domestic little industry kind of

be to would of estimate XX% our half would of That XX% broad the about would the the Our about terms size level about online have estimate and ballpark be high high-level possibly market. is of moved very closer in to that. that market of

And at all all competitive space hotels the look space, you global to particularly side would skew on of competitively pretty accommodation. kind tend terms therefore, mid a segment. vis-a-vis of space larger the ticketing with some more in they if or much to accommodation because because to also in kind is compared competition Hotel say, of the be towards of kind extent, Again, the -- ticketing the OTAs have dynamics it the better in much say, the premium I and OTAs on focused on in to compared accommodation the to the

a But again, focus of their volumes will of inbound, we they're on a be share kind domestic lot larger more more whereas and outbound.

Vipul Garg

your was you, comments. last This our to question. closing Over for Rajesh,

Rajesh Magow

Vipul, again you, for Thank you great next a you and questions And from set thank quarter. for see you appreciating. thank thank you, everyone, and your and we'll and of everyone, patience,

Mohit Kabra

bye. Thanks,

Vipul Garg

you, Thank everyone.

no may the call. You disconnect

Rajesh Magow

Thank you.

MakeMyTrip Limited (MMYT) 23 Jan 252025 Q3 Earnings call transcript