MakeMyTrip Q4 2025 Earnings Report

MakeMyTrip EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.41
• Beat/Miss: N/A
• One Year Ago EPS: N/A

MakeMyTrip Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $255.93 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

MakeMyTrip Announcement Details

• Quarter: Q4 2025
• Date: 5/14/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, May 14, 2025
• Conference Call Time: 7:30AM ET

MakeMyTrip (NASDAQ:MMYT) Inc. is an online travel company that provides a comprehensive suite of travel products and services through its website and mobile app platform. The company’s offerings include air ticketing, hotel reservations, holiday packages, rail and bus ticket bookings, ancillary travel services such as travel insurance and visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, MakeMyTrip aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers.

Founded in June 2000 by Deep Kalra, MakeMyTrip has grown to become one of India’s leading travel technology firms. Over the years, the company has expanded its portfolio through strategic acquisitions and organic growth, integrating brands such as Goibibo and redBus to strengthen its position in flights, hotels, and ground transportation segments. MakeMyTrip’s user-friendly interface and extensive inventory partnerships enable travelers to compare options and book travel arrangements efficiently.

The company completed its initial public offering on the NASDAQ in June 2010, marking one of the first major U.S.-listed travel technology stocks from India. Since then, MakeMyTrip has continued to invest in digital innovation, building data-driven solutions, personalized offers, and mobile-first experiences. Its technology stack supports real-time search, dynamic pricing, and loyalty programs designed to enhance customer engagement and retention.

Headquartered in Gurugram, India, MakeMyTrip serves customers across South Asia, Southeast Asia, the Middle East, and beyond. The company maintains regional offices in key travel markets and has developed a mobile presence to capture the growing demand for app-based bookings. Deep Kalra, the company’s founder, serves as Executive Chairman, while Rajesh Magow holds the position of Chief Executive Officer. Under their leadership, MakeMyTrip continues to focus on market expansion, product innovation, and operational efficiency.

MakeMyTrip Q4 2025 Earnings Call Transcript

Key Takeaways

• Delivered record FY25 results with gross booking value of $9.8 bn (+25.9% cc) and adjusted operating profit of $167.3 m (+34.7% yoy); Q4 GVB +30.4% cc and AOP +37.9% yoy.
• International business outperformance: international air ticketing revenue +33% yoy and international hotels revenue +65% yoy, raising its share to 25% of total revenue.
• Added over 9 million new customers in FY25—expanding the transacted user base to 82 million—with a strong repeat booking rate of over 70%.
• Advanced its AI capabilities by rolling out features like Myra.ai agentic chatbot, GenAI search, review summaries, and automated support tools to enhance trip planning and customer experience.
• Bookings dipped temporarily due to geopolitical tensions after the Telgaon incident, though the company anticipates recovery in the weeks following the ceasefire.

Presentation

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Joined investor relations at MakeMyTrip Limited to our fiscal twenty twenty five fourth quarter and full year earnings webinar. It will be hosted by the company's leadership team comprising Rajesh Mago, our cofounder 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 and a session. Furthermore, certain statements made during today's event may be considered forward looking statements within the meaning of safe harbor provision of The US Private Securities Litigation Reform Act of 1995.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concern concerning these statements is contained in the risk factors and forward looking statements section of the company's annual report on Form 20 f filed with SEC on 07/02/2024. Copies of these filings are available from SEC or from the company's investor relations develop department. I would like to now turn over the call to Rajesh for his remarks. Over to you, Rajesh.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Thank you, Vipul, and welcome everyone to our fourth quarter and full year call for fiscal twenty twenty five. Fiscal '20 '20 '5 has been a milestone year for us in more ways than one. We not only delivered record performance, but we also celebrated our twenty fifth anniversary. As we mark the twenty fifth anniversary of our company, team at MMYT is filled with a deep sense of pride and gratitude. This milestone is more than a measure of time.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

It reflects the dedication, innovation, and resilience that have defined our journey. Twenty five years ago, we began with a simple mission of making travel accessible, convenient, and transparent for Indians. Since then, we have grown into a one stop shop that continues to evolve and push boundaries. I would like to take this opportunity to offer huge gratitude to our long standing industry and non industry partners for their support over this action packed journey. Coming to the year and quarter key highlights, happy to share that we delivered a record performance during fiscal year twenty twenty five with a robust growth rate.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We recorded a gross booking value of $9,800,000,000 for the year with a year on year growth rate of 25.9% in constant currency terms. Alongside strong gross booking value growth, we continue to drive operating leverage. And as a result, the adjusted operating profit, which is at an all time high of hundred and $67,300,000, has adjusted a year on year growth of 34.7%. For q four, gross booking value growth accelerated to 30.4% year on year in constant currency terms on the back of travel demand and demand, and adjusted operating profit for q four grew at growth rate of 37.9 year on year. Our high growth rate has come from the new users as well as from the existing customers.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

During the year, we added more than 9,000,000 customers, taking the lifetime transacted user base to 82,000,000 now. Lot of the new users have come from tier two and tier three towns, signifying our brand's penetration into deeper India. On the other hand, our repeat rate in a quarter continues to be very healthy at 70% plus rate. On our journey, we are excited to share that Myra.ai, our trip planning chatbot, has evolved into a powerful interface on agentic framework capable of orchestrating seamless interactions across other specifically built AI boards for our products like flights, hotels, ground transport, and destination discovery. With this, Myra is now a unified interface where users can plan their trip taking the help of intelligent and personalized prompts as well as resolve post sales queries or do amendments to the bookings, etcetera.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

This is part of our long term commitment to make trip discovery and booking simpler, smarter, and more enjoyable for our users using GenAI. With the increasing number of users adopting this, new interface, our bots will continue to evolve and become more intelligent and intuitive. In parallel, we have rolled out several generative AI powered features across key business lines. These include review summary for faster, more informed decision making, GenAI search that understands and responds to natural language trip queries, smart collections that curate travel options based on user themes and preferences, assist mode and flights to answer common questions about baggage, cancellations, and refunds, AI driven support for booking changes such as date modifications and other post booking queries. Together, these advancements reflect our continued investment in next gen AI led experiences that will enhance every step of our of the travel journey.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Besides, as part of executing our connected trip strategy, we introduced multiple integrated touch points across our app, desktop, and and WhatsApp to drive seamless end to end planning for a particular trip. Underpenetrated international outbound market was also identified as a growth opportunity for us this fiscal year. We've been strengthening our product proposition to better serve the needs of this market, and we saw the desired results coming through. For fiscal year twenty five, our international air ticketing revenue grew by over 33% year on year, far outpacing industry growth. Similarly, our international hotels revenue grew by over 65% year on year, making this one of our fastest growing business segments.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Our international business now contributes 25% to the overall revenue, up from 22% during fiscal year twenty four. Let me now turn to the business segments starting with our air ticketing business. While the airlines are trying to navigate the near near term supply challenges, particularly in the domestic air market, the good news is that domestic departures cross the pre pandemic levels this completed year. While supply growth in the domestic market continues to be slower than expected at about 9.5% year on year, international departures grew by 18.5% year on year, and the online penetration in international air ticketing is increasing steadily as well, which helped our gross booking value of air business grow by 24.3% year on year in constant currency terms in q four fiscal year twenty five. In our endeavor to keep involving customer, improving customer experience, we revamped my trip section to enhance the post sales experience, enabling customers to easily discover and adopt digital solutions like cancellations and date changes without the need to call customer care.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Since its launch, customer interactions with self serve MyTrips options have increased meaningfully, and calls to customer care have reduced considerably. For our international travelers, we launched the initiative of offering bite sized custom customized travel insurance plans during international flight booking to offer greater value and and choice to customers. Our accommodation business, which includes hotels, home stays, and packages, continues to witness strong growth. The fiscal year concluded on a strong note with positive momentum and a sense of optimism for the future. Gross booking value of the hotels and packages business grew by 27.7% year on year in constant currency terms for q four fiscal year twenty five.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

The last two quarters also delivered record performance for most of the hotel chains, reflecting robust demand. As a result, there is strong commentary around new signings across the hospitality industry. Most major players signaled an acceleration in development activity, particularly in tier two, three, and four cities. Notably, global hotel chains are also deepening their India focus by partnering with local operators to accelerate market penetration. In the last five years, about 42,000 plus rooms have been added by the chains with 60% of them in tier two cities and beyond.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We continue to strengthen our supply mode. We now offer 89,000 plus accommodation options in 2,000 plus cities across the country. We aim to further accelerate the supply aggregation in future. During last fiscal, we added over a 20,000 rooms to our supply with tier two cities and beyond witnessing 30% plus year on year growth. As mentioned earlier, our international hotel segment continues to grow much faster than the market on the back of enhanced product proposition.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We scaled our ratings footprint to over 600,000 plus international properties, building greater trust and aiding smarter travel decisions. We have further enhanced our content to better resonate with Indian customers, thereby increasing the Indianness quotient and making hotel bookings more convenient and relevant to the Indian preferences. Our homestay business continues to scale. We sold over 33,000 plus unique properties across 1,100 plus unique destinations during the year with strong growth across business, leisure, and pilgrimage destinations. We also ramped our ramped up our homestay supply during last fiscal by adding over 42,000 plus rooms, translating to a growth of 33% year on year.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Spiritual tourism is emerging as a significant growth driver within India's domestic travel landscape. We saw a strong demand from both first time and repeat travelers seeking culturally rich and spiritually meaningful experiences. Pilgrimage cities volume growth this fiscal was over 95% year on year, which included windfall gains from once in hundred and forty four years mega Mahakumba at Riyagaraj, leading to hundred and forty seven percent year on year growth in q four. Our focused planning and strong execution around the Mahakum delivered an upside in January and February. We stood out as the only player with accommodation inventory during the peak period, particularly on the alternative accommodation side.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And the tent offerings which were fully bookable online, driving both visibility and conversion. We intend to continue building on this trend by expanding our offerings in key pilgrimage circuits, enhancing accessibility, and creating curated travel experiences that cater to this fast growing segment. Our holiday packages business continues to deliver robust performance driven by growth in destinations like Thailand, Singapore, and Maldives. During the quarter, we launched our standalone tours and attractions funnel, one more additional product to follow our vision of being a one stop shop for Indian travelers. With this new offering, travelers can now seamlessly discover and book experiences across 1,100 plus international cities spread across 39 countries, covering an extensive catalog of 215,000 plus tours and attractions, including sightseeing tours, tickets and passes, performances and shows, boat and bus tours, day trips, unique local experience, and much more.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

In our bus business, growth has further improved in q four on the back of strong demand, increasing supply and onetime tailwinds of Qumb. Our growth continues to be broad based with all regions growing in double digits with north and east or outpacing south and west in q four. The supply in the private bus operator segment has grown approximately 15% year on year, reflecting a buoyant operating environment. Bus operators remain in remain optimistic with increased interest in opening new routes, which bode well for future growth. During the quarter, we launched connecting bus services, allowing bus operators to connect to their existing services leading to an improvement in occupancy.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

This also increases for the users, especially in long longer distance routes. With thin inventory size, they can book two buses with a reasonable layover time in between. Our international bus business also continues to grow well in all the countries with a growing contribution to the overall pie. For our real business, we continue to bring in new users to the platform besides growth in ancillary revenues, primarily from seat guarantee product. Food on trains ecosystem is expanding rapid rapidly with ISCTC reporting a two two hundred percent increase in orders over the past two fiscuits.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We have tested the market through partnership with Real Food, which has delivered, promising results with healthy con conversion rates and and a 99% plus fulfillment rate. We are looking to enhance the offering in future. For our gaps business, we continue to scale both airport transfers and intercity gaps. We expanded our outstation cab offerings with value added services like route selection and local sightseeing and source, aligning with our strategy to bridge offline and online gaps. We also introduced express pickup for airport to city cabs, a new program that tracks flights arrival time and ensures the cab is ready upon arrival.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Our corporate travel business via both our platforms, that is MyBiz and Quest to Travel, is witnessing strong growth as well. Our active corporate customer count on MyBiz is now over 64,000 plus compared to fifth 56,600 customers during the same quarter last year. And for q to t, the active customer count has reached 507 large corporates compared to 357 customers in the same quarter last year. As we look ahead, we remain focused on scaling our recently launched products while targeting higher than industry growth rates across all other key business segments. Our next generation customer experience will be driven by GenAI led innovations and supported by deep scalable supply seamlessly integrated through our robust technology platforms.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Before I conclude, I want to briefly address the recent developments. We had a good start to the season in April, but post the unfortunate incident at Telgaon, a popular summer tourist destination, and subsequent escalation between India and Pakistan resulted in a travel disruption leading to a noticeable dip in bookings, particularly in the Northern region of India. This negative sentiment impacted bookings for a couple of weeks, affecting both leisure and corporate travel. Throughout this time, our endeavor has been to closely collaborate with our airline and hotel partners to offer cancellation and rebooking options for our customers. With the ceasefire now in place and the situation stabilizing, we are optimistic about recovering some of the lost momentum in the weeks ahead.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We continue to monitor the broader geopolitical and macroeconomic landscape to respond with agility as per emerging situations. With this, let me now hand over the call to Mohit for the financial highlights of the quarter.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Thanks, Rajesh, and hello, everyone. Are pleased to report another strong quarter and full year performance with good top line and bottom line growth. During this period of reported fiscal year twenty five, we have delivered our best of our financial performance across key metrics, reflecting the strength of our brands in tapping into the healthy travel demand across the country for both domestic and international travel. Keeping aside any one off situations, which have already been covered by Rajesh, the Indian travel industry continues to experience robust growth driven by the strength of the Indian economy, rising consumer confidence, and increased discretionary spending on travel or experiential services. Before I move on to the quarterly results in detail, let me share some highlights for the full fiscal year.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

During fiscal year twenty five, our revenue as per IFRS grew by 27.4% year on year in constant currency to $978,000,000 from $782,000,000 in fiscal year twenty four. Our last year's profit of $216,700,000 included a onetime net credit of hundred and 26,100,000.0 from recognition of deferred tax assets and a onetime gain of $30,600,000 due to the change in carrying value from not entering of our 2,028 convertible notes during the first put option in Feb twenty four. Excluding these one time gains, profit for fiscal year twenty four was about $60,000,000, and the profit for fiscal year twenty five stood at about $95,300,000. Adjusted operating profit registered a strong growth of 34.7% year on year and reached hundred and $67,300,000 in the current fiscal year compared to hundred and $24,200,000 in the previous fiscal. And the highlight of the year was the growth in our international business across flights and accommodation.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Our international air ticketing business continues to grow faster than the market, gaining market share. Volume in this segment grew by over 31% compared to the last full year, taking international share in air ticketing revenues to 37.6% in this fiscal year compared to 34% in the previous fiscal year. We have also been increasing directly contracted international accommodation options, particularly in destinations where direct flight connectivity has been established. As a result, volumes in this segment have grown more than 45% year on year, and the mix of international in hotel revenues has reached 21.9% compared to seven point 17.7% in the previous fiscal year. We continue to remain focused on operating cost efficiencies as a result of which the adjusted operating profit margin for fiscal year twenty five has improved to 1.71 of gross bookings compared to 1.56% in the previous fiscal.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Let me now share some more details on the quarterly results. Revenue as per IFRS grew by 25.6% year on year in constant currency to $245,500,000 compared to $202,900,000 in the same quarter last year. Our profit during the same quarter last year, adjusted for the just explained one offs pertaining to deferred tax and convertible notes, was about $15,200,000, and the current reported quarter profit stands at $29,200,000. Adjusted operating profit, they just started a growth of 37.9% year on year to $44,700,000 compared to $32,400,000 in the same quarter last year. Moving on to our segment results.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Our air ticketing adjusted margin stood at $94,200,000, registering a year on year growth of 16.8% year on year in constant currency. Take rates for the business were in line at 6.2%. In the domestic market, we continue to maintain our 30% plus share of the flight ticketing market. During the quarter, the mix of international air ticketing business revenue reached a high of 39% compared to 36.7% during the same quarter last year. In our hotels and packages segment, adjusted margin growth stood at 28.4% year on year in constant currency, resulting in adjusted margin of hundred $9,600,000 during the quarter.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

The take rates for the quarter were in line at 18% in this segment. In the bus ticketing business, the adjusted margin stood at $36,500,000, registering a strong year on year growth of over 44.3% in constant currency terms. The growth in this business as well as the improvement in take rates for the quarter was aided by the onetime demand uplift from Hakum as already called out by Rajesh. We ended the quarter and the full year with cash and cash equivalents of about $750,000,000. Our capital allocation strategy remains focused on three core priorities.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Firstly, continuing to invest in growth initiatives across our platform. Secondly, selectively exploring niche and organic opportunities that can strengthen our market position or add strategic capabilities. And lastly, returning value to the shareholders through our buyback program. I'm pleased to share that we continue to make progress across our organic initiatives by investing in AI, development of The UAE business, expansion of Redbus into new markets like Indonesia, and setting up operations in Vietnam and Cambodia. As part of our inorganic initiatives, during the year, we announced the acquisition of Happy Expense Management platform from Credit to strengthen our corporate business proposition.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Lastly, we have also deployed about $21,700,000 in the share repurchase of buyback program. During the quarter, 233,712 ordinary shares were repurchased for an aggregate amount of $20.25 point $21,500,000 at an average price of $92.2 per share. As we celebrate the twenty five year milestone, I would like to take this opportunity to thank all our stakeholders, including our customers, trade partners, associates, and our investors who have supported us throughout the journey. During the twenty five years, the business has seen major macro disruptions from the .com burst to SARS to nine eleven or the more recent COVID pandemic. Thanks to the continued support of our stakeholders, we have not only navigated through these tough times, but always emerged stronger as a business.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

With that, I'd like to turn the call back to Vipul for q and a.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks, Mohit. Any participant who wish to ask the quest ask any questions can click on the raise hand option, and we will take questions one by one. The first question is from the line of Sachin Salgankar of Bank of America. Sachin, you may please ask your question now.

[Sachin Salgaonkar, Managing Director at Bank of America]

Thanks, Vipul. Congrats management again on great set of numbers. I have three questions. First question is on your selling and marketing expense. Clearly, we've seen them in the range of 4.5 percent to 5% for the longest time.

[Sachin Salgaonkar, Managing Director at Bank of America]

But with every year, your scale is improving. So on that improved higher scale, how is management thinking in terms of, you know, looking to spend? Is there a thought process to sort of perhaps keep the amount in absolute amount similar, but as a percentage of GMV continue to reduce or continue to spend even higher as compared to previous years despite competition being low?

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Sure. Sachin, maybe I can take that. And like we have been calling out in the past, I think the the continued strategy is to kind of keep them on a percentage basis around the 5% level. Couple of reasons for the same. One, apart from the, you know, core business segments that we report, which is air ticketing, hotels, and bus, like, we have called out, we have been investing in a plethora of, you know, ancillary travel services that we've been putting on the platform, and many of these continue to be in the investment mode.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Similarly, we're kind of investing behind initiatives in in terms of geographic expansion that I called out and also in terms of, you know, investments in the alternative accommodation space. Something which is also bearing results as we could have seen that we are probably among the only few ones having accommodation options during the event earlier this year. So I think we believe that the overall marketing and promotional expenses currently at the kind of five percent level or just below the 5% level are pretty efficient, and our focus will be more to drive better kind of, you know, mix in the business and drive faster growth than the industry rather than look at kind of, you know, curtailing the percentage of spends as such on the on the marketing side.

[Sachin Salgaonkar, Managing Director at Bank of America]

Got it, Mohit. Pretty clear out there. Second question, generally, on the growth rate for the industry and for MakeMyTrip. Clearly, for the last few years, there has been a strong growth driven by consumer demand. Based on your comments, one gets a sense that consumer sentiment towards travel is unchanged.

[Sachin Salgaonkar, Managing Director at Bank of America]

And we do have certain temporary near term issues, but we also have an airside issue which continues to persist. So in backdrop of all of it, how should we ideally look at the industry growth rate? And any thoughts in terms of how could one think about the MakeMy trip growth rate for maybe next year or couple of years from now?

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Very broadly, Sachin, our like, if you see, you know, our focus has been to drive growth in the twenties, and that remains our kind of, you know, most important strategic priority in terms of continuing to drive much faster than industry growth rate. And and, you know, while it is difficult and, you know, the company does not put out a growth guidance, but we believe we'll continue to kind of, you know, look at similar growth trajectory at least in the next few years because we don't see any reason why growth should start slowing down for all the reasons that you called out and and I have been calling out in the in the script as well. So similar kind of growth trajectory is what we will continue to target. Let's see. We do have kind of, you know, some impact from the one offs or the kind of macro related situations that we have seen recently, But we do believe these are temporary ones.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Maybe there could be a blip in a quarter or two. But, otherwise, I think we've kind of continued to keep chasing the similar kind of a growth trajectory.

[Sachin Salgaonkar, Managing Director at Bank of America]

Got it. And last question is on AI. And clearly, this entire gen AI is evolving in a very rapid manner with an I know Rajesh touched base on agentic framework as well. The question out here is, do we see new threats in terms of competition for you guys? Because there are multiple other agentic AIs, which sort of come in, maybe difficult to give a time frame, could be six months, could be maybe one to two years.

[Sachin Salgaonkar, Managing Director at Bank of America]

And how is management looking at, the risk of a new threat, and how, you know, the strategy of AI should sort of work, particularly from a agent on travel perspective?

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Yeah. Maybe I can take that, Sachin. It's a good question, obviously, because an AI is not only the buzzword now. It's, it's happening. Right?

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

It's real. See, firstly, Sachin, I think it'll be fair to say, and which is what I was just trying to to sort of cover in the commentary as well, that it's not recent. We've been actually focusing on all the Geniei related developments for the last now several quarters, and we will continue to keep doing it. So my view on this is that while there will be, you know, more developments happening in the market, there might be some new, you know, sort of players in the market that might emerge over time. But my view on this is that there's the success in this space is going to be a function of two things.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

One, getting the you know, making the investment in the right areas and perfecting the the models in a way, you know, riding on the available LLMs, but, you know, more importantly, leveraging your own data again, to make sure that that it is, you know, differentiated and better than anyone else who could be able to produce it. And and two is it is going to be, you know, speed and agility that's going to to matter. So I think on both fronts, we feel confident. You know, on on on data front, we have very rich data, and this is, you know, all three brands put put together MakeMyTrip on data, and not necessarily public Internet data. And then you have then you leverage that and and try to sort of combine it with the overall, you know, public Internet data and then come up with a product and then combine the trip planning with the transaction together, which, again, if there's someone who would have a better chance of doing it, should be us, and and we are on it, is going to to ultimately make the difference.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So, you know, so I'm not necessarily, of course, watching this space very carefully, but we're not necessarily, you know, sort of paranoid about, you know, somebody, newcomer who might come in and and be able to bring in some use case and and then pose a competition. And if they come in, then we'll have to obviously deal with the deal with that, you know, sort of new competition accordingly. But, the greater amount of focus from our point of view is to make sure that, you know, we are ahead in the game, and we make sure that that we leverage all of that, what we have, and put the right resources behind it to to ensure that we end up giving a better differentiated consumer experience to with a with a new user interface, to our customers. And then there's going to be, by the way, adoption journey as well. So this is going to be a long journey.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And this is more transformational, but it is definitely going to be journey. And and we stay committed and and invested in this in a big way.

[Sachin Salgaonkar, Managing Director at Bank of America]

Thanks, Raji. Just a quick follow-up. You guys have Ctrip as one of the key, you know, shareholders. Any learnings assistant from Ctrip from a Gen AI perspective? Because I presume they are a bit ahead in terms of game, in terms of how AI is evolving in China.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Well, you know, on the on the models front, perhaps, yes. You know? And and you would realize, Sachin, that, you know, all of the OTAs, all the global OTAs, not only Trip, but all the other global OTAs, and we watch them very, very carefully and look at all the sort of developments happening every part of the world, especially on this front. The all the OTAs are actually all consuming technologies. They're not necessarily building, you know, sort of foundational models, if you will.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And on and, you know, on that front, frankly, if we end up doing the benchmarking exercise even today and we keep doing it every now and then, like, fairly regularly, all of us would be, you know, sort of there and thereabouts. Like, not necessarily I see anyone, like, marching or, like, miles ahead because all these underneath sort of fundamental models are available to everyone. Those partnerships are available to everyone. And, and everyone is sort of leveraging to, you know, all those what is available in the market and trying to sort of come out and build your own model. Because in the travel experience use case, it is not necessarily a very simple use case of just picking up the the external data and summarizing and just answer some queries with some reasonable accuracy and then get done with it.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

That is a very, very simple use case, and that is not necessarily going to cut the eye cut the eyes. I think the focus everybody is trying to do is to make the the new interface, which is bought far more intuitive, far more intelligent. And for that, you have to do a lot of deep work leveraging some of these foundational models. So on benchmark front, I mean, we obviously will learn from not only them, from the others as well as we see keep seeing the development very closely. And not only them, you know, even Google, Microsoft, Meta, you know, whoever is sort of coming up with the new models, are working with every every each every single one very, very closely because everyone is really sort of open to work with you right now because it's an evolving space.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So but from a benchmark perspective, you know, I don't think anyone is, like, miles ahead right now.

[Sachin Salgaonkar, Managing Director at Bank of America]

Thank you for the detailed explanation, Rajesh, and all the best.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Thank you.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks, Sachin. The next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Thank you, Ripul. Hi. Good evening, team. Thank you for taking my questions. My first question is on competition.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Now when we look at, let's say, India as a market, airline and hotel direct have not done as well as how they may have done in some of the more developed markets. Additionally, even within OTAs, MakeMyTrip probably has one of the most dominant shares in India versus some of the other OTA markets you've seen elsewhere in the world. One or maybe two questions here. One, what in your view, Rajesh and team, explains this? And second, is this just the, let's say, stage of evolution of maturity where currently the structure is like it, but as the market, let's say, becomes more mature, more developed, we could, you know, see competition from whether it's airline direct, hotel direct, maybe even more OTA.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Like, just want to get your thoughts because we are right now in a very that's a benign competition and I'm at a quite some time now. Want to, you know, get your thoughts as to what in your view could really change it? That would be my first question, please.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Hello, Manish. You know, firstly, I would say, you know, we have to look at it a little bit more holistically and not necessarily when we look at just competition from that lens, not necessarily only the digital sort of competition. Because the market is huge, Manish. India market is really, really host. The the overall travel and tourism market is huge, and the online penetration barring domestic flights is still quite underpenetrated.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So therefore, you know, in a overall, holistically, if you would look at look at it, there will be competition in this travel and tourism market where, you know, from all the existing traditional conventional players depending upon which segment that you talk about. You go on the packages segment, you will have tour operators. There are regional tour operators. There are you know, sort of, pan India, focused tour operators. There are consolidators in the air market for the international flights. There are, there are, traditional travel agents across the board. There are global OTAs on the online world. There are local OTAs on the and then like you said, there are direct bookings, happening as well.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Although my view on direct bookings is that, and I've said that in the past, that it's we we never see our partners as competition, you know, because the pie is so big. It is just a question of having more sort of customer touch points from every principal standpoint for them to be able to, you know, just get the maximum sort of demand in their favor. So, first, I think it is very important to to understand that. Yes. In the in the OTA space, maybe we will we would be the leading, market player to today.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

But but when I look at the overall total market, I think there's a significant head amount of headroom. And for a for a different different segment travel segment, we compete with different different players. So will it evolve over the period? Have we seen them evolving over the period over the last twenty five years that we've been in in a in, in business? The answer is yes.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Will it further continue to keep evolving, and we might see different nature of competition potentially? Maybe the answer is yes as well. I think the more important point is that how do we sort of, from our point of view, how do we stay focused on executing our own strategies? How do we continue to keep evolving on our own, not only business strategy, but also execution road maps? How do we stay ahead pretty much across the board given that we have taken we are following a a, you know, sort of a vision of a one stop shop, which means multiple products and services.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And from an execution standpoint that, you know, that's it's not it's not easy. It is challenging, but it definitely sort of presents a more to you. Over the period, we've been able to build our brands on the back of consumer experience. And some of those fundamental things besides the, you know, consistent product and technology, innovation, scale up supply. We gave the example of, let's say, a proactive approach on, pilgrimage destination like Mahakum and all.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So there are many, many things that you have to continuously and consistently do it for you to be able to stay ahead in the market and which is what our focus will be. We have been able to so far able to to execute it well. The track record suggests that. But going forward also, you know, we would make sure that we we continue to sort of keep stay focused to put keep watching the world, but stay focused on what we need to do so that we stay we stay ahead ahead on the curve.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Thank you, Harish. Very helpful. But would it be safe to summarize that, at least from a near term perspective, competition is not something you're losing your sleep over?

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

That is something for you to say. I'm not losing sleep over competition either now or even in the past because competition is competition. I think we should lose sleep over what is our own business strategy and execution road map. That definitely one is very focused and one is very stretched on.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Thank you, Rajesh. Now helpful. Second question maybe sorry.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

No. Go ahead.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Yeah. Second yeah. Second question maybe directed towards Mohit. Now, I mean, when we look at, let's say, your margin guidance, right, Mohit, medium term, 1.8 to 2%, you're already at the lower end of that guidance. And, of course, directionally, you are improving that number in the last, let's say, twelve months alone.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

You've been added, like, fifteen, twenty basis points on that number. And there is, like you said in the past, some operating leverage in the business. So while we understand your point on, you know, marketing spend and you're not wanting to bring that down below maybe, like, 5% of thereabouts, but everything else from a cost perspective should naturally drive some operating leverage. And if you keep following the same trajectory in twelve months, you'll probably be at the higher end of your guidance. So what really stops the margin number to exceed the top end of your guidance in maybe like about two years?

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

And would you, like, consciously try to keep it within the 2% band and reinvest whatever you get in growth, or is there a different way we should think about it?

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

I think if you really look at it this full fiscal year and, you know, it is slightly different by the quarter. But if you look at it from a full fiscal point of view, coming at about 1.7. So I think we're still a little, you know, away from the lower end of the range that we've been calling out. So I think the first priority would be to get into that range of 1.8% plus. And, surely, as we kind of, you know, get there and stabilize in the 1.82% range, I think we'll have enough opportunity to call out how does it kind of, you know, proceed there from.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Understood. Clear. And maybe just the last question on this buyback number, where the quarter you did about $21,000,000 And just like how should we think about the number? I know you've called out like a certain number. I don't know what the maximum number could be of $414,000,000 buyback.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

But like is the 20,000,000 number, like, a new baseline number in terms of how much you can do minimum every quarter? Or, like, how should we think about what percentage of your free cash flow you can potentially, you know, start doing buyback of? Any color that would be helpful.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

You know, one, if I if I should just call out that, you know, that hundred and 40,000,000 or so which is kind of left in the current plan for the buyback plan isn't necessarily a constraint. So, you know, it's just because we haven't still utilized the plan that was created, you know, quite so many years back. That plan has still not been fully exhausted, and therefore, we have not added to the plan. So that isn't really a constraint. We will kind of, you know, add more to the plan if you're able to, you know, see more buybacks coming through.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

What we've called out is our strategy will continue to be, you know, opportunistic buybacks. So and and if we are really looking at it, I think there's a lot of volatility in the markets, and therefore, we'd want to ideally be opportunistic and time timely buybacks so as to be able to kind of dip into into such programs whenever the market is, you know, under pressure. And and that is what we have kind of done. If you look at it last quarter also, there was significant volatility in the markets, and therefore, our buyback program yielded good results. And we'll continue to kind of, you know, take that approach.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

So would we end up kind of deploying a a higher number or a lower number? I think the appetite is there to deploy a much higher number, let's see how the markets kind of pan out, and we'll kind of keep taking stock at it on a quarterly basis.

[Manish Adukia, Equity Research Analyst at Goldman Sachs]

Thank you. Very helpful. All the best.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Thank you, Manish.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks, Manish. The next question is line is from the line of Vijay Jayan of Citi. Vijay, you may please ask your question now.

[Vijit Jain, Director at Citi]

Thanks, Supul, and congratulations, to all of you on the twenty fifth anniversary. My first question is, so Airbnb launched a significant product upgrade yesterday. Right? Significant expansion into experiences. I think they said 19 categories, thousand cities, and agentic AI plans, etcetera.

[Vijit Jain, Director at Citi]

So you I would like to, you know, maybe get your thoughts on experiences as a category for your business. I know at some point of time in the past, I think you believed, it was too it was a bit early for this in India. But any incremental thoughts on that would be would be great to know.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

No, Vijay. No. That's a good observation, and we went through that as well. Vijay, a quick update on tours and experiences. Is it is that and we've been talking about it for the last couple of quarters.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We've actually gone live already with that. We just need to, you know, sort of scale it up to the to the complete traffic, expose it to the complete % traffic. Slowly and gradually, it's getting wrapped up already. And I've called that out also as part of the script, and, you know, there was one error dedicated to that in the coverage and the, you know, the kind of experiences that are going to be there on our platform and the number of cities, etcetera. So we will have a very, very wide and broad coverage as well.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And and then this will this is right now focused on predominantly international destinations, but we will also continue to keep ramping up even the domestic sort of, you know, experiences where the APIs would be available and and offer that to our customers as well. So we also do believe that this is going to be an additional sort of, high potential, service from from, this market as well given that there is a lot of, growth that is happening on the international travel, you know, off late. I mean, you know, we all know that the recovery post COVID was led by domestic market. After that, after the lag effect, international is now growing very, handsomely as well. And, you know, they said it added the, service will definitely be a good, you know, sort of we definitely see good potential in it.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

But from consumer point of view, it will also be on MakeMyTrip, one more service that they will also get.

[Vijit Jain, Director at Citi]

Got it. Thanks, Rajesh. Rajesh, know, building on top of that, so in general, looking at the kind of inorganic opportunities you might pursue, I'm wondering if, you know, there are two areas that I can probably think of where it would probably make sense. One is, obviously, in this experiences category where I don't know if there's any anything like a Clue or those kind of, services similar to those kinds of services that you could probably look to acquire. Your thoughts on that?

[Vijit Jain, Director at Citi]

And the second avenue is, as you look at GenAI and you talked about, leveraging your own data and everything, is there anything on the travel media or travel content side which, probably makes sense for you from an acquisition point of view? So, really, questions around, you know, whether within experiences or within media, you know, specific areas where you're interested in.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Listen. You know, like I said, we were just embarked on the organic journey, to build we've just built a platform. We we already have those services. We have the supply, you know, on our platform already. And our strategy is going to be build, you know, as much as possible direct supply already.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And we already have lot of, traffic on our platform. So, you know, frankly, given that we already have the traffic, we are just going to add more service. We have much of international traffic on already on our platform, and and we have already built the platform as well as scaled up the supply. So we will we will, you know, sort of go down this path on odds organically scale this up. On m and a, as Mohit was highlighting, you know, our strategy, as you would have noticed from the past track record as well, has been on looking at just the niche segments and and seeing if there is any going to be a potential option in the in the ancillary segments, which could be accretive or adding any sort of product expansion capabilities.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Like, was a good example of that. It'll continue to be that that. And here, in any case, we've started our journey organically. And on the on even the content side on the media or content, so we are there are plenty of sort of even the marketing side, the tools, etcetera, available even for our content strategy. There are many tools that are available that we are already started to leverage to you know, whether we do, you know, various sort of digital campaigns or for our own platform content strategy, you know, the videos and the potentially there are plans around, you know, coming up with rich video content, reels, etcetera, leveraging all these Gen AI tools that are available.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So I'm not sure there is an, again, an inorganic opportunity there, because, you know, a lot of it is just, accessible and available, and we just need to sort of build on that. So so by having said that, we'll keep watching the space. I mean, know, if there's always if it there is if there's an opportunity which makes sense and falls into our overall, inorganic expansion criteria, we would be, very happy as always to evaluate. But, so far, I think, we have not really seen that as an opportunity.

[Vijit Jain, Director at Citi]

Got it, Rajesh. And my last question, any one off costs associated with, you know, the developments, you know, in the last two weeks in, North India that you called out?

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Not really. Not really, Vijit. I think the the last couple weeks has only kind of seen a dip in the overall kind of, you know, travels and demand, and therefore travel overall has been impacted, but no nothing that we've called off called out as a one off for exceptional cost.

[Vijit Jain, Director at Citi]

Got it. Thank you so much. Those are my questions.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Thanks, Sujit.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks, Sujit. The next question is from the line of Manik Tareja of Access Capital. Manik, you may please ask your question now.

[Manik Taneja, Executive Director at Axis Capital Ltd]

Hi. Thank you for the opportunity. I hope I'm audible. And while my question around around possible operating leverage since we are already answered, I had a couple of clarification questions. One is with regards to how much of the growth on the bus side in the current quarter could be driven by the change in the recognition policy.

[Manik Taneja, Executive Director at Axis Capital Ltd]

That's question number one. And then a couple of data leaping questions in terms of how should we be thinking about our ESOP expenses as well as tax rates going forward. That would be it from my end.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Yeah, Manik. You know, as far as the the bus ticketing segment is concerned, the impact from the change in, you know, accounting treatment, you know, which is on book basis versus travel isn't material. And, therefore, we haven't kind of, you know, called that out, there is no comparable in the previous year. But it's not a material one.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Very small. Like, I had called out a larger kind of, you know, impact came in on account of, you know, the the one off changes, you know, or one off kind of growth that we saw coming in from the Mahakum, you know, the bus ticketing side. So it's more more exceptional. I think by the from next quarter onwards, we should hopefully see once again, you know, more steady state, stable kind of, you know, margins over there. If you could just repeat the next two questions, please.

[Manik Taneja, Executive Director at Axis Capital Ltd]

The two are bookkeeping questions in terms of if you could help us understand how should we be thinking about your ESOP charges as well as tax rates going forward.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Yeah. On ESOPs, I kind of, you know, thought is that we would largely want to keep it in the in the existing range of about 35 to $40,000,000 an annum. This is the range that it has been in for the last many, many years. And despite all the growth or kind of improvement in the market cap, as a philosophy, we want to kind of largely remain within this range on an absolute number basis. So that will be the that will be the answer to the SOM based question.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

And on effective tax rates, I mean, we've created a deferred tax asset, and that gives you a fairly a good view on the on the on the deferred tax assets that are sitting on the books. And we'll continue to enjoy that benefit for at least another year and more, like, kind of, you know, get into full tax rates from the year thereafter. So f y twenty six also should see us getting some benefits of the carried forward losses that we have and next year onwards, then we kind of largely see getting us into the full tax bracket.

[Manik Taneja, Executive Director at Axis Capital Ltd]

Oh, thank you. All the best for the future.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Most welcome. Thank you.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks thanks, Manik. The next question is from the line of Ankur Rudra of, JPMorgan. Ankur, you may please ask your question now.

[Ankur Rudra, Executive Director at JP Morgan]

Hey. Thank you. Just wanna take a step back and talk a bit about demand, in the current quarter. If before the conflict began, what have been the early indications of the one q bookings? You know, the broader economic environment has been somewhat soft on the consumption side.

[Ankur Rudra, Executive Director at JP Morgan]

I was wondering if you've seen any evidence of that before the recent conflict.

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

So maybe I can go ahead, Mohit. Maybe I can take that. I think, you know, the the first month or the beginning of the quarter was pretty normal, we would say, and therefore, you know, nothing exceptional to call out, largely in line with how we've been kind of looking at growth over the last few quarters. Of course, you know, you know, the the last three weeks have been, you know, impacted by what's kind of happening. But other than that, I think the year began on a reasonably normal note.

[Ankur Rudra, Executive Director at JP Morgan]

Thank you. And the impact on travel sentiment, has it been almost equal on both the international outgoing and on the domestic side?

[Mohit Kabra, Group Chief Financial Officer at MakeMyTrip]

Pretty much.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Yeah. Yeah. Absolutely. You know, especially for, you know, post the the escalation or the tension that started, that that has been an overall, sentiment. But the good news is we started to see recovery right after the ceasefire was announced.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So the last two, three days, we are we are already seeing it sort of coming back.

[Ankur Rudra, Executive Director at JP Morgan]

Thank you. Just one more question. I think you addressed a lot of them. You're how you're thinking about AI, but I had a question in a diff asked in a different way. You know, one of the differentiators for MakeMyTrip has been, the the the the accessible contact center that you have versus competition, especially versus international competition.

[Ankur Rudra, Executive Director at JP Morgan]

In that context, how are you thinking about using AI to manage cost without losing that differentiation you have and maintaining customer experience?

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Yeah. Good question, Ankur, and I was covering that as part of my earlier response under the customer experience because that has been one of the very, very important focus areas for for us. And like you called out, perhaps differentiated from the market as well. And, and we will not dilute that by any stretch of imagination. We are obviously leveraging the the technology to the hilt as much as possible.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

And and there, our focus is without compromising the customer experience. If you if you, you know, sort of either do the automation or change the from one channel, you move the customer from one channel to the other channel. In fact, we have we we our internal goal always is to better that experience. So this journey for us, you know, before, Jenny and I, this self-service automated journey started much, much earlier, in fact, right after COVID, in the middle of COVID because, you know, that was one of the areas that we ended up focusing, and we had resources, and we, doubled down on that. And our experience on our MyTrip self-service, even without the Gini intervention, has been very, very good, very well received.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

We measure our CSAT. We measure our NPS on that, and we continue to keep improving that, experience because the device is already there. Everybody is familiar with the device. If we end up sort of providing the experience, which is better than a call center experience because sometimes call center experience also has to go through IVR, and and the flow can be, you know, literally irritating even if at the end of the day, we end up sort of doing with all the service level and, you know, promise there. We we definitely end up providing a better experience on on self-service as well.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

So we will continue to be, you know, with that focus, improve the experience, and then in the process, if we get the productivity gains, that would be our strategy.

[Ankur Rudra, Executive Director at JP Morgan]

Appreciate it. Thank you, Ambassador.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Thank you.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thanks, Ankush. We are almost out of time. This was our last question. Over to you, Rajesh, for your closing remarks.

[Rajesh Magow, Co-Founder, Group CEO & Director at MakeMyTrip]

Well, thank you, Vipul, and thank you everyone for your time and and and for all the questions. And and like we said, you know, yes, there were recent developments, but, you know, thankfully, the ceasefire, we are seem to be on our way from consumer sentiment standpoint and, hopefully, you know, looking forward to the to the normalcy soon and the normal quarter. Thank you so much.

[Vipul Garg, VP - Finance & Head of Investor Relations at MakeMyTrip]

Thank you, Rajesh. Everyone, thank you for joining. You may now disconnect the call. Thank you.

Participants

Executives

• Vipul Garg, VP - Finance & Head of Investor Relations
• Rajesh Magow, Co-Founder, Group CEO & Director
• Mohit Kabra, Group Chief Financial Officer

Analysts

• Sachin Salgaonkar, Managing Director at Bank of America
• Manish Adukia, Equity Research Analyst at Goldman Sachs
• Vijit Jain, Director at Citi
• Manik Taneja, Executive Director at Axis Capital Ltd
• Ankur Rudra, Executive Director at JP Morgan