MakeMyTrip Ltd (MMYT) 2023 Q4 法說會逐字稿

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2023, 4th quarter and full year earnings webinar. Today's event will be hosted by Deep Kalra, our company's Founder and Chairman. Joining him is Rajesh Magow, our Co-Founder and Group Chief Executive Officer; and Mohit Kabra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session.

大家好。我是 MakeMyTrip Limited 投資者關係副總裁 Vipul Garg，歡迎參加我們的 2023 財年第四季度和全年收益網絡研討會。今天的活動將由我們公司的創始人兼董事長 Deep Kalra 主持。與他一起的還有我們的聯合創始人兼集團首席執行官 Rajesh Magow；以及我們集團首席財務官莫希特·卡布拉 (Mohit Kabra)。謹此提醒，該現場活動正在由公司錄製，並將在今天活動結束後不久在我們的 IR 網站上重播。在這些準備好的發言結束後，我們還將舉辦問答環節。

Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of the future performance, are subject to inherent uncertainties and actual results may differ materially.

此外，今天活動中做出的某些陳述可能被視為 1995 年美國私人證券訴訟改革法案安全港條款含義內的前瞻性陳述。這些陳述不是對未來業績的保證，受到固有的不確定性和實際結果可能存在重大差異。

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 concerning these statements are contained in the Risk Factors and Forward-Looking Statements section of the company's annual report on Form 20-F filed with the SEC on July 12, 2022. Copies of these filings are available from SEC or from the company's Investor Relations department.

本次活動期間傳達的任何前瞻性信息僅代表截至目前的情況，公司不承擔更新信息以反映情況變化的義務。有關這些陳述的更多信息包含在公司於 2022 年 7 月 12 日向 SEC 提交的 20-F 表格年度報告的風險因素和前瞻性陳述部分中。這些文件的副本可從 SEC 或公司投資者處獲取關係部。

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

我現在想把電話轉給拉傑什。交給你了，拉傑什。

Thank you, Vipul. Welcome, everyone, to our fourth quarter and full year earnings call of fiscal 2023. Fiscal 2023 has been a robust recovery year for the Indian travel industry. We witnessed consumer sentiment to travel improving with each successive quarter throughout fiscal year 2023. Travel industry was quite relieved to see demand for each of the travel segment with leisure business, VFR, that is visiting friends and relatives, students, pilgrimage, MICE, et cetera, recovering nicely during the year despite macroeconomic headwinds in the recent quarters.

謝謝你，維普爾。歡迎大家參加我們的 2023 財年第四季度和全年財報電話會議。2023 財年是印度旅遊業強勁復甦的一年。我們見證了消費者對旅行的信心在 2023 財年連續每個季度都在改善。看到休閒業務、VFR（即探親訪友、學生、朝聖、會獎旅遊等）各個旅行領域的需求，旅遊業感到非常欣慰。等等，儘管最近幾個季度宏觀經濟出現逆風，但今年經濟復甦良好。

We at MakeMyTrip also saw a robust recovery of all our business segments, barring outbound travel, recovering nicely to pre-pandemic levels. In fact, some of the categories like premium segment of hotels, domestic flights, homestays and domestic packages have already crossed pre-pandemic levels. This demand momentum, coupled with our optimized cost structure helped us deliver strong performance for the quarter and full year.

MakeMyTrip 還看到，除出境旅行外，我們的所有業務部門都強勁復甦，很好地恢復到了大流行前的水平。事實上，一些品類，如高端酒店、國內航班、寄宿家庭和國內套餐等，已經超過了疫情前的水平。這種需求勢頭，加上我們優化的成本結構，幫助我們在本季度和全年實現了強勁的業績。

We achieved our highest ever annual gross booking value and adjusted operating profit during the reported fiscal year '23. Gross booking value for the year was $6.6 billion, growth of 122% on a constant currency basis, while adjusted operating profit for the year was $70.3 million, growing to over 3x as compared to fiscal 2022.

在報告的 23 財年，我們實現了有史以來最高的年度總預訂值和調整後營業利潤。全年總預訂價值為 66 億美元，按固定匯率計算增長 122%，而全年調整後營業利潤為 7030 萬美元，較 2022 財年增長超過 3 倍。

As per WTTC report, over the next decade, global travel and tourism GDP is forecasted to grow at about 5.8%, outpacing the overall economy growth to reach $14.6 trillion by 2032, thus contributing 11.3% to total global economy. India's tourism sector is expected to grow faster, owing to growing demand from the middle class, higher disposable incomes, favorable demographics and higher investments in travel-related infrastructure.

根據WTTC報告，未來十年，全球旅行和旅遊業GDP預計將增長5.8%左右，超過整體經濟增長，到2032年將達到14.6萬億美元，對全球經濟總量的貢獻率為11.3%。由於中產階級需求不斷增長、可支配收入增加、有利的人口結構以及對旅遊相關基礎設施的投資增加，印度旅遊業預計將增長更快。

Emerging technologies will be at the forefront in driving online travel penetration with new innovations to make online travel booking extremely simple and convenient, helping push adoption from smaller cities. We at MakeMyTrip will continue to drive this change and capitalize on the opportunity that lies ahead.

新興技術將走在推動在線旅遊滲透的最前沿，通過新的創新使在線旅遊預訂變得極其簡單和方便，從而有助於推動較小城市的採用。 MakeMyTrip 將繼續推動這一變革並利用未來的機遇。

Our tech platforms built over the years are very robust, reliable and scalable provide secure and delightful experience for the customers on our B2C offerings. More recently, leveraging our core tech capabilities, we've built new platforms like myBiz, myPartner, to cater to B2B corporate and B2B2C demand segments, respectively.

我們多年來建立的技術平台非常強大、可靠且可擴展，為我們的 B2C 產品的客戶提供安全和愉快的體驗。最近，利用我們的核心技術能力，我們建立了 myBiz、myPartner 等新平台，分別滿足 B2B 企業和 B2B2C 需求領域。

Our platform mindset in building our tech stack has helped us launch all these new offerings over the last few years with amazing efficiency and agility. These investments will help us drive future growth and profitability. Besides building new platforms and launching makemytrip.ae, which is our GCC platform, we have now built almost fully automated, fully self-serve model of our post-sales interface.

我們在構建技術堆棧時的平台思維幫助我們在過去幾年中以驚人的效率和敏捷性推出了所有這些新產品。這些投資將幫助我們推動未來的增長和盈利能力。除了構建新平台和推出 makemytrip.ae（我們的 GCC 平台）之外，我們現在還構建了幾乎完全自動化、完全自助服務的售後界面模型。

As a result, we now offer the best in industry post-sales capability across our entire line of businesses, thus improving customer experience for post-sales use cases. Our data science and engineering capabilities have enabled us to deliver delightful, personalized and contextualized experience to our customer. Leveraging these capabilities with insights-driven mindset enabled us to launch several industry-first features for our consumers.

因此，我們現在在整個業務領域提供業界最好的售後服務能力，從而改善售後用例的客戶體驗。我們的數據科學和工程能力使我們能夠為客戶提供令人愉悅、個性化和情境化的體驗。通過以洞察力驅動的思維方式利用這些功能，我們能夠為消費者推出多項行業首創的功能。

Most of our new offerings are backed by rich data science capabilities, which we employ cutting-edge AI, ML models to bring value-added differentiated features. Consumer-focused products like zero cancellation, fare lock, trip guarantee, hotel ranking, et cetera, and supplier-focused products like REVMAX, a paid yield management tool for bus operators demonstrate our superior capabilities in data sciences, AI and ML. A key part of our growth strategy to drive digital penetration of travel services deeper into the country beyond Tier 1 and Tier 2 cities.

我們的大多數新產品都以豐富的數據科學能力為後盾，我們採用尖端的人工智能、機器學習模型來帶來增值的差異化功能。以消費者為中心的產品，如零取消、票價鎖定、行程保證、酒店排名等，以及以供應商為中心的產品，如 REVMAX（公交運營商的付費收益管理工具），展示了我們在數據科學、人工智能和機器學習方面的卓越能力。我們增長戰略的一個關鍵部分是推動旅遊服務的數字化滲透到一二線城市以外的國家。

We recently collaborated with Microsoft to make travel planning more inclusive and accessible by introducing voice-assisted booking in Indian languages. The new conversational flow powered by Microsoft Azure AI and Cognitive Services (sic) [Microsoft Azure OpenAI Service and Azure Cognitive Services,] will converse with the user to offer personalized travel recommendations based on their preferences; curate holiday packages based on variable inputs like occasion, budget, activity preferences, time of travel, et cetera. And eventually, help book these holiday packages.

我們最近與 Microsoft 合作，通過引入印度語言的語音輔助預訂，使旅行計劃更具包容性和便捷性。由 Microsoft Azure 人工智能和認知服務（原文如此）[Microsoft Azure OpenAI 服務和 Azure 認知服務] 提供支持的新對話流程將與用戶對話，根據他們的喜好提供個性化的旅行建議；根據場合、預算、活動偏好、旅行時間等可變輸入來策劃假期套餐。最後，幫助預訂這些度假套餐。

Similarly, it could help book flight tickets with a few simple conversational steps, including payment. This can drive adoption of online travel ecosystem for almost every strata and demographic across the country.

同樣，它可以通過幾個簡單的對話步驟（包括付款）幫助預訂機票。這可以推動全國幾乎所有階層和人群採用在線旅游生態系統。

Currently, the beta version of this integration has been introduced in Hindi and English for flights and holiday customers. Apart from tech capabilities, one of our biggest trends is the brand -- is the brands that we have created over the years. All 3 of our brands have the highest top of mind recall when it comes to travel services with a cumulative transacted consumer base of over 64 million users.

目前，該集成的測試版已推出印地語和英語版本，供航班和度假客戶使用。除了技術能力之外，我們最大的趨勢之一是品牌——也就是我們多年來創建的品牌。在旅行服務方面，我們的所有 3 個品牌均擁有最高的記憶度，累計交易消費者基礎超過 6400 萬用戶。

Our engagement metrics and repeat rates are comparable with the global benchmarks, which is testimony of trust in our brands.

我們的參與度指標和重複率與全球基準相當，這是對我們品牌信任的證明。

As for business segments now, starting with Air business, recovery momentum in aviation sector continued during the quarter despite the lower leisure season quarter. There was an uptick in both domestic and international air traffic, especially in the month of March. We've been growing faster than the market on the back of our innovative product and brand strength. Also for 2 quarters in a row, our domestic flown passenger traffic is above pre-pandemic levels.

就目前的業務板塊而言，從航空業務開始，儘管休閒季節季度較低，但本季度航空業的複蘇勢頭仍在繼續。國內和國際航空運輸量均有所上升，特別是在三月份。憑藉我們的創新產品和品牌實力，我們的增長速度快於市場。我們的國內航班客運量也連續兩個季度高於疫情前的水平。

International air bookings have seen an expectedly slow recovery throughout the year. The recovery is now in the 90s, and we expect to get back to pre-pandemic volumes in the new fiscal year. We continue to innovate product features for instance, we've not only scaled up our fare lock feature to cover 95% of domestic flights, but also launched this feature for international itineraries with about 95% coverage. While according to Center of Aviation, CAPA next year outlook for Indian domestic aviation sector is quite positive with a projected growth of about 20% year-on-year.

國際航空預訂量全年出現預期的緩慢復甦。目前復甦已進入 90 年代，我們預計新財年的銷量將恢復到大流行前的水平。我們不斷創新產品功能，比如我們不僅擴大了鎖定票價功能，覆蓋了95%的國內航班，還針對國際航線推出了鎖定功能，覆蓋率達到95%左右。而根據航空中心的數據，印度國內航空業明年的 CAPA 前景相當樂觀，預計同比增長約 20%。

Recently, Go First Airlines having a small market share of about 6% filed for voluntary insolvency resolution proceedings before the National Company Law Tribunal, NCLT, in India, seeking interim relief citing failure of the global engine supplier to replace the 40 engines from time to time, resulting into grounding off half of their fleet and consequent operational and financial issues.

最近，市場份額約為 6% 的小眾航空公司 Go First Airlines 向印度國家公司法法庭 (NCLT) 申請自願破產解決程序，以這家全球發動機供應商未能不時更換 40 台發動機為由尋求臨時救濟。時間，導致其一半的機隊停飛以及隨之而來的運營和財務問題。

Interim relief was granted by NCLT, and the airline is making all possible efforts to resume the operations. In the short term, this event has affected the supply although we expect it to be temporary as the other airlines in the market have started to fill the supply gap with additional deployment of planes on key routes.

NCLT 已給予臨時救濟，該航空公司正在盡一切努力恢復運營。短期來看，這一事件影響了供應，儘管我們預計這只是暫時的，因為市場上的其他航空公司已開始在關鍵航線上增加飛機部署來填補供應缺口。

Our accommodation business, which includes hotels, packages and homestay segment continues to shape up well. Leisure travel has gone beyond pre-pandemic levels, and corporate travel has recovered strongly on the back of conferences, exhibitions and events. With our continuous focus on supply expansion, we have surpassed our pre-COVID supply with more than 71,000 salable accommodations listed on our platform. This has helped us increase our market share and further strengthen our supply mode.

我們的住宿業務（包括酒店、套餐和寄宿家庭）繼續保持良好發展勢頭。休閒旅遊已超出疫情前的水平，商務旅遊在會議、展覽和活動的推動下強勁復甦。隨著我們持續關注供應擴張，我們的平台上列出的可售住宿已超過 71,000 間，超過了疫情前的供應量。這幫助我們增加了市場份額並進一步強化了我們的供應模式。

With international outbound travel picking up, we have now started to expand our direct contracting for destinations where Indian tourist travel frequently. Vietnam is one such example of a new emerging destination where we are now building inventory through direct supply contracts to deliver better value to our customers.

隨著國際出境游的興起，我們現在開始擴大對印度遊客經常旅行的目的地的直接承包。越南就是這樣一個新興目的地的例子，我們現在通過直接供應合同建立庫存，以便為客戶提供更好的價值。

Gross booking for accommodation business has surpassed the pre-pandemic levels on the back of strong growth in premium and medium -- mid-premium category of hotels. Our endeavor has been to build a platform that is innovative, intuitive, simple and delivers the best value to the customer.

由於高檔和中高檔酒店的強勁增長，住宿業務的總預訂量已超過大流行前的水平。我們一直致力於構建一個創新、直觀、簡單並為客戶提供最佳價值的平台。

During this quarter, we launched Book at Zero, which is an industry-first initiative where customers can now reserve their preferred property without worrying about upfront payments and pay closer to the travel date. They are solving for any anxiety related to uncertain travel plans and offering huge flexibility to the customers. This feature is now available for all properties across India and outside India. This is helping us change the consumer behavior to book in advance, which will help better yield management for our partners.

在本季度，我們推出了零預訂，這是行業首創的舉措，客戶現在可以預訂他們喜歡的房產，而無需擔心預付款，並在臨近旅行日期時付款。他們正在解決與不確定的旅行計劃相關的任何焦慮，並為客戶提供巨大的靈活性。此功能現已適用於印度境內和印度境外的所有酒店。這有助於我們改變消費者提前預訂的行為，這將有助於我們的合作夥伴更好地進行收益管理。

We continue to scale our homestays business with leisure destinations contributing to most bookings. To discover and promote properties at drivable distance, we launched Hidden Gems, this feature has been built on interactive maps to improve the discoverability.

我們繼續擴大我們的寄宿業務，休閒目的地貢獻了大部分預訂。為了在可駕駛距離內發現和推廣房產，我們推出了隱藏的寶石，此功能建立在交互式地圖上，以提高可發現性。

To make decision-making informed and seamless for homestays, we introduced some other features showcasing information related to food and dining at the property. Our holiday packages business has also continued to scale up and has already surpassed pre-pandemic levels.

為了讓寄宿家庭做出明智且無縫的決策，我們引入了一些其他功能，展示與住宿相關的食物和餐飲信息。我們的度假套餐業務也持續擴大，已經超過了疫情前的水平。

Coming to our bus ticketing business continues to deliver strong results we are now starting to see some buoyancy in the supply ecosystem with multiple large operators confirming new fleet orders to OEMs and addition of new EV intercity buses by newer players. A few large bus operators who had paused or shrunk their operations post the COVID lockdown have restarted during the quarter with an effort to get the full fleet back on the roads.

我們的巴士票務業務繼續取得強勁業績，我們現在開始看到供應生態系統出現一些活力，多家大型運營商向原始設備製造商確認了新的車隊訂單，並且新參與者增加了新的電動城際巴士。一些在新冠疫情封鎖後暫停或縮減運營的大型巴士運營商已在本季度重新啟動，努力讓整個車隊重新上路。

With favorable macro environment like new Expressways and highway expansion, demand growth due to more in-office working, especially in IT companies in the South India, and easing of the supply constraints in motor vehicles production, we expect capacity expansion in intercity buses during this financial year.

由於新建高速公路和高速公路擴建等有利的宏觀環境、更多辦公室工作帶來的需求增長（尤其是印度南部的IT公司）以及機動車生產供應限制的緩解，我們預計城際公交車的運力將在今年有所擴張財政年度。

Product-related initiatives continue to focus on driving online penetration for the category and enhancing customer experience. The regional transport corporation bus booking experience has been further improved and customized to each RTC, this has improved the conversion rates for RTC bookings, leading to an increase in the rate of new customer acquisition.

產品相關舉措繼續專注於推動該類別的在線滲透率並增強客戶體驗。區域運輸公司的巴士預訂體驗得到了進一步改進，並針對每個 RTC 進行了定制，這提高了 RTC 預訂的轉化率，從而提高了新客戶獲取率。

Further, in non-traditional bus markets like Central and East India, we have added significant inventory to drive the penetration. We intend to double down on these efforts to make redBus truly pan-national with meaningful business contributions coming from every region in the country.

此外，在印度中部和東部等非傳統客車市場，我們增加了大量庫存以推動滲透率。我們打算加倍努力，讓 redBus 真正實現全國性運營，為全國各個地區帶來有意義的商業貢獻。

International markets are maintaining their growth momentum and now contribute upwards of 10% of our overall bus revenue. Our other ground transport services, such as intercity cabs, rail tickets, et cetera, continue to scale well. This segment is helping us acquire new users of the platform. We are investing in this business as we foresee an opportunity to disrupt this segment through technology interventions, innovating offerings and supply consolidation.

國際市場保持增長勢頭，目前占我們客車總收入的 10% 以上。我們的其他地面交通服務，例如城際出租車、火車票等，繼續保持良好規模。該部分正在幫助我們獲得該平台的新用戶。我們正在投資這一業務，因為我們預見到有機會通過技術干預、創新產品和供應整合來顛覆這一領域。

We opened our Trip Guarantee offering for users who haven't booked their train ticket from MMT platform to further expand our reach to rail users. Our myPartner, B2B2C platform, where we offer both flight and accommodation booking is gaining positive traction from our affiliate partners. Engagement levels from existing partners are improving as we continue to ramp up onboarding new partners every quarter. Business travel is gradually normalizing, and we continue to add more capabilities on our both myBiz and Q2T platforms.

我們為尚未通過 MMT 平台預訂火車票的用戶推出旅行保證服務，以進一步擴大我們對鐵路用戶的覆蓋範圍。我們提供航班和住宿預訂的 myPartner B2B2C 平台正在獲得我們的聯屬合作夥伴的積極關注。隨著我們每個季度繼續增加新合作夥伴的加入，現有合作夥伴的參與度正在提高。商務旅行正在逐漸正常化，我們不斷在 myBiz 和 Q2T 平台上添加更多功能。

We recently completed end-to-end integration flow with Darwinbox giving complete solution to the corporates from travel request to expense management. Our revamped portal of Q2T has now gone live and our myBiz platform is now ranked as 2nd best travel management software globally and 1st for small business segments, SME, by G2, which is a global peer-to-peer review platform. With the scaling up of our Corporate and B2B2C platforms, we are now able to target all customer demand segments directly and more effectively.

我們最近完成了與 Darwinbox 的端到端集成流程，為企業提供從差旅請求到費用管理的完整解決方案。我們改進後的 Q2T 門戶現已上線，我們的 myBiz 平台現已被全球同行評審平台 G2 評為全球第二大差旅管理軟件和小型企業領域第一名。隨著我們企業和 B2B2C 平台的擴大，我們現在能夠直接、更有效地瞄準所有客戶需求領域。

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

現在，讓我將電話轉交給莫希特，了解本季度的財務亮點。

Thank you, Rajesh, and hello, everyone. We are pleased to report another strong quarter, both in terms of business growth and profitability. As mentioned by Rajesh, despite the few macroeconomic headwinds, demand for travel continues to be resilient and robust. We are seeing an improved trend across all our segments, and we believe fiscal year 2024 will be the year of growth over pre-pandemic levels.

謝謝拉傑什，大家好。我們很高興地報告在業務增長和盈利能力方面又一個強勁的季度。正如 Rajesh 所提到的，儘管宏觀經濟面臨一些阻力，但旅行需求仍然保持彈性和強勁。我們看到所有細分市場的趨勢都在改善，我們相信 2024 財年將是比大流行前水平增長的一年。

Through the pandemic impacted years, we have been investing in the areas of future growth and this should strengthen our modes and help us stay ahead of the market. During reported quarter 4 of fiscal year '23, gross bookings came in at about $1.7 billion witnessing a growth of over 80% year-on-year in constant currency terms on the back of strong travel demand. Adjusted operating profit or adjusted EBIT was about $19 million as compared to about $12 million during the same quarter last year, an improvement of over 58% year-on-year.

在受大流行影響的這些年裡，我們一直在投資未來增長的領域，這應該會加強我們的模式並幫助我們保持市場領先地位。據報告，23 財年第四季度，總預訂量約為 17 億美元，在強勁的旅行需求的推動下，按固定匯率計算，同比增長超過 80%。調整後營業利潤或調整後息稅前利潤約為 1,900 萬美元，而去年同期約為 1,200 萬美元，同比增長超過 58%。

Through the last few years, our strategic focus has been towards driving profitable growth and we are pleased with the results delivered through FY '23. While Rajesh has called out that we have achieved our highest annual gross bookings and adjusted operating profit in fiscal year '23 I'd like to add that we have now been consistently EBITDA positive on a GAAP basis for the last 5 quarters in a row.

在過去幾年中，我們的戰略重點一直是推動盈利增長，我們對 23 財年所取得的業績感到滿意。雖然 Rajesh 表示我們在 23 財年實現了最高的年度總預訂量和調整後營業利潤，但我想補充一點，按照 GAAP 計算，我們現在連續 5 個季度的 EBITDA 為正值。

During fiscal year '23, we delivered GAAP EBITDA of $51 million with a margin of 8.6% as compared to an EBITDA loss of just below $1 million in the previous fiscal year. During the last couple of years, we have made efforts to optimize our cost structure and from here on, there will be gradual improvements in profitability on the back of operating leverage as we build scale.

在 23 財年，我們實現了 5100 萬美元的 GAAP EBITDA，利潤率為 8.6%，而上一財年的 EBITDA 虧損略低於 100 萬美元。過去幾年，我們一直在努力優化成本結構，今後隨著規模的擴大，在經營槓桿的支撐下，盈利能力將會逐步提高。

Our Air Ticketing gross bookings for the quarter stood at $1.1 billion, witnessing a growth of 84.9% year-on-year on constant currency terms. Air Ticketing segments grew by 10.3% sequentially despite weak seasonality on the back of strong growth in air traffic. Adjusted margin stood at about $74.3 million, registering a growth of 81% year-on-year on a constant currency basis.

本季度我們的機票預訂總額為 11 億美元，按固定匯率計算同比增長 84.9%。儘管航空運輸量強勁增長導致季節性疲軟，但機票業務仍環比增長 10.3%。調整後利潤約為7,430萬美元，按固定匯率計算同比增長81%。

Gross bookings for the quarter for Hotels and Packages segment came in at $388.6 million witnessing a strong growth of over 78% year-on-year in constant currency terms in line with demand trends. Adjusted margin for our Hotels and Packages business stood at $63.5 million during the quarter, witnessing a growth of over 64% year-on-year in constant currency terms.

本季度酒店和套餐業務的總預訂量為 3.886 億美元，按固定匯率計算，同比強勁增長超過 78%，符合需求趨勢。本季度酒店和套餐業務的調整後利潤為 6350 萬美元，按固定匯率計算同比增長超過 64%。

In our Bus Ticketing business, gross bookings for the quarter were at $213.5 million growing at over 66% year-on-year on a constant currency basis. Adjusted margin stood at about $19.3 million, registering a strong year-on-year growth of about 70% in constant currency terms.

在我們的巴士票務業務中，本季度的總預訂量為 2.135 億美元，按固定匯率計算，同比增長超過 66%。調整後利潤約為 1,930 萬美元，按固定匯率計算，同比強勁增長約 70%。

The take rates or margins for all these 3 reported segments that is Air Ticketing, Hotels and Packages and Bus Ticketing continue to be in line with the previous quarter. Adjusted margin for the other businesses in the reported quarter of Q4 came in at about $9 million, witnessing a growth of almost 73% year-on-year in constant currency terms. Operating leverage built over the years is now clearly visible and we continue to be efficient with our marketing and customer acquisition-related expense.

所有這三個報告的細分市場（即機票、酒店和套餐以及巴士票務）的收取率或利潤率繼續與上一季度保持一致。第四季度其他業務的調整後利潤約為 900 萬美元，按固定匯率計算同比增長近 73%。多年來建立的運營槓桿現在清晰可見，我們在營銷和客戶獲取相關費用方面繼續保持高效。

Our overall marketing and sales promotion expense for the quarter came in at about 5% of gross bookings as compared to 5.2% in the previous quarter. Most of the other expenses continue to be in line with the previous quarter. At the end of this quarter, our cash and cash equivalents were about $487 million as compared to $449 million at the end of the previous quarter. That's an addition of about $38 million during the quarter. The cash addition was stronger than the profitability linked cash generation due to working capital release in a seasonally weaker quarter.

本季度我們的整體營銷和促銷費用約佔總預訂量的 5%，而上一季度為 5.2%。大多數其他費用繼續與上一季度保持一致。截至本季度末，我們的現金和現金等價物約為 4.87 億美元，而上一季度末為 4.49 億美元。本季度增加了約 3800 萬美元。由於季節性疲軟的季度釋放了營運資金，因此現金增加量強於與盈利能力相關的現金產生量。

Our balance sheet strength gives us the flexibility to invest and pursue new growth opportunities, both organically and inorganically. And lastly, in the recent past, there have been some media reports about our India IPO plans. I would like to take this opportunity to share our view on the matter. We are an Indian company with a strong India brand and a predominantly India business. So why there could be valid reasons or arguments for us to list in India. We currently have no plans to pursue this thought at this stage given the strong cash position on our balance sheet.

我們的資產負債表實力使我們能夠靈活地投資並尋求新的有機和無機增長機會。最後，最近有一些媒體報導了我們的印度IPO計劃。我願藉此機會談談我們對此事的看法。我們是一家印度公司，擁有強大的印度品牌和主要的印度業務。那麼為什麼我們有正當的理由或論據讓我們在印度上市呢？鑑於我們資產負債表上的現金狀況強勁，我們目前沒有計劃在現階段推行這一想法。

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

說到這裡，我想將電話轉給 Vipul 進行問答。

(Operator Instructions) The first question is from the line of Manish Adukia from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Manish Adukia。

So my first question is on the hotels business. Now while you did call out that recovery has generally been strong across all travel segments and within hotel you said that premium hotels are tracking above pre-COVID levels. But when I look at say your overall reported hotels revenue or volumes, they are still tracking reasonably meaningfully below pre-COVID level. So just trying to understand that from a mix standpoint, how weak is the budget segment still drive the overall hotel revenues and volumes of MakeMyTrip to be that much below pre-COVID level? And there, what's your outlook in terms of demand recovery, let's say, over the next 6 to 12 months? That will be my first question, please.

我的第一個問題是關於酒店業務的。現在，雖然您確實指出，所有旅遊領域和酒店內部的複蘇普遍強勁，但您也表示，高檔酒店的複蘇勢頭高於新冠疫情前的水平。但當我查看你們報告的酒店總體收入或交易量時，它們仍然明顯低於新冠疫情前的水平。因此，我們想了解一下，從混合的角度來看，預算部門的疲軟程度仍然導致 MakeMyTrip 的整體酒店收入和銷量遠低於新冠疫情前的水平？那麼，您對未來 6 到 12 個月的需求復蘇有何展望？這是我的第一個問題。

Sure, Manish. And maybe I can just take that. If you really look at in terms of our mix of bookings or room nights in pre-pandemic, it used to be -- budget segment used to contribute close to about mid-40s in terms of the overall mix. Like I had mentioned, currently, we are seeing the budget segment contributing close to about 1/3 of our overall kind of bookings. So clearly, there is a there's kind of lag in recovery in the budget segment, and we do expect that it will probably take another 6 to 12 months for the mix to get restored or get closer to the pre-pandemic levels.

當然，曼尼什。也許我可以接受。如果你真正觀察一下我們在大流行前的預訂或間夜組合，就會發現，過去預算部分在整體組合中的貢獻接近 40 多歲。正如我所提到的，目前，我們發現預算部分的預訂量接近我們總體預訂量的 1/3 左右。很明顯，預算部分的複蘇存在一定的滯後性，我們確實預計可能還需要 6 到 12 個月的時間才能恢復或接近大流行前的水平。

A follow-up there. I mean, this demand weakness in the budget segment, is it also a function of higher ASPs or meaningfully higher ASPs in that category versus what it used to be in the past?

那裡有後續行動。我的意思是，預算領域的這種需求疲軟，是否也是該類別中平均售價較高或該類別中平均售價與過去相比明顯較高的結果？

Absolutely. Absolutely, Manish, very, very relevant and important to bring that out. The ASPs, particularly in this segment, and this segment being a lot more price sensitive, the impact on volume recovery has been higher because as we noticed, the -- historically pre-pandemic, there used to be a lot of significant promotions, deep discounting that used to happen from multiple players in this particular segment, which pretty much has kind of gone away. And therefore, the pricing impact in this segment has been sharper compared to the other segments, other price points. And therefore, the recovery has been lagging a bit. And like I said, it's a segment which is even more price sensitive than the others. And that's one of the key reasons for the delayed recovery on this one.

絕對地。絕對，馬尼什，將這一點帶出來非常非常相關和重要。平均售價，特別是在這個細分市場，而且這個細分市場對價格更加敏感，對銷量恢復的影響更大，因為正如我們注意到的那樣，歷史上在大流行前，曾經有很多重大促銷活動，深入過去在這個特定細分市場中，多個參與者都會進行折扣，但這種情況幾乎已經消失了。因此，與其他細分市場、其他價位相比，該細分市場的定價影響更大。因此，復甦有點滯後。正如我所說，這個細分市場比其他細分市場對價格更加敏感。這也是該項目恢復延遲的關鍵原因之一。

And should we assume that the take rate that you've reported now, which is about 16.3%, that should be the new normalized take rate? Or are you seeing some headroom for that number to move upwards, let's say, in the course of next few quarters?

我們是否應該假設您現在報告的採用率約為 16.3%，這應該是新的標準化採用率？或者您是否認為該數字在接下來的幾個季度內還有上升空間？

Pretty much normalized, except for the fact that, like I was mentioning that if the budget segment mix kind of comes back to pre-pandemic levels, there will be marginally scope for improvement over here.

幾乎已經正常化，除了這樣一個事實：就像我提到的那樣，如果預算部分組合回到大流行前的水平，那麼這裡會有輕微的改進空間。

Understood. My next question is on the Air business. Now there, of course, the volume numbers that you reported have been quite strong. But what we also noticed in the reported financials is that the promotion spend that you report against the Air segment that consistently moved up from about 2% of gross bookings pre-pandemic now being about 3.4% of gross bookings. Is there like a meaningfully higher competitive intensity that you're seeing in the Air segment now than what you had in the past?

明白了。我的下一個問題是關於航空業務。當然，現在您報告的銷量數字相當強勁。但我們在報告的財務數據中還注意到，您報告的航空部門的促銷支出從疫情前佔總預訂量的 2% 左右一直上升到目前佔總預訂量的 3.4% 左右。您現在在航空領域看到的競爭強度是否比過去明顯更高？

I mean, it's a factor of a couple of things. One part of it is clearly kind of in a linked to competitive intensity, but the other part is also linked to the fact that through the pandemic, the airlines have been kind of promoting the volume buildup on the ticketing side. And therefore, you see that the recovery is much stronger over there. It's a little bit of a grossing effect. So you would see the take rates kind of staying strong and firm through the last couple of years and also the kind of promotional expense being slightly higher compared to pre-pandemic levels. So it's largely, I would say, a combination of both of these factors.

我的意思是，這是有幾個因素的。其中一部分顯然與競爭強度有關，但另一部分也與這樣一個事實有關：通過大流行，航空公司一直在促進票務方面的銷量增長。因此，你會看到那裡的複蘇要強勁得多。這有點毛利效應。因此，您會看到過去幾年的接受率保持強勁和堅挺，而且促銷費用與大流行前的水平相比略高。所以我想說，這很大程度上是這兩個因素的結合。

Just one last quick question. So margins obviously have remained very strong. Cash EBITDA margins now well in double digits. So from here on, again, margins should we expect them to be range down? Are you looking to reinvest, let's say, margins into growth? Or should margins be expanding from here on as demand recovers further?

只是最後一個簡單的問題。因此，利潤率顯然仍然非常強勁。現金 EBITDA 利潤率目前已達到兩位數。那麼從現在開始，我們是否應該預期利潤率會下降？您是否希望將利潤再投資於增長？或者隨著需求進一步復甦，利潤率是否應該從現在開始擴大？

This year has seen a very strong kind of growth over the previous fiscal year, right? Because last year was kind of impacted to some extent by the pandemic. And therefore, the margin expansion has also been significantly higher this year. Going forward, we would expect margin expansion to continue albeit on a smaller measure, but we do expect some small margin expansion to continue.

今年比上一財年出現了非常強勁的增長，對吧？因為去年受到了疫情的一定程度的影響。因此，今年的利潤率擴張也明顯更高。展望未來，我們預計利潤率將繼續擴張，儘管幅度較小，但我們確實預計利潤率將繼續小幅擴張。

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

下一個問題來自摩根士丹利的 Gaurav Rateria。

Am I audible?

我聽得見嗎？

Yes, please go ahead.

是的，請繼續。

Congrats on good performance. A couple of questions. The first one is related to the specific event that happened in the Airline industry in India. What's our exposure with respect to any balance sheet advances that could be potentially at risk? And secondly, how should that play out with respect to impact on the overall volume growth for the industry in the next 3 to 6 months?

恭喜你有良好的表現。有幾個問題。第一個與印度航空業發生的具體事件有關。對於任何可能面臨風險的資產負債表預付款，我們的敞口有多大？其次，這對未來 3 至 6 個月行業整體銷量增長的影響如何？

In terms of the industry, even as far as Go First is concerned, I guess you would have kind of picked up. NCLT has actually appointed an interim resolution personnel and he has been tasked of kind of getting the airline back to running on an ongoing basis, with a going concern concept. And therefore, we believe there's really no risk in terms of our login balances with the airlines because as soon as Air Ticketing kind of window opens again, these will get utilized very quickly. So I think it's more a matter of time. We don't really see as an event exposure over there right now.

就行業而言，即使就“Go First”而言，我想你也會有所起色。 NCLT 實際上已經任命了一名臨時解決人員，他的任務是讓航空公司恢復持續運營，並保持持續經營的理念。因此，我們相信我們與航空公司的登錄餘額確實不存在風險，因為一旦航空票務窗口再次打開，這些餘額將很快被利用。所以我認為這更多的是時間問題。我們現在並沒有真正看到那裡有事件曝光。

In terms of the impact on industry Go First, like Rajesh called out, used to be about 6%, 7% of the overall market. But the impact on the market is unlikely to be that large. It's going to be much more smaller because most of the other airlines are kind of pressing in more kind of flights and particularly on the key routes where they used to operate. And therefore, the overall impact on the industry is going to be much lesser than the market share that they used to have before they kind of close the operations.

就對行業的影響而言，Go First，就像 Rajesh 所說的那樣，曾經佔整個市場的 6%、7% 左右。但對市場的影響不太可能那麼大。它的規模將會小得多，因為大多數其他航空公司都在推動更多類型的航班，特別是在他們曾經運營的關鍵航線上。因此，對行業的總體影響將比他們關閉業務之前所擁有的市場份額小得多。

Rajesh you would like to add anything?

拉傑什您想補充什麼嗎？

Yes. No, happy to add what you said, Mohit. So Gaurav, what Mohit said is right. Right? The overall share was low and there are other stronger players in the market. I mean, whether it is Indigo, or Air India or CASA is also trying to ramp up quite nicely actually. And not only planning to, they've actually already as we speak, deployed additional planes. So I think there will be obviously temporary sort of demand supply gap and then that could potentially have an impact on fares as we recently saw as well. But as soon as we have the more supply coming from the other airlines and the gap gets bridged. And hopefully, also, as we are hearing in the couple of -- next couple of weeks, if Go Air is back in the skies, then that should ease out the situation as well.

是的。不，很高興補充你所說的內容，莫希特。所以Gaurav，Mohit說的是對的。正確的？整體份額較低，市場上還有其他更強大的參與者。我的意思是，無論是 Indigo、印度航空還是 CASA，實際上都在努力提升業務。正如我們所說，他們不僅計劃這樣做，而且實際上已經部署了更多飛機。因此，我認為顯然會出現暫時的供需缺口，這可能會對票價產生影響，正如我們最近看到的那樣。但一旦我們從其他航空公司獲得更多供應，缺口就會得到彌補。希望，正如我們在未來幾週內聽到的那樣，如果 Go Air 重返天空，那麼情況也會有所緩解。

Got it. Second question, just a data point on market share that you used to share always on the domestic air segment, how that has fared this quarter versus the last quarter?

知道了。第二個問題，只是您過去一直在國內航空領域分享的市場份額數據，本季度與上季度相比表現如何？

Yes, a little better only, Gaurav. I mean, despite whatever might be happening in the market overall in this quarter was also -- I mean, we have been sort of in the range of 30% to 31%. So if last quarter was 30%, this time, it was 30.5% plus. So a little better than the last quarter.

是的，只是好一點，Gaurav。我的意思是，儘管本季度市場總體上可能發生什麼，但我們的增長率一直在 30% 到 31% 之間。因此，如果上個季度是 30%，那麼這次則是 30.5% 以上。所以比上季度好一點。

And would it be possible to get a sense of where we stand on market share for international outbound segment?

是否有可能了解我們在國際出境市場的市場份額中所處的位置？

Actually, it's very hard, Gaurav, to get to the actual number because see, domestic, it's very easy. Because they are third-party sort of source data available, as you know, from BGCA. But for international, given that there is also inbound and there are a lot of international players and all, it's very hard to sort of get to that, and we use surrogate all the time. I don't think there has been any significant change in the market share for the international overall.

實際上，高拉夫，要獲得實際數字非常困難，因為看，在國內，這非常容易。因為如您所知，它們是 BGCA 提供的第三方源數據。但對於國際球員來說，考慮到也有入境球員，而且有很多國際球員，所以很難做到這一點，而且我們一直使用代理。我認為國際整體市場份額沒有發生任何重大變化。

And the reason for that is simple. I mean, as we sort of covered in our commentary, the overall international outbound travel, thanks to high fares, maybe mostly for long haul and some of the operational issues related to Visa, et cetera, is still in the recovery mode. I mean, it used to be -- last quarter, if you would recall, was about 70%, 75%. We are getting into 90s now. And first, we just get out of the recovery mode and get into a growth mode this year. And then hopefully, there will be some share gains as well.

原因很簡單。我的意思是，正如我們在評論中所提到的那樣，由於高票價（可能主要是長途旅行）以及與 Visa 等相關的一些運營問題，整體國際出境游仍處於恢復模式。我的意思是，過去一個季度，如果你還記得的話，大約是 70%、75%。我們現在已經進入90年代了。首先，我們今年剛剛擺脫復甦模式並進入增長模式。希望份額也會有所增長。

Got it. Third question is with respect to the new channels that you talked about that you started over the last 2 to 3 years. Cumulatively, all these account for what percentage of the overall gross booking for us? And is there any target from a next 1- to 2-year perspective?

知道了。第三個問題是關於您談到的在過去兩三年內啟動的新渠道。總共，所有這些占我們總預訂總額的百分比是多少？未來一到兩年有什麼目標嗎？

And last question for Mohit. Like you've always given a sort of a range for the ad spend as a percentage of the total gross booking 5% to 6%, we have pretty much in the lower end of that band for last 1 to 2 years. So how should we look that number going forward, let's say, for fiscal '24?

最後一個問題是問莫希特。就像您總是給廣告支出設定一個範圍（佔總預訂量的 5% 到 6%）一樣，過去 1 到 2 年我們幾乎處於該範圍的下限。那麼，我們應該如何看待未來（比如 24 財年）的這個數字呢？

Sure. I think on the expense side, I would say it kind of pretty much kind of look to remain within that range of 5% to 6%. Again, whole, depending on multiple things, including competitive intensity, including kind of promotional expense coming, particularly from the supplier side, et cetera. we believe we should continue to be in that same range of 5% to 6%. And we should continue to see some amount of margin expansion also happening at the bottom line while maintaining this range of spend.

當然。我認為在費用方面，我認為保持在 5% 到 6% 的範圍內似乎是一種看起來不錯的情況。再說一遍，整體取決於多種因素，包括競爭強度，包括促銷費用的類型，特別是來自供應商方面的費用等。我們認為我們應該繼續保持在 5% 到 6% 的相同範圍內。我們應該繼續看到一定程度的利潤率擴張，同時維持這一支出範圍。

So that is how I would look at it. Probably, there will be a more kind of a higher mix of kind of brand-related spends going forward out of the entire customer acquisition costs. So that's probably the only small tweak that I see going forward, but no overall kind of shift in the range per se. Gaurav, if you could just kind of point me back to the previous question before.

這就是我的看法。也許，在整個客戶獲取成本中，未來將會有更多、更高組合的品牌相關支出。因此，這可能是我認為未來唯一的小調整，但范圍本身沒有整體變化。 Gaurav，您能否讓我回到之前的問題。

Maybe I'll take that one. I can take. It was about the new channels. So Gaurav, maybe I can take that. So the way we are looking at, Gaurav, in all fairness, the new channels says that the first couple of years is always onboarding, ramping up, scaling up, engaging either the corporates and acquiring corporates or, let's say, onboarding travel agents for my partner platform. And from all those metrics, they've been doing really, really well.

也許我會選擇那個。我可以做。這是關於新渠道的。所以 Gaurav，也許我可以接受。所以，平心而論，Gaurav，新渠道說，頭幾年總是在引入、擴大、擴大規模、吸引企業和收購企業，或者讓旅行社引入我的合作夥伴平台。從所有這些指標來看，他們做得非常非常好。

Now it's just a question of -- and of course, on our platform, we've been adding more capabilities in terms of product offerings and so on and early signs of traction on engagement and as well as the transactions happening on both sort of SME segment and the large corporates on myBiz is pretty robust.

現在這只是一個問題——當然，在我們的平台上，我們一直在產品供應等方面增加更多功能，以及參與和交易發生在兩種中小企業方面的早期跡象。 myBiz 上的細分市場和大型企業相當強勁。

Now given that they have just started and it's just a couple of years, and we will wait to sort of get that to scale for us to be able to sort of give you any more color in terms of what's their current contribution. More importantly, how are we sort of looking at them contributing. See, right now, our focus is very simple. The focus is that we want to just reach out from a reach standpoint to every possible demand segment. And with that intention and goal from a midterm and a long-term goal standpoint, we made these investments. And we are quite happy with the progress so far in terms of sort of all these key KPIs that early part of the journey, they become very, very relevant and they're doing really well.

現在考慮到他們才剛剛開始，而且只有幾年的時間，我們將等待擴大規模，以便我們能夠就他們當前的貢獻向您提供更多的信息。更重要的是，我們如何看待他們的貢獻。看，現在我們的重點很簡單。重點是我們希望從觸及的角度觸及每一個可能的需求領域。出於中期和長期目標的立場，我們進行了這些投資。我們對迄今為止在所有這些關鍵 KPI 方面取得的進展感到非常滿意，在旅程的早期階段，它們變得非常非常相關，而且做得非常好。

Let's just wait for some more time for us to be able to get to the actual numbers in terms of business, how much is the contribution happening.

讓我們再等待一段時間，以便我們能夠了解業務方面的實際數字，即貢獻有多少。

The next question is from the line of Mihir Shah.

下一個問題來自 Mihir Shah。

Are you able to hear me?

你能聽到我說話嗎？

Yes, yes, we can.

是的，是的，我們可以。

Rajesh, maybe a question for you. Just on ONDC, right, the open network for digital commerce. The scope and vision of the platform seems fairly broad. It could overlap with some of the categories that you play in. Could you just talk a little bit about how you're looking at it? What are the opportunities and risks to keep in mind? And it would be great if you could talk about it separately for air, buses, hotels because maybe the consideration could be different.

拉傑什，也許有個問題要問你。就在 ONDC（右），數字商務的開放網絡。該平台的範圍和願景似乎相當廣泛。它可能與你所玩的某些類別重疊。你能簡單談談你是如何看待它的嗎？需要牢記哪些機會和風險？如果你能單獨談論航空、公共汽車、酒店，那就太好了，因為也許考慮因素可能不同。

Yes. No, I think it's an interesting observation, Mihir, ONDC has been in the news for a while now. And may be off let a lot more in the public domain. And we've been actually watching the space very, very carefully. Not only watching, we've been sort of often engaged with the ONDC management also. Just to continuously keep sort of understanding from their point of view, how are they looking at evolving their own platform. To be honest, and it's all in the public domain, this news is that the categories that they have launched so far, they're obviously waiting for that to sort of scale up and get full traction, et cetera.

是的。不，我認為這是一個有趣的觀察，Mihir，ONDC 已經出現在新聞中有一段時間了。並且可能會在公共領域中公開更多內容。我們實際上一直在非常非常仔細地觀察這個空間。我們不僅在觀看，還經常與 ONDC 管理層進行接觸。只是為了不斷從他們的角度了解他們如何看待發展自己的平台。老實說，這一切都在公共領域，這個消息是他們迄今為止推出的類別，他們顯然正在等待擴大規模並獲得全面的關注，等等。

From a mobility standpoint, I mean anything related to travel and tourism is later. But before that, I think it's -- right now, there is some soft launch on the mobility side first, because that's a high frequency item, and we wanted to probably solve that for first before, before they get to the actual travel and, let's say, flight bookings or hotel bookings later and all of that. Because I think there could be also a realization that these are fairly complex products at some level, especially the hotel bookings or the, let's say, international flight bookings for that matter, relatively domestic flights might be easier. So at this point in time, it's basically wait and watch and just see how the other categories and all the seller side and the buyer side sort of operate and how do they solve for the overall post-sales customer experience from a product common standpoint, the delivery and all the related issues that come along with it.

從流動性的角度來看，我的意思是與旅行和旅遊相關的任何事情都是後來的。但在此之前，我認為現在首先在移動方面進行一些軟啟動，因為這是一個高頻項目，我們希望可能在他們開始實際旅行之前首先解決這個問題，比如說，稍後的航班預訂或酒店預訂等等。因為我認為人們也可能意識到這些在某種程度上是相當複雜的產品，特別是酒店預訂或國際航班預訂，相對國內航班可能會更容易。所以在這個時候，基本上是在觀望，看看其他類別以及所有賣方和買方如何運作，以及他們如何從產品共同的角度解決整體售後客戶體驗，交付以及隨之而來的所有相關問題。

And they've been sort of grappling and there have been some reports, again, again in the public domain from their point of view that there are issues that are not necessarily everything is sort of very smooth and frictionless. So, I think it's going to take some time for it to evolve.

他們一直在進行鬥爭，並且從他們的角度再次在公共領域有一些報導，表明存在一些問題，但並不一定一切都非常順利和無摩擦。所以，我認為它的發展需要一些時間。

Can it sort of offer for the long tail of sellers a good platform that they can sort of participate in e-commerce? Perhaps the answer is yes. Can they possibly scale this up to bring in more categories? We'll have to wait and see. And more from just solving the end-to-end sort of experience problem because we do believe the travel is very experience-oriented. And therefore, while it might look pretty simple on the front end from a booking standpoint, but it's fairly sort of complex when it comes to the post-sales experience as well. So I think at this stage, net-net, I would say keep watching this space carefully and see how it sort of evolves and then accordingly sort of plan your moves on it.

能否為長尾賣家提供一個參與電商的良好平台？也許答案是肯定的。他們能否擴大規模以引入更多類別？我們得拭目以待。更多的只是解決端到端的體驗問題，因為我們確實相信旅行是非常以體驗為導向的。因此，雖然從預訂的角度來看，它在前端看起來非常簡單，但在售後體驗方面卻相當複雜。所以我認為在這個階段，網絡，我會說繼續仔細觀察這個空間，看看它是如何演變的，然後相應地計劃你的行動。

I appreciate it. And Mohit, maybe one for you. Could you just talk about the current mix of international flights? How much is it as a percent of the flights business? And as it normalizes, would that be a tailwind for your margins in the Air business?

我很感激。還有莫希特，也許適合你。您能談談目前國際航班的結構嗎？佔航班業務的百分比是多少？當它正常化時，這會成為你們航空業務利潤的推動力嗎？

It should definitely be a tailwind, particularly in terms of incremental contribution of growth coming in. And like Rajesh called out, the recovery on the international side has been lacking. And also, we see a lot more kind of potential future growth in that particular segment of flights. So just to kind of give a color in terms of pre-pandemic versus current mix, pre-pandemic internationally was contributing close to about 38%, 40% of the overall Air Ticketing margins. And currently, it is at about 25%. So clearly, a lot of headroom over there. We should be a tailwind for the coming years as that supply kind of improves and the prices kind of come in a little better.

這絕對應該是一股順風，特別是在對增長的增量貢獻方面。正如拉傑什所指出的那樣，國際方面的複蘇一直缺乏。此外，我們還看到該特定航班領域未來有更多潛在增長。因此，為了區分大流行前與當前的組合，大流行前國際上的貢獻率接近整個機票利潤的 38% 至 40%。目前，這一比例約為25%。很明顯，那裡有很大的空間。隨著供應量的改善和價格的好轉，我們應該成為未來幾年的順風車。

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

下一個問題來自麥格理的 Aditya Suresh。

I had a few questions, but maybe the first one. It was just the industry structure itself, right? So obviously, you have Tata more active, we have Go First with issues. The specific question was with regards to your blended commission or take rates and your kind of different levels of engagement with the suppliers, whether it'd be the GDS or direct. So can you help us understand what the current industry structure does for your blended commission or take rate?

我有幾個問題，但也許是第一個問題。這只是行業結構本身，對吧？顯然，塔塔更加活躍，我們有問題優先。具體問題是關於您的混合佣金或佣金率以及您與供應商的不同級別的合作，無論是 GDS 還是直接合作。那麼您能否幫助我們了解當前的行業結構對您的混合佣金或佣金率有何影響？

So Aditya, the industry has kind of been seeing consolidation over the years. So it's not a new phenomenon. And if you really look at the share of Indigo over the years, it's been kind of steadily increasing, right? And keeping that in mind, we have been kind of guiding what we believe could be sustainable ticketing rate, and we're kind of pretty much in that range right now. Slightly more kind of contraction in the ticketing margins could possibly be driven by, I would say, a lower kind of payment gateway costs or kind of lowering of payment gateway costs over the years.

Aditya 多年來，該行業一直在經歷整合。所以這並不是一個新現象。如果你仔細觀察這些年來 Indigo 的份額，你會發現它一直在穩步增長，對嗎？記住這一點，我們一直在指導我們認為可持續的票務費率，而我們現在基本上就在這個範圍內。我想說，票務利潤率的略微收縮可能是由於支付網關成本的降低或多年來支付網關成本的降低所致。

As that happens, there is clearly a potential for some of the -- some more margin compression over here. But otherwise, we feel we're kind of in a reasonably kind of a stable margin kind of phase. And this is actually more across segments, not just Air ticketing, across all the other segments as well, whether it is Bus Ticketing, whether it is Hotels and Packages, we do believe margins will largely remain stable.

當這種情況發生時，顯然有可能會出現更多的利潤壓縮。但除此之外，我們認為我們正處於一個相當穩定的利潤率階段。這實際上更多地涉及各個細分市場，不僅僅是機票，還涉及所有其他細分市場，無論是巴士票務、酒店和套餐，我們確實相信利潤率將在很大程度上保持穩定。

Just clarification, would be that like -- if Indigo did take share, right, incrementally, I would have thought that, that would be dilutive to your blended air take rate. Would that be a fair comment or are there offsets?

只是澄清一下，就像 - 如果 Indigo 確實佔據份額，對，增量地，我會認為，這會稀釋您的混合空氣佔用率。這是一個公平的評論還是有抵消？

Probably not necessarily. Not necessarily, Aditya, because in the manner that the take rates are kind of built up for the industry in India, at least of the OTA industry. A large part of the take rates kind of come in as fees from the customer side and not necessarily as commissions from the airline. In fact, commissions from most airlines, the upfront commissions have been down to 0 for a fairly long period, so that hasn't really kind of changed the structure very significantly. Yes, if you would see probably like about 8, 10 years back, I mean, it was predominantly a commission-led model. We have seen a change coming from that model to the current one. But over the last few years, it's been -- it's largely been stable on these lines.

或許不一定。 Aditya 不一定，因為印度行業（至少是 OTA 行業）的採用率是建立起來的。大部分佣金是來自客戶方的費用，而不一定是來自航空公司的佣金。事實上，大多數航空公司的佣金、預付佣金在相當長的一段時間內一直降至 0，因此這並沒有真正顯著改變結構。是的，如果你看到大約 8、10 年前，我的意思是，它主要是佣金主導的模式。我們已經看到從該模型到當前模型的變化。但在過去的幾年裡，它在這些方面基本上保持穩定。

The next one was just in terms of -- you mentioned operating leverage, et cetera, right? So just as a conceptual dynamic, not to kind of hold you to any specific number, but -- and I think, I asked this question last quarter as well. But let's say that we incrementally add $100 million of revenue next year. What sort of incremental EBITDA margin do you expect to make? And I guess, there is still inherent operating leverage given that you're -- your key kind of lines would be customer spends, employee costs, which seem fairly -- those are lines that you can kind of keep in check if required, right? So can you just give us any thoughts or color on that?

下一個問題只是——您提到了運營槓桿等，對嗎？因此，作為一種概念上的動態，並不是要讓你知道任何具體數字，而是——我想，我上個季度也問過這個問題。但假設明年我們將逐步增加 1 億美元的收入。您預計 EBITDA 利潤率會增加多少？我想，考慮到你的關鍵類型是客戶支出、員工成本，這看起來很公平，所以仍然存在固有的運營槓桿，如果需要的話，你可以對這些項目進行檢查，對吧？那麼您能給我們任何想法或意見嗎？

Aditya, like I had mentioned last time also, we don't kind of give either growth guidance or profitability guidance. We will leave some part for you to kind of make it out of the trend lines.

Aditya，就像我上次提到的那樣，我們不會提供增長指導或盈利指導。我們將為您留下一些部分，以便您擺脫趨勢線。

Or maybe just as a like -- for example, staff cost, right? So that's a fairly big part of...

或者也許只是類似——例如，員工成本，對吧？所以這是相當大的一部分......

Like I said, I'd leave this for you to kind of make out of the trends. We don't really issue the guidance on future kind of growth or profitability as such.

就像我說的，我會把這個留給你去了解趨勢。我們並沒有真正發布有關未來增長或盈利能力的指導。

I appreciate that. The question was more in terms of how should we be thinking about your employee base? Are you looking to add more stuff to kind of cater to this growth? Are you looking at stop salaries in, say, double-digit kind of inflation territory. Like how are you thinking about staff salaries, for example?

我很感激。問題更多的是我們應該如何考慮您的員工基礎？您是否希望添加更多內容來滿足這種增長？你是否正在考慮在兩位數的通貨膨脹範圍內停止工資？例如，您如何看待員工工資？

Yes. Like I've been calling out consistently even the last time when you asked this, we're not really looking at adding any significant employees to the team. It's largely going to be more inflation-led or kind of increases. And not any significant headcount addition. And that's been the trend over the last few years, if you see as bad.

是的。就像上次你問這個問題時我一直在呼籲的那樣，我們並不是真的考慮在團隊中增加任何重要的員工。很大程度上將是由通脹主導或某種程度的增長。並且沒有任何重大的人員增加。如果你認為這很糟糕的話，這就是過去幾年的趨勢。

The next question is from the line of Manik Taneja of Axis Capital.

下一個問題來自 Axis Capital 的 Manik Taneja。

I hope I'm audible.

我希望我能被聽到。

Yes, please go ahead.

是的，請繼續。

Yes. So I basically had a question related to the adjusted EBIT line and you partially answered or provided an outlook on how we should be thinking about margins. But given the rate that we are at about 1% to 1.1% of GBR and the fact that our stock composition has been coming up if you could give us some sense of how we should be thinking about the ESOP cost as well as the adjusted EBIT margins, please?

是的。因此，我基本上有一個與調整後的息稅前利潤相關的問題，您部分回答或提供了我們應該如何考慮利潤率的展望。但考慮到我們的比率約為 GBR 的 1% 至 1.1%，而且我們的股票構成一直在上升，如果您能讓我們了解我們應該如何考慮 ESOP 成本以及調整後的 EBIT請問邊距？

Yes. Like I said, on the margins, whether adjusted EBIT or adjusted operating, like I just kind of mentioned on the previous question, I don't necessarily kind of give guidance either on growth or on the net margins. But when it comes to share-based compensation, I can share some color that we expect it to kind of largely remain in line. We don't really kind of see this increasing in the coming years, albeit it might only see a little bit of a reduction going forward, very unlikely that will kind of see an increase. So therefore, from an operating leverage point of view, it is one of those lines which will contribute to some operating leverage.

是的。就像我說的，就利潤率而言，無論是調整後的息稅前利潤還是調整後的運營，就像我在上一個問題中提到的那樣，我不一定會就增長或淨利潤率提供指導。但當談到基於股份的薪酬時，我可以分享一些我們預計它在很大程度上保持一致的顏色。我們實際上並沒有看到這種情況在未來幾年有所增加，儘管未來可能只會出現一點點減少，不太可能出現增加。因此，從運營槓桿的角度來看，它是那些將有助於一定運營槓桿的線路之一。

Next question is from the line of Achal Kumar of HSBC.

下一個問題來自匯豐銀行的 Achal Kumar。

I hope I'm audible.

我希望我能被聽到。

Yes, please go ahead.

是的，請繼續。

Perfect. First question was around the competitive intensity. So of course, my trip has rapidly captured a significant market in airlines. And now we are talking about capturing share in the hotel side. So what's your thought on that? How can you protect your market share in airlines, but also in the hotels? So if you could please share thoughts around that.

完美的。第一個問題是關於競爭強度。當然，我的旅行迅速佔領了航空公司的重要市場。現在我們正在談論奪取酒店方面的份額。那麼你對此有何看法？如何保護您在航空公司和酒店的市場份額？因此，如果您可以的話，請分享對此的想法。

Yes. Maybe I can take that, Mohit. So Achal, I don't think it will be fair to comment on a specific competition. I don't think it's fair. I think maybe you should sort of ask them their strategy and their questions around how are they looking to expand, et cetera. But if you look at sort of MakeMyTrip and the numbers that we've reported out and the track record of the market share numbers also that we reported out, we have only been gaining market share.

是的。也許我可以接受，莫希特。所以阿查爾，我認為對特定比賽發表評論是不公平的。我認為這不公平。我認為也許你應該問他們他們的策略以及他們如何尋求擴張等問題。但如果你看看 MakeMyTrip 和我們報告的數據以及我們報告的市場份額數據的跟踪記錄，我們只是在獲得市場份額。

Pre-pandemic on domestic floods, we used to be at 27%. We are now at 30%, 30.5%. And similarly, our hotel business recovery has been very, very robust. And there is actually the reality is that at this point in time, the kind of hotel product that we have in terms of supply, depth and breadth and the product and the scale and the size of the business, no one really in India does that, if you look at just the OTA market.

在國內洪水大流行之前，我們的比例曾經是 27%。我們現在是30%、30.5%。同樣，我們的酒店業務復甦也非常非常強勁。事實上，現實情況是，目前，我們擁有的酒店產品的供應、深度和廣度以及產品、業務規模和規模，在印度沒有人真正做到這一點，如果你只看 OTA 市場。

So I think, it will be fair to say that we have been able to maintain our market leadership consistently. And have a substantial sort of lead and not necessarily on our flights business, but also on hotel business and as well as ground transport business. So from our perspective, we look at it is, while we are quite happy to have the healthy competition in the market, because it's always good for the ecosystem, but very focused on how are we going to drive our strategies, where are we going to make the investments to make sure that we stay always ahead.

因此，我認為，可以公平地說，我們一直能夠保持市場領先地位。並且擁有相當大的領先地位，不僅在我們的航班業務上，而且在酒店業務和地面運輸業務上也是如此。因此，從我們的角度來看，我們很高興市場上有健康的競爭，因為這對生態系統總是有利的，但我們非常關注我們將如何推動我們的戰略，我們要去哪裡進行投資以確保我們始終保持領先地位。

Perfect. My second question was around a change in the customer behavior. I mean, whenever I speak to the hotels, or the airlines, I think there are a couple of things or a couple of customer changes, they talk about the changes in the customer's behavior.

完美的。我的第二個問題是關於客戶行為的變化。我的意思是，每當我與酒店或航空公司交談時，我認為有一些事情或一些客戶變化，他們談論客戶行為的變化。

I mean, first is, how the customers are actually clubbing work with leisure trip. So basically, the gap between the weekend and the week days is actually squeezing or reducing because people prefer -- previously, they used to travel on Saturday and Sundays and now they travel any day of the week and they can work on 2 days from the hotel. And so there is a change in the customer's behavior, and that is quite helpful for the hotels industry.

我的意思是，首先是顧客實際上如何將工作與休閒旅行結合起來。所以基本上，週末和工作日之間的差距實際上正在縮小或縮小，因為人們更喜歡——以前，他們習慣於週六和周日出行，現在他們可以在一周中的任何一天出行，並且可以在從工作日開始的兩天內工作。酒店。因此，顧客的行為發生了變化，這對酒店業非常有幫助。

And on the other changes that now post-COVID, I think the people are taking too many short breaks, short frequent trips. And then they prefer to drive down to the new places. So what are your thoughts around that? I mean, you're being in the industry, I think you get a sense about the changes in the customer behavior and how that is impacting the industry or benefiting the industry rather.

至於新冠疫情后的其他變化，我認為人們的短暫休息、短途頻繁旅行過多。然後他們更喜歡開車去新的地方。那麼您對此有何想法？我的意思是，你身處這個行業，我認為你會了解客戶行為的變化，以及它如何影響行業或使行業受益。

Actually, Achal couldn't agree more with you on both. These are exactly the insights that we've also noticed. In fact, picking up these insights early, we have launched like a product called Staycation to cater to exactly the insight, the first insight that you mentioned. And that not necessarily people are waiting for long weekends to travel because there is flexibility today to operate from wherever you can operate from, all of what you have to do is to have a WiFi and you can log into Zoom or Microsoft Teams or any of the other video conferencing tool, and then you can operate from that place, right?

事實上，阿查爾在這兩點上都非常同意你的觀點。這些正是我們也注意到的見解。事實上，我們很早就獲得了這些見解，因此推出了一款名為“居家度假”的產品，以準確迎合您提到的第一個見解。人們不一定會等待長周末去旅行，因為現在可以靈活地在任何可以操作的地方進行操作，您所要做的就是擁有 WiFi，並且可以登錄 Zoom 或 Microsoft Teams 或任何另一個視頻會議工具，然後你就可以從那個地方進行操作，對嗎？

So we've seen that trend increasingly picking up, and it has continued. If there's something that has continued as the business has been recovering coming out of the COVID from a consumer trend standpoint, it is this.

所以我們看到這種趨勢越來越明顯，而且還在持續。從消費者趨勢的角度來看，如果有什麼事情隨著新冠肺炎疫情帶來的業務復甦而持續存在的話，那就是這個了。

And then the other point that you mentioned is also very valid. We've also seen that the frequency of taking breaks have gone up and short breaks that have gone up specifically. So while if the historical trend was that there is the summer break, April, May, June quarter or else winter break or in [any] quarter and within that, you will plan a longer duration holiday now across the year, even for the non-seasonal quarters, you will see the trend of more frequent short vacations that are being taken by the consumers.

然後你提到的另一點也很有效。我們還發現，休息的頻率有所增加，特別是短暫休息的次數也有所增加。因此，如果歷史趨勢是有暑假、四月、五月、六月季度或寒假或[任何]季度，並且在此期間，您現在將計劃全年更長的假期，即使對於非-季節性季度，您會看到消費者更頻繁地進行短假的趨勢。

So on both the trends, the -- and these are very positive trends for the travel industry in India. And largely, and so far, it has been India traveling within India. And as more and more sort of international travel also or eases out in terms of just fares getting rationalized over time, it might even be international travel so we'll wait for that to see how it happens. But in terms of just positives coming from the consumer trends, these are 2 big positives.

因此，就這兩個趨勢而言，這些對於印度旅遊業來說都是非常積極的趨勢。到目前為止，很大程度上是印度在印度境內旅行。隨著越來越多的國際旅行也隨著時間的推移而逐漸合理化，甚至可能是國際旅行，所以我們將等待，看看它會如何發生。但就消費趨勢帶來的積極因素而言，這是兩大積極因素。

Okay. Perfect. My next question was around your loyalty programs. I think you had it in the last quarter if I'm not wrong. So could you please talk a little bit about your -- how the loyalty performance loyalty programs is performing? Or rather more importantly, how the return rate of the customers have been? I mean, is it increasing? Is it decreasing? Could you please share your thoughts around that?

好的。完美的。我的下一個問題是關於你們的忠誠度計劃。如果我沒記錯的話，我想你在上個季度就已經做到了。那麼，您能否談談您的忠誠度績效忠誠度計劃的表現如何？或者更重要的是，客戶的回頭率如何？我的意思是，它在增加嗎？是在減少嗎？您能分享一下您的想法嗎？

Yes, for sure, Achal. So we do have our loyalty program and doing very well. It's called Black program. It's called MMT Black. And like you rightly pointed out, the metric that we track for this is that how loyal are these customers? What is the sort of repeat rate as compared to a normal non-black customer. And we've -- quarter-on-quarter, we've seen sort of improvement on black members coming back or the number of transactions that the black members do in a year on our platform versus a non- black member has only been increasing in favor of black numbers. So yes, so we are very keen to sort of continue to keep expanding that program and also keep the value proposition very strong for black members.

是的，當然，阿查爾。所以我們確實有忠誠度計劃並且做得很好。這就是所謂的“黑色計劃”。它被稱為 MMT 黑色。正如您正確指出的那樣，我們跟踪的指標是這些客戶的忠誠度如何？與普通非黑人顧客相比，重複率是多少？我們已經看到，按季度計算，黑人會員的回歸有所改善，或者黑人會員一年內在我們平台上進行的交易數量與非黑人會員相比只在增加支持黑色數字。所以是的，所以我們非常熱衷於繼續擴大該計劃，並為黑人會員保持非常強大的價值主張。

Do you have any grid by chance, which shows that what is the -- I mean, top 50% of customers or next 45%, whatever it is showing that what is the return rate or how many bookings do they make top 15%, top 20%, something like that. Do you have set that kind of grid?

你是否有任何偶然的網格，它顯示什麼是 - 我的意思是，前 50％ 的客戶或接下來的 45％，無論它顯示什麼是退貨率或他們進行了前 15％ 的預訂，前 20%，類似的東西。你有設置這樣的網格嗎？

No, Achal, when we look at it, obviously, at the operating level, I'm sure teams are sort of monitoring some of these detailed KPIs as well. But at a strategic level, I think what is important and sort of maybe sufficient to know is that, let's say, a cohort of non-Black members. And if they were doing x and I'm making numbers up, right? I'm not -- and these are not the exact numbers, but let's say, they were doing x number of transactions in a year, the Black numbers -- Black members would be doing 1.5x for example. So that's the sort of difference that we've seen.

不，阿查爾，當我們顯然在操作層面上看時，我確信團隊也在監控其中一些詳細的 KPI。但在戰略層面上，我認為重要且可能足以了解的是，比方說，一群非黑人成員。如果他們在做 x 而我在編造數字，對吧？我不是——這些也不是確切的數字，但我們可以說，他們一年內進行了 x 筆交易，黑人數字——例如，黑人會員會進行 1.5 倍。這就是我們所看到的差異。

The next question is from the line of Vijit Jain of Citi. Vijit, you please ask your question now.

下一個問題來自花旗銀行的 Vijit Jain。 Vijit，你現在問你的問題。

Can you hear me?

你能聽到我嗎？

Yes, please go ahead.

是的，請繼續。

So just my question is on the hotel side. Starting with the premium segment, Rajesh. So have you seen competition here increase from the likes of Booking, Agoda, et cetera, more recently? And given these -- my understanding is these companies were always more dominant from an India inbound perspective now that travel is recovering. And maybe the hotel partners are seeing more traffic from these global OTAs. Is that changing your take rates with premium hotels? Or is that changing your negotiations with the premium hotels on the platform?

所以我的問題是在酒店方面。從高端市場開始，Rajesh。那麼，您最近是否看到 Booking、Agoda 等網站的競爭有所加劇？考慮到這些——我的理解是，既然旅遊業正在復蘇，從印度入境的角度來看，這些公司總是佔據主導地位。也許酒店合作夥伴會看到來自這些全球 OTA 的更多流量。這是否會改變您對高級酒店的價格？或者這是否會改變您與平台上優質酒店的談判？

Sure, Vijit, as far as your first question goes, nothing unusual. To be honest, I mean, this competition was always there. And like I said, healthy competition is always welcome. And this is very competition fought on the back of the product, the experience and the service, et cetera, which we, from our point of view, absolutely love sort of competing on those aspects, and that's wonderful. And nothing unusual that has happened.

當然，Vijit，就你的第一個問題而言，沒有什麼不尋常的。老實說，我的意思是，這種競爭一直存在。正如我所說，良性競爭總是受歡迎的。這是一場圍繞產品、體驗和服務等展開的競爭，從我們的角度來看，我們絕對喜歡在這些方面進行競爭，這很棒。並沒有發生什麼不尋常的事情。

In terms of opening up inbound traffic, of course, travel has opened up, and there's been more inbound traffic. And they do bring inbound traffic to the country. And they definitely are bringing. But has that sort of made any impact on our sort of relationship engagement, commercial, et cetera, with the partners? The answer is no. Because there is a large buy of the travel is still domestic and will continue to be domestic. Because the size of the pie is pretty big.

在開放入境流量方面，當然，旅遊開放了，入境流量也多了。他們確實為該國帶來了入境流量。他們肯定會帶來。但這對我們與合作夥伴的關係參與、商業等等產生了任何影響嗎？答案是不。因為有大量的旅行仍然是國內的，並且將繼續是國內的。因為餡餅的尺寸相當大。

And all kind of sort of segments of the travel that that's recovering nicely and we've actually shown a lot of pent-up demand as well, like I was just mentioning in terms of a lot of the exhibition conferences, corporate offsite, et cetera, happening, and that -- and a lot of the preference there is domestic and for more than one reason. Clearly, the -- it is relatively cost effective because the fares on international destinations are pretty high.

旅行的各種部分都在很好地恢復，我們實際上也顯示出了很多被壓抑的需求，就像我剛才提到的很多展覽會議、企業場外活動等、發生的事情等等——而且很多偏好都是國內的，而且原因不止一個。顯然，它相對具有成本效益，因為國際目的地的票價相當高。

But even, let's say, they get rationalized. And if they're steady state, there is the relative size of the pie for the domestic market is really, really big. And so therefore, from that point of view, the contribution, our contribution is only going to be significant and continue -- will continue to improve. And therefore, I think there is a place for both without sort of impacting each other.

但即使如此，它們也會被合理化。如果他們處於穩定狀態，那麼國內市場的蛋糕相對規模就非常非常大。因此，從這個角度來看，我們的貢獻只會是巨大的，並且會持續不斷——將會不斷提高。因此，我認為兩者都有各自的用武之地，而不會互相影響。

Got it. Rajesh, my second question is, if I remember right, last quarter also, you mentioned that these hotels -- some of the premium hotels in India have obviously all raised their average daily rates and that the occupancy has still some way to recover now. A few of these hotel companies which have recorded 4Q, we can see that there's a little bit of normalization there and occupancies have gone up. Have you seen that more broadly? And from a from an FY '24 perspective, do you think that is the direction in which you headed in the non-budget segment that is the [ADS] go down, occupancies go up?

知道了。拉傑什，我的第二個問題是，如果我沒記錯的話，上個季度，您也提到這些酒店——印度的一些高級酒店顯然都提高了平均每日房價，而且入住率現在仍有一定程度的恢復。在一些已經錄得第四季度業績的酒店公司中，我們可以看到那裡有一些正常化，入住率有所上升。你有沒有更廣泛地看到這一點？從 24 財年的角度來看，您是否認為這就是您在非預算領域的發展方向，即 [ADS] 下降，入住率上升？

Actually -- and what you said, Vijit, is right. Right? I mean, it's actually the data is out there. But if you hear some of the commentary also, from the hotel partners who are public, and you would notice that there's a lot of optimism in terms of the Indian consumers' ability to sort of pay more than what they used to pay ever before. And therefore, the rates are likely to be firm and all. So we will have to wait and see. So far that has played out really well.

事實上——維吉特，你說的是對的。正確的？我的意思是，實際上數據就在那裡。但如果你也聽到一些來自公開酒店合作夥伴的評論，你會注意到，印度消費者對支付比以前更多的費用的能力持樂觀態度。因此，利率可能會保持堅挺。所以我們必須拭目以待。到目前為止，效果非常好。

We will have to now see in the context of -- because it's obviously a function of the demand momentum continuing, which is linked to, therefore, occupancy. And then what should be the pricing strategy from the hotel partner standpoint. And we've seen that in the past, even in pre-pandemic that, for example, seasonality versus off-season there could -- there will always be a difference and so on, right, which is underneath that is a clear function of demand and supply, right, from a seasonality perspective.

我們現在必須在這樣的背景下看待——因為這顯然是持續需求勢頭的函數，因此與入住率相關。那麼從酒店合作夥伴的角度來看，定價策略應該是什麼？我們過去已經看到，即使是在大流行前，例如，季節性與淡季之間也可能存在差異，等等，對吧，這背後是一個明顯的函數從季節性角度來看，需求和供應是正確的。

And I don't think that conceptually, it is going to be any different. So if the demand continues to be robust, and there's a possibility that we will -- especially for the mid and premium segment that, that the rates would continue to sort of stay there at level and firm up. But if there is a demand slowdown at some level or the pent-up is slowing down, and it becomes like a steady state and more supplies in the market, then there may be some rationalization that might take place.

我認為從概念上講，它不會有任何不同。因此，如果需求繼續強勁，而且我們有可能——特別是對於中高端市場來說，利率將繼續保持在一定水平並堅挺。但如果需求在某種程度上放緩，或者被壓抑的需求正在放緩，並且變得穩定，市場供應增加，那麼可能會出現一些合理化。

So I think it's purely a function of demand and supply. And how they sort of manage their overall yield management. I think one important point that you should keep in mind, the reality also is that if you compare it with pre-pandemic for the last 3 years, I mean, except for the last year, I would say last 2 years and even before that, the rates have not really gone up. So there has to be a some natural annual inflation that you should definitely factor that in, which would mean maybe in over 2, 3 years, about 15-odd percent. And that should be a normal sort of increase in the fares or the rates. But anything beyond that will be a function of demand and supply.

所以我認為這純粹是需求和供給的函數。以及他們如何管理整體收益管理。我認為你應該記住的一個重要的一點是，現實也是，如果你將其與大流行前的過去三年進行比較，我的意思是，除了去年，我會說過去兩年，甚至在那之前，利率並沒有真正上漲。因此，必須存在一定的自然年度通貨膨脹，您絕對應該將其考慮在內，這意味著可能在 2、3 年內，大約 15% 左右。這應該是票價或費率的正常上漲。但除此之外的任何事情都將取決於需求和供給。

Got it. My last question, Rajesh, if you can, on the budget side now, we -- as you've pointed out earlier, the super budget segment has been affected badly because obviously, the discounts went away and everything. But it's been a while since the economy has fully opened up and the budget hotels would have opened up. So I'm just wondering, if you strip out the impact on the super budget space, from the budget category, are you seeing momentum on the supply side or on the demand side more recently? And is it going to still take a while before the segment kind of takes -- grows faster than the premium segment that is?

知道了。我的最後一個問題，拉傑什，如果可以的話，現在在預算方面，我們——正如您之前指出的那樣，超級預算部分受到了嚴重影響，因為顯然，折扣消失了，一切都消失了。但經濟完全開放已經有一段時間了，經濟型酒店也已經開業了。所以我只是想知道，如果您從預算類別中剔除對超級預算空間的影響，您最近是否看到供應方或需求方的勢頭？該細分市場是否還需要一段時間才能比高端細分市場增長得更快？

Yes. Vijit, on the supply side and the momentum part of it, absolutely. And actually, even for the budget segment, it's just the ultra-budget segment may be less than INR 1,000 a room night or INR 700, INR 800 a room night, and then that there may be some churn and (inaudible) because the end user price pre-pandemic was, as Mohit was sharing earlier was deeply discounted, et cetera, and it's coming back.

是的。 Vijit，絕對是在供應方面及其動力部分。實際上，即使對於預算部分，也只是超預算部分可能低於每晚 1,000 印度盧比或每晚 700、800 印度盧比，然後可能會出現一些流失（聽不清），因為最終正如莫希特之前分享的那樣，大流行前的用戶價格大幅折扣等等，而且現在正在恢復。

And by the way, I don't think it will be fair to say that it's not coming back. It's coming back actually nicely. It's improving quarter-on-quarter. And it's just taken more time, might take maybe another quarter or 2. And it will come back and eventually it will come back. So I'm not necessarily worried especially in the context of the impact that it has on the P&L overall because of the [XP] levels, right? So -- but at the same time, if you would see anything above INR 1,000, the recovery has been and the momentum has been pretty robust.

順便說一句，我認為說它不會回來是不公平的。它實際上回來得很好。它正在逐季度改善。只是需要更多時間，可能還需要四分之一或兩個季度。它會回來，最終會回來。因此，我不一定擔心，特別是考慮到 [XP] 水平對整體損益表的影響，對吧？因此，但與此同時，如果您看到任何高於 1,000 印度盧比的價格，則表明復蘇已經到來，而且勢頭相當強勁。

Thank you, Vijit. We are already out of time. So anybody who has any questions, please mail it to us and we will take it separately. This brings us to the end of the call. Rajesh, closing comments from you.

謝謝你，維吉特。我們已經沒時間了。所以大家如果有任何疑問，請郵寄給我們，我們會單獨處理。通話到此結束。 Rajesh，結束您的評論。

Yes. Thank you, Vipul, and thank you, everyone, for your time. Thank you for your patience, and we'll stay in touch. Thanks.

是的。謝謝你，Vipul，也謝謝大家抽出寶貴的時間。感謝您的耐心等待，我們將保持聯繫。謝謝。

Thank you, everyone. You may please disconnect now.

謝謝大家。您現在可以斷開連接。

Thank you so much.

太感謝了。