MakeMyTrip Ltd (MMYT) 2025 Q2 法說會逐字稿

Hello, everyone.

大家好。

I'm Vipul Garg, Vice President of Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2025 second-quarter earnings webinar.

我是 MakeMyTrip Limited 投資者關係副總裁 Vipul Garg，歡迎參加我們的 2025 財年第二季財報網路研討會。

Today's event will be hosted by company's leadership team comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; and Mohit Kabra, our Group Chief Financial Officer.

今天的活動將由公司領導團隊主持，其中包括我們的聯合創始人兼集團首席執行官 Rajesh Magow；以及我們集團財務長莫希特·卡布拉 (Mohit Kabra)。

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.

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。

And at the end of these prepared remarks, we will also be hosting a Q&A session.

在這些準備好的演講結束時，我們也將舉辦問答環節。

Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the US Private Securities Litigation Reform Act of 1995.

此外，今天活動中所做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。

These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially.

這些陳述並非對未來績效的保證，存在固有的不確定性，實際結果可能有重大差異。

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.

本次活動期間傳達的任何前瞻性資訊僅代表截至目前的情況，本公司不承擔更新資訊以反映情況變化的義務。

Additional information 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 the SEC on July 2, 2024.

有關這些聲明的更多資訊包含在該公司於 2024 年 7 月 2 日向 SEC 提交的 20-F 表格年度報告的「風險因素和前瞻性聲明」部分中。

Copies of these filings are available from the SEC or from the company's Investor Relations department.

這些文件的副本可從 SEC 或公司的投資者關係部門取得。

I would like to now turn the call over to Rajesh.

我現在想把電話轉給拉傑什。

Over to you, Rajesh.

交給你了，拉傑什。

Thank you, Vipul.

謝謝你，維普爾。

Welcome, everyone, to our second quarter call for fiscal 2025.

歡迎大家參加我們的 2025 財年第二季電話會議。

We are pleased to report another quarter of strong business results with robust growth in the top line and bottom line.

我們很高興地報告又一個季度的強勁業務業績，收入和利潤均強勁增長。

Gross booking value for the quarter stood at $2.3 billion, registering strong year-on-year growth of 24.3% in constant currency terms.

該季度的總預訂價值為 23 億美元，以固定匯率計算，較去年同期強勁成長 24.3%。

Adjusted operating profit at $37.5 million registered a year-on-year growth of about 33%.

調整後營業利潤為 3,750 萬美元，較去年同期成長約 33%。

We managed to deliver this strong performance across all our business segments leveraging our brand and distribution strength and despite the short-term headwinds due to unusual heavy rainfall that impacted demand momentum a bit in an otherwise traditionally low season quarter for leisure travel.

儘管由於不尋常的強降雨造成的短期阻力，在傳統的休閒旅遊淡季季度中對需求勢頭產生了一些影響，但我們還是利用我們的品牌和分銷優勢，在所有業務領域實現了強勁的業績。

We've been consistently outpacing the industry's growth on the back of continued supply side expansion, catering to a variety of travel needs of the Indian consumer, implementing several AI and data science-driven product features, leading to personalized recommendations to improve customer experience and high proportion of repeat customers.

在供給面持續擴張的背景下，我們一直領先於行業成長，滿足印度消費者的各種旅行需求，實施多項由人工智慧和數據科學驅動的產品功能，從而提供個人化建議，以改善客戶體驗和回頭客比例高。

On the macroeconomic front, India's strong growth trajectory remains a compelling narrative on the back of advancements across sectors.

在宏觀經濟方面，在各行業進步的支持下，印度強勁的成長軌跡仍然是一個令人信服的故事。

As per IMF estimates, India is expected to become the world's third largest economy by 2027 after the US and China.

根據國際貨幣基金組織估計，印度預計到2027年將成為繼美國和中國之後的世界第三大經濟體。

The economic rise is fueling the growing consumer class leading to higher discretionary spending, travel and tourism industry is one of the biggest beneficiaries of this increased discretionary spending.

經濟成長推動了消費階層的不斷壯大，導致可自由支配支出增加，旅行和旅遊業是可自由支配支出增加的最大受益者之一。

Furthermore, younger generation aged between 25 and 34 are increasingly willing to travel and explore more one-fifth of the population will age into that group soon, helping the travel segment to grow further.

此外，年齡在25歲至34歲之間的年輕一代越來越願意旅行和探索，五分之一的人口很快就會進入這一群體，這有助於旅行市場的進一步增長。

As per Bernstein estimates, the annual spending on foreign travel by Indians will nearly triple to $89 billion in three years.

根據 Bernstein 估計，印度人每年出國旅遊的支出將在三年內增加近兩倍，達到 890 億美元。

The number of valid Indian passports has also nearly doubled from 52 million a decade ago to 93 million this year.

印度有效護照數量也幾乎翻了一番，從十年前的 5,200 萬本增加到今年的 9,300 萬本。

On the other hand, India's digital economy has been tagged as one of the fastest growing in the world. and the governments, pathbreaking digital India initiatives are playing a critical role in increasing Internet and e-commerce penetration.

另一方面，印度的數位經濟被稱為世界上成長最快的國家之一。和政府而言，開創性的數位印度計畫在提高互聯網和電子商務滲透率方面發揮關鍵作用。

We've been capitalizing on some of these macro trends by constantly improving our product and value proposition for the international outbound travel market.

我們一直在利用其中一些宏觀趨勢，不斷改進我們針對國際出境旅遊市場的產品和價值主張。

We enhanced the business class funnel experience for international flights and have revamped the premium economy class booking flow as well.

我們增強了國際航班的商務艙通路體驗，並改善了豪華經濟艙的預訂流程。

The new funnel features, rich -- features rich visuals and detailed amenities delivering a premium and seamless booking experience that aligns perfectly with the high-end services offered.

新的漏斗功能豐富－具有豐富的視覺效果和詳細的便利設施，提供與所提供的高端服務完美契合的優質無縫預訂體驗。

Similarly, for international hotels, we are enhancing supply and offering options that are relevant to Indian consumers.

同樣，對於國際酒店，我們正在加強供應並提供與印度消費者相關的選擇。

On the customer journey flow side, we have been dialing our features that cater to the unique needs and preferences of Indian consumers, for example, culinary preferences, family-friendly services, et cetera, thus, offering a more personalized experience.

在客戶旅程流程方面，我們一直在調整功能以滿足印度消費者的獨特需求和偏好，例如烹飪偏好、家庭友善服務等，從而提供更個人化的體驗。

As a result, our international air ticketing business and international hotel business continued to witness faster growth than the industry.

國際機票業務、國際酒店業務持續保持高於行業的成長。

International air ticketing business posted year on year a revenue growth of over 39% in constant currency terms and now accounts for 38% of the adjusted margin in the air ticketing business compared to 33% in the same quarter last year.

國際機票業務以固定匯率計算的營收年增超過39%，目前佔機票業務調整後利潤的38%，去年同期為33%。

Our international hotels outbound business revenue grew 62% year on year in constant currency terms and now accounts for about 17% of the adjusted margins from this segment compared to 12.5% in the same quarter last year.

我們的國際飯店出境業務收入以固定匯率計算年增 62%，目前約佔該部門調整後利潤的 17%，而去年同期為 12.5%。

We are not only growing in our traditional markets like Thailand, Singapore, the Middle East and Malaysia, but also in new destinations like Georgia, Vietnam, Hong Kong, Azerbaijan, Kazakhstan, et cetera.

我們不僅在泰國、新加坡、中東和馬來西亞等傳統市場成長，還在喬治亞、越南、香港、亞塞拜然、哈薩克等新目的地成長。

During the quarter, we sold 32,000 plus international hotels across 2,384 cities in 165 countries, which is the highest table spread achieved until now.

本季度，我們在 165 個國家/地區 2,384 個城市銷售了 32,000 多家國際酒店，這是迄今為止實現的最高客座價差。

Total air ticketing business witnessed strong growth.

機票業務總量強勁成長。

Adjusted margin grew by 21.1% year on year in constant currency despite persistent supply issues in the domestic market.

儘管國內市場供應問題持續存在，但以固定匯率計算，調整後利潤率年增 21.1%。

Our accommodation business overall, which includes hotels, homestays and packages continues to grow at a robust pace as well.

我們的整體住宿業務（包括飯店、寄宿家庭和套餐）也持續強勁成長。

We recorded 21.4% year-on-year growth in the adjusted margin on a constant currency basis.

以固定匯率計算，調整後利潤率年增 21.4%。

As mentioned earlier, the prolonged monsoon, along with a significant increase in heavy rainfall, had impacted demand during parts of this quarter.

如前所述，持續的季風以及強降雨的大幅增加影響了本季部分時間的需求。

However, our combined strategy of supply side expansion and sharper targeting of a variety of customer segments with multiple distribution channels has helped us grow in the 20s.

然而，我們的供應方擴張和透過多種分銷管道更明確地瞄準各種客戶群的綜合策略幫助我們在 20 年代實現了成長。

In our holiday packages business, growth has led -- was led by emerging destinations like Australia, Japan and Egypt.

在我們的度假套餐業務中，成長處於領先地位——由澳洲、日本和埃及等新興目的地帶動。

During the quarter, we partnered with LEGOLAND Malaysia Resorts to offer holiday packages with a unique blend of LEGO adventures and rich Malaysian cultural experiences.

在本季度，我們與馬來西亞樂高樂園度假村合作，提供將樂高冒險和豐富的馬來西亞文化體驗獨特融合的度假套餐。

In our bus business, we continue to see broad-based growth across all regions in the country.

在我們的巴士業務中，我們繼續看到全國所有地區的廣泛成長。

On the product side, our localization push continues with the launch of Telugu funnel on Android, extending the Tamil funnel on the mobile web.

在產品方面，我們的在地化工作繼續推進，在 Android 上推出了泰盧固語漏斗，在行動網路上擴展了泰米爾語漏斗。

Bus ticketing in some of the international markets where we are present continues to grow faster with the contribution of revenue from international markets now reaching 12% of the total bus revenue compared to 10% in the same quarter last year.

我們所在的一些國際市場的巴士票務持續快速成長，來自國際市場的收入貢獻目前已達到巴士總收入的 12%，而去年同期為 10%。

Our investments in other transport services such as intercity cabs and trains helped us to deliver 17.6% quarter-on-quarter growth in constant currency in a seasonally weaker leisure travel demand quarter.

我們對城際計程車和火車等其他交通服務的投資幫助我們在休閒旅遊需求季節性疲軟的季度中按固定匯率計算實現了 17.6% 的季度環比增長。

Our corporate travel business via both our platforms, that is myBiz and Quest2Travel, is witnessing strong growth.

我們透過 myBiz 和 Quest2Travel 這兩個平台開展的商務旅行業務正在強勁成長。

Our active corporate customer count on myBiz is now over 59,000-plus; and for Quest2Travel, the active customer count has reached 462 large corporates.

myBiz 上的活躍企業客戶數量現已超過 59,000 名； Quest2Travel 的活躍客戶數量已達 462 家大型企業。

We continue to enhance our product capabilities.

我們不斷增強我們的產品能力。

We completed over 60 integrations with travel and expense management solution partners like

我們與差旅和費用管理解決方案合作夥伴完成了 60 多項集成，例如

(inaudible).

（聽不清楚）。

We also went live with complete self-serve HRMS integrations, connecting more than 200 organizations through the HRMS connector to enable better management of travel expenses.

我們還啟用了完整的自助 HRMS 集成，透過 HRMS 連接器連接 200 多個組織，以更好地管理差旅費用。

On Q2T, we introduced the official Q2T mobile application providing greater accessibility and convenience for corporate clients.

在Q2T上，我們推出了官方Q2T行動應用程序，為企業客戶提供更大的可訪問性和便利性。

Overall, we now have a lifetime transacted user base of 77 million customers across all our three brands.

整體而言，我們三個品牌目前擁有 7,700 萬客戶的終身交易用戶群。

We continue to deepen engagement with our existing customers and add new customers to the platform every quarter.

我們繼續加深與現有客戶的互動，並每季為該平台添加新客戶。

To help consumers who may call their bookings on a single platform, we have launched a considerably improved connected trips experience, completely built in-house on the strength of our data science capability, enabling consumers to book other products and services needed for the trip.

為了幫助可以在單一平台上預訂的消費者，我們推出了顯著改進的互聯旅行體驗，完全依靠我們的數據科學能力內部構建，使消費者能夠預訂旅行所需的其他產品和服務。

It is helping us drive cross-sell and upsell other services.

它幫助我們推動交叉銷售和追加銷售其他服務。

As part of our retention and loyalty strategy, we revamped our MMT Black program on MakeMyTrip and [go drive] loyalty program for our Goibibo customers last quarter with more relevant inclusions like meal and room upgrades, airport pickup, F&B offers, et cetera, for our customers.

作為我們保留和忠誠度策略的一部分，我們在上個季度改進了MakeMyTrip 上的MMT Black 計劃以及為Goibibo 客戶提供的[go Drive] 忠誠度計劃，其中包括更多相關內容，例如餐點和房間升級、機場接送、餐飲優惠等，我們的客戶。

This quarter, we launched our new co-branded credit card in partnership with ICICI Bank, which is one of the leading private banks in the country.

本季度，我們與印度領先的私人銀行之一 ICICI 銀行合作推出了新的聯名信用卡。

With its impressive value proposition, this should help us drive both new customer acquisition as well as repeat transactions on our platforms.

憑藉其令人印象深刻的價值主張，這應該有助於我們推動新客戶的獲取以及我們平台上的重複交易。

Before handing over to Mohit, I want to provide an update on our initiatives regarding the deployment and adoption of GenAI, a core part of our innovation strategy.

在交給 Mohit 之前，我想先介紹一下我們有關 GenAI 部署和採用的舉措的最新情況，GenAI 是我們創新策略的核心部分。

Last quarter, we introduced our GenAI chat bot, Myra, on our international flights funnel.

上季度，我們在國際航班管道中引入了 GenAI 聊天機器人 Myra。

The initial response has been encouraging with Myra successfully handling queries on topics such as date changes, flight details and ancillaries.

最初的反應令人鼓舞，Myra 成功處理了有關日期更改、航班詳細資訊和輔助資訊等主題的查詢。

This quarter, we've launched Myra to enhance the hotel and homestay booking process by offering real-time assistance.

本季度，我們推出了 Myra，透過提供即時幫助來增強飯店和寄宿家庭的預訂流程。

Leveraging generative AI and years of proprietary data, including customer reviews, that chatbot delivers accurate and personalized responses to even the most detailed inquiries.

利用生成式人工智慧和多年的專有數據（包括客戶評論），即使是最詳細的詢問，聊天機器人也能提供準確和個人化的答案。

We plan to further expand its capabilities to handle pricing and availability queries as well as provide personalized hotel recommendations.

我們計劃進一步擴展其處理定價和供應查詢以及提供個人化飯店推薦的能力。

This aligns with our strategy of using AI-driven solutions to boost customer satisfaction and drive growth.

這符合我們使用人工智慧驅動的解決方案來提高客戶滿意度並推動成長的策略。

Similarly, our AI deployment initiatives have been very successful in addressing pre-journey queries on the [Red Bus] app via the GenAI based bot, which has not only resulted in an improvement in customer satisfaction scores, but also productivity gains with an almost 45% decrease in the involvement of customer service agents.

同樣，我們的人工智慧部署計劃在透過基於 GenAI 的機器人解決 [Red Bus] 應用程式上的行前查詢方面非常成功，這不僅提高了客戶滿意度分數，而且還提高了生產力，幾乎提高了 45客戶服務代理的參與度減少了%。

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

現在，讓我將電話轉交給莫希特，了解本季的財務亮點。

Thank you.

謝謝。

Thanks, Rajesh, and hello, everyone.

謝謝拉傑什，大家好。

We have achieved another quarter of growth in the [20s], showcasing strong performance across all business segments.

我們在 20 世紀 20 年代又實現了一個季度的成長，在所有業務領域都展現了強勁的業績。

Gross bookings for the quarter came in at $2.3 billion compared to $1.8 million in the same quarter last year, reflecting a 24.3% year-on-year growth in constant currency.

本季總預訂額為 23 億美元，而去年同期為 180 萬美元，以固定匯率計算年增 24.3%。

Revenue growth as per GAAP came in stronger at 26.5% year on year in constant currency.

以 GAAP 計算，以固定匯率計算，營收年增 26.5%。

This performance is particularly noteworthy given the ongoing supply challenges in the domestic air market and the impact of unusually high rainfall during this monsoon season in India.

考慮到國內航空市場持續面臨的供應挑戰以及印度季風季節異常高降雨量的影響，這一表現尤其值得注意。

Moving on to our segment results.

繼續我們的細分結果。

Our air ticketing gross bookings for the quarter came in at around $1.4 billion, witnessing a year-on-year growth of 20.4% in constant currency.

本季我們的機票總預訂額約為 14 億美元，以固定匯率計算年增 20.4%。

Adjusted margin stood at $96 million, registering a growth of 21.1% in constant currency.

調整後利潤為 9,600 萬美元，以固定匯率計算成長 21.1%。

We continue to expand both our domestic and international outbound business.

我們繼續擴大國內和國際出境業務。

While Rajesh has updated about the continued outperformance in the international ticketing side, let me share some more color on the domestic air ticketing business.

雖然 Rajesh 更新了國際票務方面持續出色的表現，但讓我分享一些有關國內機票業務的更多資訊。

In the domestic air ticketing market, while supply was broadly at similar levels in the last quarter, the market growth picked up marginally to about 6% year on year on (inaudible) basis.

在國內機票市場，雖然供應量與上季基本持平，但市場成長率（聽不清楚）年比小幅回升至 6% 左右。

We continue to grow faster than the market, and our market share stands strong at 30% plus in the domestic flight ticketing business.

我們的成長速度持續快於市場，在國內機票業務中我們的市佔率維持在30%以上。

Gross bookings for our quarter in the hotels and packages segment came in at about $517.2 million, registering a growth of 21.2% year on year on a constant currency basis.

本季飯店和套餐業務的總預訂額約為 5.172 億美元，以固定匯率計算年增 21.2%。

And adjusted margin growth was 21.4% year on year in constant currency terms, resulting in adjusted margin of $90.7 million during the quarter.

以固定匯率計算，調整後利潤年增 21.4%，本季調整後利潤為 9,070 萬美元。

While the last couple of years have seen higher than inflationary increases in room rates, this year, we are seeing that the room rates have started stabilizing and price increases have moderated.

雖然過去幾年房價漲幅高於通貨膨脹，但今年，我們看到房價已開始穩定，價格漲幅也放緩。

We continue to drive supply expansion by going deeper and wider in the Indian market and growing directly contracted hotels in key international markets which are of interest to Indian travelers traveling overseas.

我們繼續透過在印度市場做更深、更廣的業務以及在印度出境遊客感興趣的主要國際市場增加直接簽約酒店來推動供應擴張。

As a result, we now offer over 84,000 domestic accommodation in across 2,100 cities through the length and breadth of the country.

目前，我們在全國 2,100 個城市提供超過 84,000 間國內住宿。

We are scaling our direct contracting for international hotels in line with demand trends and now have directly contracted hotel supplies in over 40 international cities, up from about 21 cities last year.

我們正在根據需求趨勢擴大對國際酒店的直接承包，目前已在 40 多個國際城市直接承包酒店供應，高於去年的約 21 個城市。

In our bus ticketing business, gross bookings for the quarter stood at $263 million growing at 21.5% year on year in constant currency terms.

在我們的巴士票務業務中，本季總預訂額為 2.63 億美元，以固定匯率計算，年增 21.5%。

Adjusted margin stood at $27.1 million, registering a year-on-year growth of over 25.6% in constant currency terms.

調整後利潤為 2,710 萬美元，以固定匯率計算年增超過 25.6%。

The take rate in our business continue to remain stable and in line across all our business segments, that is air ticketing, hotels and packages as well as bus ticketing.

我們業務的使用率持續保持穩定，並與我們所有業務部門保持一致，即機票、飯店和套餐以及巴士票務。

Similarly, our customer acquisition costs, that is marketing and sales promotion expenses, remain efficient and in line with the same quarter last year at 4.6% of gross bookings.

同樣，我們的客戶獲取成本（即行銷和促銷費用）仍然高效，與去年同期持平，佔總預訂量的 4.6%。

This is slightly lower than the 4.8% in the previous quarter linked to change in seasonality.

這略低於上一季與季節性變化相關的 4.8%。

In addition to driving strong bookings and revenue growth, we remain focused on building operating cost efficiencies and driving operating leverage in our fixed costs, including personnel expenses and general or administrative selling expenses, as Rajesh has already highlighted, the significant deployment of GenAI in some of these areas.

除了推動強勁的預訂和收入成長外，我們仍然專注於建立營運成本效率並提高固定成本的營運槓桿，包括人員費用和一般或行政銷售費用，正如 Rajesh 已經強調的那樣，GenAI 在一些領域的重大部署這些領域。

Accordingly, our adjusted operating profit for the quarter came in at $37.5 million, registering a year-on-year growth of 32.9%.

因此，本季調整後營業利潤為 3,750 萬美元，年增 32.9%。

Our cash generation continues to be robust, and cash and cash equivalents at the end of the quarter have now gone beyond the $700 million mark.

我們的現金產生能力持續強勁，本季末的現金和現金等價物現已突破 7 億美元大關。

Besides maintaining a healthy watch list, we will continue to leverage this strong cash position to invest in potential organic and inorganic opportunities.

除了維持健康的觀察名單外，我們將繼續利用強大的現金狀況來投資潛在的有機和無機機會。

We had called out our intent to pursue opportunistic share repurchase or buyback programs at the start of this year.

今年年初，我們曾表示打算實施機會主義的股票回購或回購計畫。

While we could not manage any meaningful repurchases during the reported quarter, we remain committed to the program.

儘管我們在報告季度無法進行任何有意義的回購，但我們仍然致力於該計劃。

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

說到這裡，我想將電話轉回 Vipul 進行問答。

(Event Instructions) Sachin Salgaonkar, Bank of America.

（活動說明）Sachin Salgaonkar，美國銀行。

Congrats on a good set of numbers.

恭喜您獲得了一組不錯的數字。

I have three questions.

我有三個問題。

First question, I wanted to understand a bit more on hotel booking growth.

第一個問題，我想多了解飯店預訂的成長。

It did appear to be slightly slower than previous quarters, but I did also hear the comments from Rajesh earlier on about unexpected monsoon.

它確實比前幾個季度稍微慢一些，但我也聽到了拉傑什早些時候關於意外季風的評論。

Is this a one-off we should look, and then the growth should normalize going ahead?

這是我們應該關注的一次性現象，然後成長就會正常化嗎？

Or anything else which has started to impact the growth out here?

或者還有什麼其他因素已經開始影響這裡的成長？

Yes.

是的。

Sachin, maybe I can take that.

薩欽，也許我可以接受。

Yes, I guess the way I was alluding to, and if you break the quarter, we actually saw July and August growth were normal and some temporary headwinds, thanks to the excessive monsoon in certain areas that we saw sort of causing disruption and hurting the demand momentum a bit.

是的，我想我所提到的方式，如果你打破這個季度，我們實際上看到7 月和8 月的增長是正常的，並且存在一些暫時的逆風，這要歸功於某些地區的過度季風，我們認為這造成了破壞並損害了經濟需求動力有點。

To the best of our understanding, it appears to be temporary because we haven't really seen this continuing.

據我們所知，這似乎是暫時的，因為我們還沒有真正看到這種情況持續下去。

We have seen this bouncing back as well.

我們也看到了這種情況的反彈。

And also, as you go deeper, as we see some of the specific destinations, for example, and on an overall quarter basis if you compare with the year same quarter, we also saw, let's say, for example, Himachal Pradesh as a territory or the mountains in general were very badly impacted last year because of floods.

而且，當你更深入地了解時，例如，當我們看到一些特定目的地時，如果與去年同季度進行比較，我們還看到，例如，喜馬偕爾邦作為一個領土去年，山區總體上因洪水而受到嚴重影響。

And this quarter this year, we saw a robust recovery coming back into those destinations as well.

今年這個季度，我們也看到這些目的地也出現了強勁復甦。

So if you look at more detailed data, it did not point towards sort of -- that any kind of a signal for continued slowdown.

因此，如果你查看更詳細的數據，你會發現它並沒有顯示任何持續放緩的訊號。

It appeared to be temporary in nature, for sure.

當然，這看起來本質上是暫時的。

Rajesh, pretty clear.

拉傑什，說得很清楚。

Just a quick follow-up out here.

這裡只是快速跟進。

Multiple companies across different subsectors are talking about consumption slowdown, not only just Tier 2, Tier 3 cities but also impacting consumers in urban areas.

不同次產業的多家公司都在談論消費放緩，不僅是二、三線城市，也影響了城市地區的消費者。

Any sense in terms of how you guys are looking, especially as we go into already sales season booking?

你們覺得有什麼意義嗎，特別是當我們已經進入銷售季節預訂時？

Any signs of consumption slowdown you are seeing?

您看到任何消費放緩的跡象嗎？

So early days in this quarter given that it's just the beginning of the quarter.

鑑於這只是本季的開始，本季還處於早期階段。

But so far, in whatever number of days that have passed in October, we haven't really seen that, at least in our category.

但到目前為止，無論 10 月過去了多少天，我們都還沒有真正看到這一點，至少在我們的類別中是如此。

So I think it could be a function of just sort of September, maybe a temporary slowdown backlog, catching up in October.

所以我認為這可能只是 9 月的一個功能，也許是暫時的放緩積壓，在 10 月趕上。

And there were some specific period where people were not necessarily traveling, et cetera.

在某些特定時期，人們不一定會旅行，等等。

And sometimes, that period in the other category consumption also takes a hit.

有時，這段時期的其他品類消費也會受到打擊。

I think we will have to wait and watch for this quarter just because it has -- it happens to be a seasonally high quarter for at least the leisure travel.

我認為我們將不得不等待並觀察這個季度，因為它恰好是休閒旅遊的季節性高季度。

But the way October has started, it seems like it will be a good season.

但從十月開始的方式來看，這似乎將是一個好季節。

But like I said, we will have to -- it's early days.

但正如我所說，我們必須這樣做——現在還為時過早。

We will have to just wait for some more time getting into the quarter more until, I'd say, end of October, middle of October -- or middle of November rather, for us to be able to jump to any kind of conclusion.

我們將不得不等待更多的時間進入這個季度，我想說，直到十月底、十月中旬——或者更確切地說，十一月中旬，我們才能得出任何結論。

But the early signs don't look anywhere close to slowing down.

但早期跡像看起來並沒有放緩的跡象。

Second question, as you scale your GenAI, Myra, what kind of revenue benefits and cost savings we should see?

第二個問題，當你擴展 GenAI、Myra 時，我們應該看到什麼樣的收入收益和成本節約？

I hear your comment of 45% decrease in customer service agents.

我聽到您關於客戶服務代理數量減少 45% 的評論。

Any sense in terms of positive impact on numbers?

對數字產生正面影響有什麼意義嗎？

Again, early days, Sachin, I would say, but there are two areas broadly that we are sort of working on deploying this technology.

我想說，薩欽，這還是早期的情況，但我們正在兩個廣泛的領域中努力部署這項技術。

One, as you rightly pointed out, and as we called out as well is actually the areas where we will see more productivity gains, more efficiency gains.

一，正如您正確指出的那樣，正如我們也指出的那樣，實際上我們將在這些領域看到更多的生產力和效率的提高。

And one of the prime areas there is after sales service.

售後服務是主要領域之一。

All our contact center sort of customer service use cases, we are deploying one after another.

我們所有的聯絡中心類型的客戶服務用例，我們都在一個接一個地部署。

We're just mapping the entire journey, and we're deploying and picking up areas and deploying this technology, which has definitely given us efficiency gains.

我們只是繪製整個旅程的地圖，我們正在部署和拾取區域並部署這項技術，這無疑為我們帶來了效率提升。

But for it to sort of reflect completely on P&L, I think it will be a quarter or two down the line.

但要讓它完全反映在損益表上，我認為需要一兩個季度的時間。

We will see the full impact of that.

我們將看到其全面影響。

And that is one area, just more on the cost efficiency or productivity gain side.

這只是一個領域，更多的是在成本效率或生產力提高方面。

The other more important area where there is hopefully, potentially, there will be a larger impact on the better conversion, on the back of better experience is going to be more on the booking customer journey or flows, where this -- whether on -- like, for example, one or two front-end use cases that we have gone live with, it's addressing all the open queries but also helping doing the trip planning.

另一個更重要的領域，希望有可能，在更好的體驗的支持下，對更好的轉換產生更大的影響，這將更多地集中在預訂客戶的旅程或流程上，無論是在… …例如，我們已經使用的一兩個前端用例，它可以解決所有開放查詢，但也有助於製定旅行計劃。

And as we sort of continue to enhance the capabilities of this interface, we believe that there will be a better mouth of the funnel, like absolutely top of the funnel experience getting enhanced.

當我們繼續增強這個介面的功能時，我們相信會有更好的漏斗口，就像漏斗頂部的體驗得到增強一樣。

And therefore, we are getting more and more traffic and hopefully helping the conversion to get better.

因此，我們獲得了越來越多的流量，並希望能夠幫助轉換變得更好。

But again for that also, it will be -- for the impact to sort of reflect our numbers in any meaningful way, because it's going to be a journey, because as you saw the problems, you get more insights and you keep refining the product, will be a couple of quarters down the line.

但同樣，這將是——影響以任何有意義的方式反映我們的數字，因為這將是一個旅程，因為當你看到問題時，你會獲得更多的見解，並不斷完善產品，將在幾個季度之後。

So we will see how it goes, but we are very actually encouraged with the early results that we see and some of the metrics that we are measuring in terms of either the time spent on this kind of an interface more and more of the accuracy of the results that interface is throwing, or on the cost side, part of the journey as we called out in case of [RedBus] that we've seen clear sort of efficiency gains on reduction of some headcount already there as well.

因此，我們將看到它的進展情況，但我們實際上對我們看到的早期結果以及我們正在衡量的一些指標感到鼓舞，無論是花在這種介面上的時間還是越來越多的準確性介面拋出的結果，或在成本方面，正如我們在[RedBus]的情況下所呼籲的，我們已經看到了透過減少一些員工數量而明顯提高的效率。

So early results are very, very encouraging.

所以早期的結果非常非常令人鼓舞。

But I would say for it to show any kind of material impact on the numbers overall, it will take a couple of quarters.

但我想說的是，要讓它對總體數字產生任何實質影響，需要幾個季度的時間。

And my last question is on the [Syndigo] direct push.

我的最後一個問題是關於 [Syndigo] 直接推送。

Clearly, this quarter, your numbers both on booking and take rates were not impacted, but some of your peers appear to be impacted.

顯然，本季度，您的預訂量和接受率都沒有受到影響，但您的一些同行似乎受到了影響。

Any general sense on how we should look at the impact of that on MakeMyTrip, if any?

我們應該如何看待這件事對 MakeMyTrip 的影響（如果有的話）有什麼一般意義嗎？

I would actually say, Sachin, that it again revolves around the fact that how consistently you are -- you continue to keep working on improving the customer experience, not necessarily on the booking flow, but also on the after sales flow and keep adding more new features, differentiated features.

事實上，薩欽，我想說的是，這再次圍繞著這樣一個事實，即你的一致性如何——你繼續努力改善客戶體驗，不一定是在預訂流程上，也包括在售後流程上，並不斷增加更多新功能、差異化功能。

So our endeavor has been just to keep working on that relentlessly and keep coming up with -- we've recently come up with many industry-first features, which is on the back of the rich data that we have and building data science models on top of it, whether it is precancellation or date change or [fair log] or even on the other categories like trip guarantee and so on.

因此，我們的努力就是繼續不懈地努力並不斷提出——我們最近提出了許多行業首創的功能，這些功能是建立在我們擁有的豐富數據和構建數據科學模型的基礎上的。無論是提前取消、日期變更或[公平日誌]，甚至是旅行保證等其他類別。

And because of all these new features and overall experience focus from our side, we believe that we will continue to keep getting our sort of customers or loyal customers back.

由於所有這些新功能和我們對整體體驗的關注，我們相信我們將繼續重新贏得我們的客戶或忠誠的客戶。

I mean, if you see our market share overall despite whatever might be happening in the market, we would have only marginally improved only, just maybe the similar points, but an already pretty high share of the domestic air market, we would have only improved.

我的意思是，如果你看到我們的整體市場份額，無論市場上發生什麼，我們只會略有改善，也許只是相似的點，但國內航空市場的份額已經相當高了，我們只會有所改善。

So I guess we will continue to keep our focus on that front.

所以我想我們將繼續關注這方面。

And so far, it has worked out quite well.

到目前為止，效果非常好。

Manish Adukia, Goldman Sachs.

曼尼什‧阿杜基亞 (Manish Adukia)，高盛。

So first question is actually just a follow-up on the previous question, right, about this whole airline direct thing.

所以第一個問題其實只是上一個問題的後續，對吧，關於整個航空公司直航的事情。

So Rajesh, I mean, have you seen this trend also play out in the past with, let's say, either Indigo or other airlines?

Rajesh，我的意思是，您是否看到過這種趨勢在過去也曾在 Indigo 或其他航空公司中出現過？

And historically, have these been like short term in nature or have you seen them persist?

從歷史上看，這些本質上是短期的還是你看到它們持續存在？

And if so, what have been the offsetting levers?

如果是這樣，抵消槓桿是什麼？

And I appreciate the response you gave to the previous question.

我感謝您對上一個問題的答覆。

But just trying to understand it from an economic standpoint, does it make sense for low-cost carrier to drive traffic directly on their website, given if the traffic comes through your, you bear part of the cost, payment gateway after sales cost of service.

但是，只是想從經濟角度來理解它，對於低成本運營商來說，直接在其網站上增加流量是否有意義，因為如果流量來自您，您將承擔部分成本，支付網關售後服務成本。

Just trying to make sense of the economics of direct push by low-cost carriers versus that getting booked through you and like any past [precedence] there.

只是想弄清楚低成本航空公司直接推動的經濟性與透過您預訂的經濟性，就像過去的[先例]一樣。

Yes.

是的。

No, happy to give more color on this, Manish.

不，很高興對此提供更多的色彩，曼尼什。

I would say actually two aspects.

我其實想說兩個方面。

And I'll come to the specific thing that you mentioned, the economics part of it.

我將談談你提到的具體問題，也就是其中的經濟學部分。

But before that, I think what is also important to sort of keep in mind is that from a consumer point of view, typically, even if there are, relatively speaking, fewer options and now the same consumer would be traveling domestically and also looking to travel internationally, would always look to explore more options, right?

但在此之前，我認為同樣重要的是要記住，從消費者的角度來看，通常情況下，即使相對而言，選擇較少，而且現在同一個消費者會在國內旅行，並且也希望出國旅行，總是會尋求探索更多選擇，對吧？

So it's a selection before you end up sort of making the choice.

所以，在你最終做出選擇之前，這是一個選擇。

So I think we should always keep that thing in mind.

所以我認為我們應該始終牢記這一點。

And from that perspective, there will always be exploration on the platforms to look for more options before you end up making your choice.

從這個角度來看，在您最終做出選擇之前，總是會在平台上進行探索以尋找更多選擇。

That's point number one.

這是第一點。

And that's always long term.

這總是長期的。

That is -- and that will be, I would say, across categories, not necessarily in a particular category or in a particular product.

我想說，這將是跨類別的，不一定是在特定類別或特定產品中。

And then coming to economics, the way the current model and the overall sort of market dynamics in terms of, let's say, cost of customer acquisition in the online world today in India, where the search engine has the lion's share of the total market, it's obviously very competitive.

然後談到經濟學，目前的模式和整體市場動態，例如，當今印度在線世界的客戶獲取成本，搜尋引擎在整個市場中佔據最大份額，顯然競爭非常激烈。

It's not necessarily cheaper or less expensive for anyone to be able to sort of acquire and compete in the marketplace and acquire traffic.

對於任何人來說，能夠在市場上獲得和競爭並獲得流量並不一定更便宜或更便宜。

So from that point of view, there will always be a challenge.

所以從這個角度來看，挑戰總是存在的。

And given that not only us, but all the other digital players across categories over the years have built those capabilities quite deep for them to be able to optimize and sharply target the customers, et cetera, thereby optimizing the cost of customer acquisition.

考慮到不僅是我們，而且多年來跨類別的所有其他數位參與者都已經建立了相當深入的這些能力，使他們能夠優化和敏銳地瞄準客戶等，從而優化客戶獲取成本。

Not only that, and also the brand built over a period of time also sort of helps.

不僅如此，經過一段時間建立的品牌也有一定的幫助。

And then on the other cost, which is an important cost attached to this is also cost of servicing.

然後是其他成本，這是附加的重要成本，也是服務成本。

And so the post sales cost in the aviation world is nontrivial to my mind.

因此，在我看來，航空界的售後成本並非微不足道。

Because every now and then there is something or the other that happens more from a macro disruption standpoint, whether it is weather related or it is something else going on in some part of the world.

因為從宏觀破壞的角度來看，時不時會發生一些事情，無論是與天氣有關還是世界某些地區正在發生的其他事情。

Every now and then there will be disruptions as we have seen.

正如我們所看到的，時不時就會出現混亂。

And in that situation, you have to have those capabilities for you to be able to service the customers and that comes with the cost.

在這種情況下，您必須具備這些能力才能為客戶提供服務，而這會帶來成本。

And over the years because of our volume, because of our effort to sort of streamline the process, et cetera, we've come a long way in terms of just the maturity of all those processes and all of that.

多年來，由於我們的數量、由於我們為簡化流程所做的努力等等，我們在所有這些流程的成熟度方面取得了長足的進步。

Now having said all of this, we also believe that if you have to look at the full pie, so out of the 100%, if there -- and it's not that there is one channel who would be able to meet all the needs given that this is a massive growing market.

說了這麼多，我們還相信，如果你必須看完整的餅，那麼在 100% 的情況下，如果存在的話，並不是說有一個渠道能夠滿足給定的所有需求這是一個巨大的增長市場。

There is so much of supply that is coming.

即將有大量供應。

The future outlook is so robust for travel and tourism.

旅行和旅遊業的未來前景非常樂觀。

So if the market is going to expand, there is room for all channels to grow.

因此，如果市場要擴大，所有通路都有成長的空間。

There is definitely room for us to grow.

我們絕對有成長的空間。

There may be some room for direct to grow if the economics work out for any of the direct channels.

如果任何直銷管道的經濟狀況良好，直銷可能還有一定的成長空間。

And therefore, we don't necessarily sort of see it like in an overtly obsessed manner, rather than focus on just delivering value to the consumer, delivering value to the partners, work closely with the partners and see how can we sort of maybe take the lion's share of whatever number of consumers that are out there in the market and the rest will fall in place.

因此，我們不一定以一種過度痴迷的方式看待它，而不是專注於為消費者提供價值，為合作夥伴提供價值，與合作夥伴密切合作，看看我們如何採取行動無論市場上有多少消費者，其中的大部分份額都會被取代，其餘的將就位。

So I guess that really has been our approach over the years.

所以我想這確實是我們多年來的做法。

And it has worked so far, and we would like to continue with that way.

到目前為止，它一直有效，我們希望繼續這樣做。

Really appreciate that detailed insight.

真的很欣賞這種細緻的見解。

My second question may be directed to Mohit.

我的第二個問題可能是針對莫希特的。

I mean, Mohit, you mentioned north of [$700 million] of cash now may be generating more than $150 million of annual cash EBITDA.

我的意思是，Mohit，您提到 [7 億美元] 的現金現在可能會產生超過 1.5 億美元的年度現金 EBITDA。

And you talked about opportunistic buyback and maybe some organic inorganic initiatives.

您談到了機會主義回購，也許還有一些有機無機措施。

So I mean, one, trying to understand this $60 million cap that you have on buyback program, like how are you thinking about that?

所以我的意思是，第一，試著了解您的回購計畫的 6000 萬美元上限，您是如何考慮的？

Is that like cast in stone?

是不是像石頭一樣？

And what will make that number of $60 million move higher?

什麼會讓 6000 萬美元的數字更高？

And if that number right now, that $60 million, does that mean the remaining $100 million of surplus cash that you're generating annually, you are at this point in time looking at deploying that kind of capital towards inorganic opportunities?

如果現在這個數字是 6000 萬美元，這是否意味著您每年產生的剩餘現金為 1 億美元，您目前正在考慮將此類資本部署到無機機會上？

And are these inorganic opportunities likely to be largely in international markets?

這些無機機會是否可能主要集中在國際市場？

Or could there also be domestic opportunities?

或是國內也有機會嗎？

Let me begin with the repurchase program, Manish, and probably wanted to just clarify then the current kind of plan that we have in place already, it was a plan that was started with about $150 million and still has about $135 million or so available for deployment in the repurchase program.

讓我從回購計劃開始，Manish，我可能想澄清一下我們目前已經制定的計劃，該計劃的啟動資金約為 1.5 億美元，目前仍有約 1.35 億美元左右的資金可用於回購。回購計劃中。

So it's much larger than $60 million.

所以它比 6000 萬美元大得多。

And secondly, like you had called out, this is an existing plan.

其次，正如您所說，這是一個現有的計劃。

And since we haven't really utilize the plan fully as you had, in fact, kind of just about dipped about 10% of it has been utilized out of the $150 million that we had carved out initially, and therefore, we haven't kind of made any change to the overall plan numbers in terms of deployment that we can do.

事實上，由於我們沒有像您那樣充分利用該計劃，因此我們最初撥出的 1.5 億美元中只使用了大約 10%，因此，我們沒有在我們可以做的部署方面對總體計劃數字進行了任何改變。

But once we kind of fully -- or get closer to fully utilizing the plan, I'm sure we'll be happy to kind of add more kind of amounts to the larger plan program.

但是，一旦我們完全或接近充分利用該計劃，我相信我們會很樂意為更大的計劃項目添加更多金額。

So this is more going to be a continued effort, and I don't think it will get constrained by the size of the plan that is out there currently.

因此，這將是一項持續的努力，我認為它不會受到當前計劃規模的限制。

Great.

偉大的。

I was just referring to $60 million number, I think, which is the annual number, maximum for share buyback.

我認為我只是指 6000 萬美元的數字，這是股票回購的年度最高數字。

I thought I saw that in your 6-K.

我想我在你的 6-K 中看到了這一點。

No.

不。

Okay, okay.

好吧，好吧。

Sure.

當然。

Maybe I'll take another.

也許我會再拿一個。

No, no, you don't necessarily kind of need to restrict anything to an annual number.

不，不，您不一定需要將任何內容限制為年度數字。

I think our targeting was that we haven't really been able to deploy significantly.

我認為我們的目標是我們還沒有真正能夠進行重大部署。

So let's say at least kind of a plan -- wrap up at least to that extent, to begin with.

因此，我們至少可以說是一個計劃——至少從一開始就達到這個程度。

Understood.

明白了。

And just on the organic or inorganic opportunities, where do you see them, if at all, in international or domestic markets?

就有機或無機機會而言，您在哪裡看到它們（如果有的話）在國際或國內市場？

So actually, both.

所以實際上，兩者都是。

I mean, as you know, our focus kind of remains on the domestic Indian customer, whether traveling for domestic purposes or overseas.

我的意思是，如您所知，我們的重點仍然是印度國內客戶，無論是國內旅行還是海外旅行。

And therefore, we do believe that a large part of our organic or inorganic investments will continue to happen in the domestic space from a point of view of servicing the Indian customer.

因此，我們確實相信，從服務印度客戶的角度來看，我們的大部分有機或無機投資將繼續發生在國內領域。

But like we've called out, we've also kind of made some moves.

但正如我們所呼籲的那樣，我們也採取了一些行動。

We have set up an operation in UAE.

我們已在阿聯酋設立了辦事處。

We also kind of set up some operations in multiple countries in Southeast Asia.

我們也在東南亞多個國家設立了一些業務。

And therefore, these are areas where we'll kind of keep expanding.

因此，這些是我們將繼續擴展的領域。

Also, if you really look at it, there are new customer segments, whether on the corporate side or on the small travel agent side, the B2B kind of segments that we've kind of gotten into.

此外，如果你仔細觀察，你會發現新的客戶群，無論是在公司方面還是在小型旅行社方面，我們已經涉足了 B2B 類細分市場。

Right now, like we have said, we've only gotten into it from a domestic kind of customer targeting point of view.

現在，就像我們所說的，我們只是從國內客戶定位的角度出發。

But there's always opportunity for us to kind of go into international markets also on these customer bases.

但我們總是有機會在這些客戶群上進入國際市場。

So all of these would remain as potential opportunities for us to look at in terms of future investments.

因此，所有這些都將仍然是我們在未來投資方面考慮的潛在機會。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

(inaudible) consolidated performance amidst this industry backdrop.

（聽不清楚）在這個行業背景下的綜合業績。

My first question is on getting some sense on repeat behavior versus a new customer driving how much of growth.

我的第一個問題是了解重複行為與新客戶推動成長的程度。

And to that extent, is it possible to bucket the total advertising and promotion spend between the new customers and the existing repeat customers?

從這個意義上說，是否有可能將新客戶和現有回頭客之間的廣告和促銷總支出進行比較？

I could take that, Gaurav.

我可以接受，高拉夫。

Like we have said, we've been trending at about 70% of our transactions coming from existing customers.

正如我們所說，我們的趨勢顯示大約 70% 的交易來自現有客戶。

So there's the key metrics that we kind of keep calling out because we believe that's kind of very indicative of how well are we able to kind of target our existing customers in terms of repeat buying behavior.

因此，我們不斷提出一些關鍵指標，因為我們相信這非常表明我們在重複購買行為方面能夠在多大程度上瞄準現有客戶。

So that continues.

就這樣繼續下去。

That hasn't kind of really changed.

這並沒有真正改變。

And therefore, the repeat metric in that manner has remained consistent and strong over the years.

因此，多年來，這種方式的重複指標一直保持一致和強勁。

In terms of bifurcation of spend, like I said, see, there are multiple kind of ways that we kind of tend to target our customer acquisition.

就支出的分歧而言，正如我所說，我們傾向於採用多種方式來瞄準客戶獲取。

This includes both brand marketing, just to kind of keep growing the organic traffic.

這包括品牌行銷，只是為了保持有機流量的成長。

As you know, we have a very high share of organic traffic coming onto our platforms and which keeps our overall customer action cost very efficient.

如您所知，我們平台上的自然流量份額非常高，這使我們的整體客戶行動成本非常有效率。

But these are slightly longer-term rewarding kind of programs because the effect immediately is not necessarily entirely kind of received in a quarter or two.

但這些都是稍微長期回報的計劃，因為立即產生的效果不一定在一兩個季度內就能完全收到。

These are more for driving continued brand recall and keeping the brand alive in the customer's mindset

這些更多的是為了推動持續的品牌回憶並保持品牌在客戶心中的活力

Plus doing a variety of programs, both in terms of tactical customer [regression] via online platforms or kind of doing promotions on our own platforms in terms of direct engagement with the customers through our apps.

另外還執行各種計劃，無論是透過線上平台進行戰術客戶[回歸]，還是在我們自己的平台上透過我們的應用程式與客戶直接互動進行促銷。

Now again, here, since we don't necessarily are in a single segment, per se, there's a lot of overlap in terms of customer buying behavior across the segments.

現在再說一遍，由於我們本身不一定屬於單一細分市場，因此各個細分市場的客戶購買行為存在許多重疊。

And therefore, while the customer may not be new to the platform, they might be new in terms of certain transactions that we might be doing which might be for the first time on the platform in terms of the services that the customer is availing.

因此，雖然客戶可能對平台並不陌生，但就我們可能正在進行的某些交易而言，他們可能是新的，就客戶正在使用的服務而言，這可能是第一次在平台上進行。

So I think we would kind of therefore recommend looking at the overall blended customer costs, as the most appropriate metric because we've always called out that as far as in the manner that we believe, the best way to look at overall expenses is at a platform level rather than by segment, whether in terms of business segments or in terms of customer segments.

因此，我認為我們會建議將整體混合客戶成本作為最合適的指標，因為我們總是指出，就我們認為的方式而言，查看整體費用的最佳方法是無論是業務細分還是客戶細分，都是平台層面而不是細分市場。

Got it.

知道了。

My second question is on trajectory of margins.

我的第二個問題是關於利潤率的軌跡。

Last year, if you see, despite seasonality, you were able to hold on to the margins very stable, consistent throughout the quarters.

去年，如果你看的話，儘管存在季節性因素，但你能夠在整個季度保持非常穩定、一致的利潤率。

This year also first half has seen very consistent margin performance.

今年上半年的利潤率表現也非常穩定。

Should one expect some bit of a seasonality to play out, not just in revenues in second half because of a strong season, but also flow-through effect on the margins and assume that second half margin could be attack better than the first half?

人們是否應該預期會出現一些季節性因素，不僅是因為旺季而導致下半年的收入，而且還包括利潤率的流動效應，並假設下半年的利潤率可能會比上半年更好？

Actually, if you look at it on the margin side, we've been calling out for the last few quarters that we do believe that we are likely to remain in a stable kind of range across businesses -- across business segments, actually, honestly, while we could see some kind of impacts coming on a quarter-on-quarter basis.

事實上，如果你從利潤方面來看，我們在過去幾個季度一直在呼籲，我們確實相信我們可能會在各個業務領域（實際上，老實說，各個業務部門）保持在穩定的範圍內，雖然我們可以看到某些季度季比的影響。

But broader term speaking, we do believe that these margins will largely remain in range.

但從更廣泛的角度來看，我們確實相信這些利潤率基本上將保持在一定範圍內。

And therefore, it will be (inaudible) called out specifically that across business segments, margins have continued to keep coming in line with our estimates, and we expect it to continue.

因此，將（聽不清楚）特別指出，跨業務部門的利潤率繼續保持與我們的預期一致，並且我們預計這種情況將繼續下去。

Luckily, if you look at it from a seasonality point of view, both H1 and H2 have on better seasonality quarter and one slightly lower seasonality quarter.

幸運的是，如果從季節性角度來看，上半年和下半年都有較好的季節性季度和略低的季節性季度。

And therefore, I don't really see too much of a change on the margin structure, at least as of today, whether in the second half as well.

因此，至少截至今天，我並沒有真正看到利潤結構有太大變化，無論是下半年也是如此。

All right.

好的。

And last question, any metric on cross-sell that we can share that helps us to understand your strategy of going after the other segments like train and all has helped to acquire -- not just acquire customers, but also to cross-sell them your existing offerings?

最後一個問題，我們可以分享的任何交叉銷售指標都有助於我們了解您追求火車等其他細分市場的策略，所有這些都有助於獲取客戶，不僅是獲取客戶，而且還可以向他們交叉銷售您的產品。

So if you look at it, Gaurav, we started kind of now sharing gross bookings in our other segment, which is largely representing the gross bookings coming in from rail or kind of cap transactions.

因此，如果你看一下，Gaurav，我們現在開始在其他部門分享總預訂量，這在很大程度上代表了來自鐵路或某種上限交易的總預訂量。

And the growth in that kind of is indicative of how well kind of those categories are going.

這種增長表明了這些類別的進展。

And also the fact that overall repeat, despite the continued increase in terms of overall transacted base of customers which has kind of kept increasing, now kind of stands at about INR77 million.

還有一個事實是，儘管客戶整體交易基礎持續增加，但整體重複次數目前約為 7,700 萬印度盧比。

Despite the continued increase in the transaction customer base, we are still able to manage close to about 70% transactions coming in from our existing increasing base.

儘管交易客戶群持續增加，我們仍然能夠管理來自現有不斷增加的客戶群的近 70% 的交易。

So I think that kind of goes to suggest that irrespective of which segment that we are targeting, based on market dynamics at any given point in time, the repeat behavior of the cross-sell behavior continues to remain strong.

因此，我認為這表明，無論我們瞄準哪個細分市場，根據任何給定時間點的市場動態，交叉銷售行為的重複行為仍然保持強勁。

Aditya Suresh, Macquarie.

阿迪亞·蘇雷什，麥格理。

Two questions.

兩個問題。

One is, can you help unpack the share of international in gross bookings for air and hotels separately?

一是，您能否協助分別分析國際航班和飯店預訂總額中所佔的份額？

The impact of air and hotels and international mix, I mean, largely given it for our registered margin are there and that we have been sharing that if you really look at it, on the mix from international air has now improved to about 38%.

我的意思是，航空、酒店和國際組合的影響很大程度上是因為我們的註冊利潤率是存在的，而且我們一直在分享，如果你仔細觀察的話，國際航空對組合的影響現在已經提高到約38%。

And when it comes to hotels, the mix now stands at close to about 18%.

就酒店而言，這一比例目前接近 18% 左右。

Okay.

好的。

And just as a follow-up on this was on the ancillary services, right?

正如輔助服務的後續行動一樣，對吧？

Can you help kind of clarify and textualize, as you kind of book more international, my understanding is that you will see greater sales of maybe insurance and FX on these things.

您能否幫助澄清和文本化，因為您的預訂更加國際化，我的理解是，您將看到這些東西上的保險和外匯的銷售量更大。

Can you help us understand the attach rate here which you all have seen?

您能幫我們了解一下你們都看到的這裡的附加率嗎？

And therefore, we can then make some sense on potential growth in (inaudible) services?

因此，我們可以對（聽不清楚）服務的潛在成長有一定的了解嗎？

We don't really see any kind of significant change in terms of attach rates and.

我們確實沒有看到附加率方面有任何重大變化。

They're kind of to be in line with how they have kind of trended in the past.

它們有點符合過去的趨勢。

A large part of the increase that you're seeing on the other segments growing much faster comes from the fact that we now have a lot of kind of new services being clubbed under the other segment.

您在其他細分市場上看到的成長速度更快的很大一部分來自於這樣一個事實：我們現在有很多新服務被歸類在其他細分市場。

Like we had called out earlier, this would largely be comprising of insurance and, say, tech services.

正如我們之前所說，這主要包括保險和技術服務。

Now we've got car rentals out there.

現在我們已經有汽車租賃服務了。

We have got ForEx out there.

我們有外匯。

Plus, as we kind of keep dialing up the non-B2C platforms, all the kind of continued improvements in the book your services that we are adding for our corporate or our trade partners, those are also helping drive up the other segment at a much faster pace.

另外，隨著我們不斷撥打非 B2C 平台，我們為我們的公司或貿易夥伴添加的服務中的所有類型的持續改進，這些也有助於大幅推動其他細分市場的發展。 。

So that's the reason that others kind of has been growing much faster for us.

這就是其他公司對我們來說成長得更快的原因。

Maybe just one final piece.

也許只是最後一件作品。

For the hotel segment in this quarter, it seems that the value per booking has come off, right?

對於本季的飯店業務來說，每次預訂的價值似乎有所下降，對嗎？

And this is despite you seeing more international in the mix.

儘管你看到更多的國際化組合，但情況還是如此。

Can you help us understand that?

你能幫助我們理解這一點嗎？

I actually called it out, that you really see, the price increases have moderated.

我實際上指出了這一點，你真的看到了，價格上漲已經放緩。

So if you -- and we used to call this out.

所以如果你──我們曾經說過這一點。

We have been calling this out for the last quarter or two that we do believe that we'll kind of get into more stable kind of price regime in this particular year compared to, say, the last two years.

我們在過去一兩個季度一直在呼籲這一點，我們確實相信，與過去兩年相比，今年我們將進入更穩定的價格體系。

The last two years actually also saw an overall catch up in terms of prices because prices haven't kind of seen an increase since pre-pandemic, right?

過去兩年實際上價格也出現了整體上漲，因為自大流行前以來價格沒有上漲，對嗎？

So it was almost like four years of increases coming through in like two years.

所以這幾乎就像四年的成長在兩年內完成。

Whereas now, it's going to be more moderate.

而現在，它會變得更加溫和。

And that is what we're kind of seeing.

這就是我們所看到的。

Prices are largely holding or seeing a slight kind of increase.

價格基本上保持不變或略有上漲。

No significant kind of hyperinflation in the room prices currently.

目前房價沒有出現明顯的惡性通膨。

But the mix -- the slight improvement that we kind of continue to see on a year on year basis, we'll continue because the mix is improving in favor of international.

但混合——我們繼續看到逐年的輕微改善，我們將繼續下去，因為混合正在改善，有利於國際。

But within the respective segments, prices aren't really kind of seeing any significant increase.

但在各個細分市場內，價格並沒有真正出現任何顯著上漲。

Vijit Jain, Citi.

維吉特·賈恩，花旗銀行。

Congratulations on a great set of numbers.

恭喜您取得了一系列出色的數字。

My first question is on the international outbound hotel business.

我的第一個問題是關於國際出境酒店業務的。

Does this have lower share of packaged trips versus your overall hotels and package business?

與您的整體飯店和套裝業務相比，這在套裝行程中所佔的份額是否較低？

Because I'm just looking at the service cost you charge to hotels and packages, and that seems to be a bit more flattish.

因為我只是看你向酒店和套餐收取的服務費用，這似乎有點平淡。

Just wondering if that's the case here.

只是想知道這裡是否是這種情況。

No, Vijit, maybe I can take that.

不，維吉特，也許我可以接受。

Actually, from a seasonality point of view, is a low season quarter for holiday packages and more so international packagers.

實際上，從季節性的角度來看，這是假日套餐的淡季季度，對於國際包裝商來說更是如此。

And therefore, this is more in line with seasonality than anything else.

因此，這比其他任何事情都更符合季節性。

Okay.

好的。

I actually was just looking at the Y-o-Y number only in there, and it seems like your hotel business, obviously, the overall hotels and packages is up or 20%.

事實上，我只是看了那裡的同比數字，看起來你的酒店業務，顯然，整體酒店和套餐上漲了 20%。

This number seems to be up maybe [10%] despite international doing well, and I would have thought international would have higher share of packages.

儘管國際業務表現良好，但這個數字似乎上升了 [10%]，而且我原以為國際業務將擁有更高的包裹份額。

The international that we have called out is international hotels, not hotels and packages.

我們所說的國際是國際酒店，不是酒店和套餐。

Okay.

好的。

I see.

我懂了。

Got it.

知道了。

The second question I had was, so in your mix in hotels, right, sticking to the international, to what extent do you have direct bookings versus agent bookings?

我的第二個問題是，在你們的飯店組合中，對吧，堅持國際化，你們的直接預訂與代理商預訂的比例如何？

So it's generally, if you see for any OTA, you would kind of have much larger share of direct contracting when it comes to your home markets.

因此，一般來說，如果你看到任何 OTA，當涉及到你的國內市場時，你會擁有更大的直接簽約份額。

But on the international markets, you tend to have a mix of your own directly contracted inventory as well as inventory that you're taking from your partners.

但在國際市場上，您傾向於混合使用自己直接簽訂合約的庫存以及從合作夥伴那裡獲得的庫存。

We believe -- our endeavor has been that as volumes for any particular city keep increasing, we keep dialing up the direct contracting effort.

我們相信，我們的努力是，隨著任何特定城市的交易量不斷增加，我們將不斷加強直接承包。

In many cases, where the -- particularly, say, for instance, in the long tail of cities where demand is kind of much lower, it is often kind of more rewarding to have affiliated inventory rather than kind of putting your own resourcing in terms of directly contracted agreements over there.

在許多情況下，尤其是在需求低得多的長尾城市，擁有附屬庫存通常比使用自己的資源更有價值那裡直接簽訂的協議。

But we've been scaling that up, like I have called out.

但正如我所呼籲的那樣，我們一直在擴大這一規模。

Almost we now have directly contracted hotels in over 40 cities, international cities compared to say about 31 cities during last year.

我們現在幾乎在 40 多個城市（國際城市）直接簽約了酒店，而去年大約有 31 個城市。

And this effort will continue.

而這種努力將會持續下去。

In terms of percentage of room nights, which come in from directly contacted hotels, this generally tends to hover around the 50%, 60% mark.

就來自直接聯繫飯店的間夜百分比而言，通常徘徊在 50% 至 60% 左右。

And we believe even in the longer run, irrespective of the number of cities that we kind of dial up, at least one-third of the business will tend to keep coming in from, say, partnered programs rather than necessarily directly contracted programs.

我們相信，即使從長遠來看，無論我們撥打的城市數量有多少，至少三分之一的業務將傾向於繼續來自合作項目，而不是直接簽署項目。

So at least in the medium term, say, over the next two to three years, we do believe our endeavor would be to try and see if we can keep it within the 50% to 65% range.

因此，至少從中期來看，例如在未來兩到三年內，我們確實相信我們會努力嘗試看看是否可以將其保持在 50% 到 65% 的範圍內。

Maybe, Vijit, maybe if I can just add one more comment on what Mohit said, 50% to 60% is an overall number.

也許，Vijit，也許我可以對 Mohit 所說的話再補充一點，50% 到 60% 是一個總體數字。

But in the cities where we've been giving a huge amount of throughput historically, and it's only growing, like there's Southeast Asia, a few examples like Thailand, Malaysia, Singapore and all, this number goes as high as 75%.

但在歷史上我們一直提供大量吞吐量的城市，而且這個數字還在不斷增長，例如東南亞，泰國、馬來西亞、新加坡等，這個數字高達 75%。

So anywhere between 70% to 75% business will come from directly contracted hotels.

因此，70% 到 75% 的業務將來自直接簽約的飯店。

Got it.

知道了。

And my next question is, in general, for the hotels -- for your hotel business, right -- or rather the hotels that you work with, what do you think is the B2B, B2C kind of mix?

我的下一個問題是，總的來說，對於酒店來說——對於你的酒店業務，對吧——或者更確切地說是與你合作的酒店，你認為 B2B、B2C 的混合是什麼？

I'm just trying to get a sense of, in your B2C part of the business, what could be the steady state online penetration?

我只是想了解一下，在您的 B2C 業務部分，穩定的線上滲透率可能是多少？

It would definitely not be 60% or 70%, right, realistically speaking?

說實話，一定不會是60%、70%吧？

Vijit, all the numbers that we're calling out are for the business as a whole.

Vijit，我們撥打的所有數字都是針對整個企業的。

And I'll think we'll stick to that.

我想我們會堅持下去。

Okay.

好的。

No, I mean, in general, say, online penetration within international segment...

不，我的意思是，一般來說，國際市場的線上滲透率...

For international hotels or for domestic?

國際飯店還是國內飯店？

Both, in fact.

事實上，兩者都是。

I was just trying to get a general sense where the online.

我只是想大致了解一下網路上的情況。

Happy to give you a directional sense on the online penetration for hotels relative to, by the way, flight domestic flights is much lower, and therefore, more headroom.

很高興為您提供有關酒店在線滲透率的方向感，順便說一句，相對於國內航班，酒店的在線滲透率要低得多，因此有更多的空間。

And within the hotel segment, international hotels is even lower.

在酒店領域，國際酒店的價格甚至更低。

So international hotels -- and I guess that is the point that you were alluding to earlier as well. that maybe outgone packages share is higher.

國際飯店—我想這也是您之前提到的一點。也許外發包的份額更高。

That used to be the case historically.

歷史上曾經是這樣的。

But of late, given the digitization driving the country and consumer behavior changing rapidly, the online hotels a la carte bookings have been growing significantly, and therefore, penetration is improving.

但近來，隨著國家數位化的發展和消費者行為的迅速變化，線上飯店點菜預訂量大幅增長，滲透率正在提高。

But just to give you the numbers.

但只是給你數字。

The international hotels penetration would be anywhere between 15% -- around 10% to 15% if that, and therefore a lot of headroom.

國際飯店的滲透率將在 15% 之間——如果是的話，大約是 10% 到 15%，因此還有很大的發展空間。

So a lot of it will be off-line through the packages, et cetera.

因此，許多內容將透過軟體包等方式離線。

Historically, it's also very fragmented.

從歷史上看，它也非常碎片化。

On the domestic hotels, if you include homestays, alternative accommodations, et cetera, again, it will be between 15% to 20%.

國內飯店，如果算上民宿、其他住宿等，還是在15%到20%之間。

But if you look at certain segments of the hotels, especially premium hotels, it might be between 20% to 25%.

但如果你看看飯店的某些部分，尤其是高級飯店，這個比例可能在 20% 到 25% 之間。

Got it.

知道了。

And I mean, with the premium hotels, it's harder for it to go up above 15% to 20%.

我的意思是，對於高級飯店來說，其漲幅很難超過 15% 到 20%。

No, no, no, absolutely not.

不，不，不，絕對不是。

So if you look at some of the international countries' benchmark, overall, there are many countries where it has touched -- and I'm talking about Western World, Europe and US, anywhere between 40% to 50%.

因此，如果你看一些國際國家的基準，總的來說，有很多國家都受到了影響——我說的是西方世界、歐洲和美國，在 40% 到 50% 之間。

Ankur Rudra, JPMorgan.

安庫爾·魯德拉，摩根大通。

Good quarter.

好季度。

Maybe the first question, you shared the salience of the international business both in air and hotel.

也許是第一個問題，您分享了航空和酒店領域國際業務的重要性。

Just as a reminder, is that volume or value?

提醒一下，這是數量還是價值？

That's value.

這就是價值。

Value, the revenue line, adjusted margin line.

價值、收入線、調整後的利潤線。

Okay.

好的。

Excellent.

出色的。

So just a very basic question again.

這又是一個非常基本的問題。

Just to remind us, why is the salience of international by value so much lower in hotel versus air?

只是提醒我們，為什麼國際飯店的價值顯著性比航空低很多？

Is this more of a supply issue?

這更多的是供應問題嗎？

Or is this more about what the average price of room nights comparison between international and domestic is different from what is in the air segments?

或者這更多的是國際和國內之間的間夜平均價格比較與航空段的差異？

I could take that, Ankur.

我可以接受，安庫爾。

And largely stemming from the fact that if you really look at it, we have been trying to kind of get into the international air ticketing market for many, many more years then the kind of curation of the international hotel business, which has happened only over the last, I would say, possibly like five to six years.

很大程度上源於這樣一個事實：如果你真正觀察一下，我們多年來一直在嘗試進入國際機票市場，而國際酒店業務的管理則只發生了幾年。年。

And therefore, it's more recency of kind of getting into that particular segment.

因此，進入該特定細分市場的時間更近。

Just like the buying behavior even on hotel side, if you will look at it overall, even domestic hotels, the online penetration is much lesser compared to say, domestic light.

就像飯店方面的購買行為一樣，如果你從整體來看，即使是國內飯店，線上滲透率也比國內輕旅要低得多。

And that same buying behavior kind of reflects on the international segments as well.

同樣的購買行為也反映在國際市場上。

Okay.

好的。

So then one would say it's more of partnership -- so is it more consumer perception of value from your platform?

那麼有人會說這更多的是合作關係──那麼消費者對你的平台的價值感知是否更多？

Or is it more of the supply you have, just to sort of differentiate between those two?.

還是您擁有更多的供應，只是為了區分這兩者？

.

。

Yes, a combination of, I would say, customer buying behavior, and therefore, how the kind of platforms have responded to it over a period of time.

是的，我想說，這是客戶購買行為以及平台在一段時間內如何對此做出反應的綜合因素。

Okay.

好的。

Understood.

明白了。

Secondly, if I just want to dig a bit deeper on the strength in air you've been seeing.

其次，如果我只是想更深入地了解你所看到的空氣的力量。

Beyond the mix where international is growing more, is there anything more that you're doing, which is helping your volume and [GOV] growth?

除了國際業務不斷成長之外，您還做了什麼其他事情來幫助您的業務量和 [GOV] 成長？

On the air ticketing side?

機票方面？

Air ticketing side, yes, I mean, your volume versus market and (inaudible) growth (inaudible) market.

機票方面，是的，我的意思是，您的銷售量與市場和（聽不清楚）增長（聽不清楚）市場。

Ankur, as I was mentioning earlier, many, many new differentiated consumer experience related features that we keep coming up with, that would typically help us gain some share from the market.

Ankur，正如我之前提到的，我們不斷推出許多新的差異化消費者體驗相關功能，這通常會幫助我們從市場中獲得一些份額。

But also, as we've been also sharing in the past, there are other segments that we started to build and grow, right?

而且，正如我們過去也分享過的那樣，我們也開始建立和發展其他細分市場，對吧？

The corporate segment is one other big segment, completely different consumer segment that they started to building and growing and that's growing quite well as well.

企業細分市場是另一個主要細分市場，是他們開始建立和發展的完全不同的消費者細分市場，並且成長得相當不錯。

So I think it's a combination of more distribution channels, more consumer segments that we are focusing on and the fact that we keep sort of improving the customer experience with innovative features as well.

因此，我認為這是更多分銷管道、我們關注的更多消費者群體以及我們不斷透過創新功能改善客戶體驗的結合。

Okay.

好的。

Understood.

明白了。

Just the last question.

就最後一個問題。

Now that across -- if you look at the different product offerings, whether it's air or hotel or ground transportation, what is the level of tech integration at the back end between the products?

現在，如果你看看不同的產品，無論是航空、飯店還是地面交通，這些產品之間後端的技術整合程度如何？

So for example, if somebody is looking a trip via MakeMyTrip, separate air ticket, separate hotel tickets and transportation.

舉例來說，如果有人透過 MakeMyTrip 尋找旅行、單獨的機票、單獨的飯店票和交通。

Do these talk to each other at the background?

它們在後台互相交談嗎？

Absolutely, they do, Ankur.

絕對是的，安庫爾。

That's a great question.

這是一個很好的問題。

And that is the one that I was alluding to as part of the script in the connected trip feature, which only happens when the back-end technology is unified.

這就是我在互聯旅行功能中提到的腳本的一部分，只有當後端技術統一時才會發生。

And there are obviously independent funnels because that's the consumer buying behavior that you will, let's say, if you are on our platform and you bind the flight.

顯然存在獨立的管道，因為這就是您將採取的消費者購買行為，比方說，如果您在我們的平台上並且綁定了航班。

But there are various ways that we make the connection once you have bought the flight on the app in the same session or off the app subsequently because that is typically the consumer behavior, that I would want to buy and book flight first and then maybe buy a hotel, then think about, let's say, a transfer.

但是，一旦您在同一會話中在應用程式上購買了航班或隨後在應用程式之外購買了航班，我們可以透過多種方式建立聯繫，因為這通常是消費者行為，我想先購買並預訂航班，然後再購買飯店，然後考慮轉機。

If I'm going international, maybe I want to buy a ForEx later or insurance later and so on and so forth.

如果我要出國，也許我想稍後購買外匯或保險等等。

That is one type of sort of consumer behavior and therefore, accordingly, we meet the connection.

這是一種消費者行為，因此，我們相應地遇到了這種聯繫。

All of that is obviously because of the back-end technologies unified.

這一切顯然都是因為後端技術的統一。

And the other one is the connected trip, which is we are actually giving a view of a particular trip for the consumer, that if you bought a flight and there are -- and if you are going, let's say, for international destination or even for domestic destination for leisure, given that we have the data and there are -- the trip might be just -- in terms of just booking or buying the services might just be 25% complete.

另一個是互聯旅行，這實際上是我們為消費者提供了一次特定旅行的視圖，如果您購買了航班並且有 - 如果您要去，比方說，前往國際目的地，甚至是對於國內休閒目的地，考慮到我們有數據，而且旅行可能只是預訂或購買服務，可能只完成了25%。

And therefore -- and here are the other products that you could possibly buy to complete your trip.

因此，您可以購買以下其他產品來完成您的旅行。

And we keep -- there's a feature that sort of gives that view to the consumer of a fully connected trip and with the percentage completion of the trip, et cetera.

我們保留——有一個功能可以向消費者提供完全互聯旅行的視圖以及旅行完成的百分比等等。

Now all of that happens only with varied technology, various funnels at the back end well connected or well unified, if you will.

現在，所有這一切都只有在不同的技術、後端的各種管道良好連接或良好統一（如果你願意的話）的情況下才會發生。

The reason for asking is many of these products have been bought, like Red Bus or Savari, et cetera.

詢問的原因是許多此類產品已經購買，例如 Red Bus 或 Savari 等。

I was just curious if there's been tech integration since.

我只是好奇此後是否有技術整合。

Super helpful.

超有幫助。

Manik Taneja, Axis Capital.

馬尼克‧塔內賈 (Manik Taneja)，軸心資本。

Just wanted to get your thoughts with regards to the comment that you made around pricing normalization that you're seeing play out in certain parts of the portfolio, more so on the hotel side.

只是想了解您對您對價格正常化所做的評論的看法，您看到價格正常化在投資組合的某些部分發揮作用，尤其是在酒店方面。

Do you think this can be a headwind especially to our international portfolio from a near-term standpoint?

從近期的角度來看，您認為這可能會成為一個逆風，尤其是對我們的國際投資組合而言嗎？

And also, any impact on this part of the portfolio?

另外，這對投資組合的這一部分有什麼影響嗎？

While I do understand for us, bulk of the business essentially is still largely domestic Indian travelers traveling within India or possibly even outside of India.

雖然我確實理解我們的情況，但大部分業務本質上仍然主要是在印度境內甚至可能在印度境外旅行的印度國內遊客。

But with the way some of the geopolitics and the war situation split into places, do you think in certain parts of our international portfolio, we start to see some near-term headwinds?

但隨著一些地緣政治和戰爭局勢的分裂，您認為在我們國際投資組合的某些部分，我們是否開始看到一些近期的逆風？

Sorry, I was just going to just make one quick comment, Mohit, and then you can come in.

抱歉，莫希特，我只是想簡單說一句，然後你就可以進來了。

Manik, the bigger point I wanted to make on the pricing is I think Mohit was also trying to share earlier, and then we can come to the whole world situation potentially, et cetera.

馬尼克，我想在定價方面提出的更重要的一點是，我認為莫希特也試圖更早分享，然後我們可以潛在地了解整個世界的情況，等等。

I don't think we should read too much into the pricing or the ASPs or the -- both for.

我認為我們不應該過度研究定價或平均售價或兩者。

Actually, it's even true for flights as well as hotels being either flattish or just marginal 1%, 2% increase.

事實上，航班和飯店的成長也同樣如此，要麼持平，要麼僅略有 1%、2% 的成長。

Because that was bound to happen because of the history.

因為這是歷史必然會發生的事。

Because several of several quarters, the prices have been just going up in one direction only.

因為有好幾個季度，價格只是單向上漲。

And it had to reach a point where it had to get into a situation where it will get steadier.

它必須達到一個必須進入一個變得更加穩定的境地的地步。

And that's exactly what has happened, point number one.

這正是所發生的事情，第一點。

Point number two, we should also -- you would also see that this current season, which is high season quarter, and typically, even part of the quarter were -- and the peak days when you will have gap in demand and supply, you will see prices going up again.

第二點，我們也應該——你還會看到當前的季節，這是旺季季度，通常甚至是季度的一部分——以及需求和供應出現缺口的高峰日，你將會看到價格再次上漲。

So there is a seasonality aspect to it and there is an overall sort of cyclical aspect to it that we should keep in mind.

因此，我們應該牢記它的季節性和整體週期性。

So I wouldn't read too much into the price not going up right now.

所以我不會對現在價格不上漲的情況做太多解讀。

Now coming to the potential impact because of any sort of war situation developing or macro for certain destinations, yes, of course, the goes without saying.

現在談到由於任何戰爭局勢的發展或對某些目的地的宏觀影響而產生的潛在影響，是的，當然，這是不言而喻的。

If there is any escalation intention in certain regions or certain destinations, definitely that those particular destination, travel to those particular destinations around the regions, around the areas get impacted.

如果某些地區或某些目的地有任何升級意圖，那麼這些特定目的地、前往該地區周圍的特定目的地的旅行肯定會受到影響。

But the -- given that there is a general momentum on the -- on spending the discretionary income in the country, people will just normally will move from one destination to the other destinations.

但考慮到國內消費可自由支配收入的整體勢頭，人們通常會從一個目的地轉移到其他目的地。

So it is not necessarily there is a complete loss in the demand.

因此，需求並不一定完全喪失。

It is effectively change of destination that happened because there are plenty of new destinations that are developing.

這實際上是目的地的改變，因為有許多新的目的地正在開發中。

And there is interest in the Indian consumers to explore newer and newer destinations as well.

印度消費者也有興趣探索越來越新的目的地。

So I mean, the overall escalation of war can have macro -- bigger macro sort of impacts on, let's say, oil and fuel costs, et cetera.

所以我的意思是，戰爭的全面升級可能會對石油和燃料成本等產生更大的宏觀影響。

Now those aspects notwithstanding, just from a consumer behavior standpoint, in a specific region, if there is any disturbance, people just tend to move to the other regions, and that's not necessarily a total loss.

現在不管這些方面，單從消費者行為的角度來看，在一個特定的地區，如果出現任何干擾，人們就會傾向於轉移到其他地區，這並不一定是完全的損失。

Thanks, Manik.

謝謝，馬尼克。

This was the last question.

這是最後一個問題。

We are out of time.

我們沒時間了。

Over to you, Rajesh, for your last comments.

拉傑什，請聽聽你最後的評論。

No, thank you, Vipul.

不，謝謝你，維普爾。

And thank you, everyone, and thank you for all good set of questions.

謝謝大家，也謝謝你們提出的所有好問題。

Thank you for your patience, and I guess we'll see you in the next quarter.

感謝您的耐心等待，我想我們會在下個季度見到您。

Thank you.

謝謝。

Thank you, everyone.

謝謝大家。

Thank you so much.

太感謝了。

You may please disconnect.

您可以斷開連線。

Thank you.

謝謝。