MakeMyTrip Ltd (MMYT) 2025 Q3 法說會逐字稿

Good evening, everyone.

大家晚上好。

We'll just wait for one more minute for everyone to join and then we'll start.

我們只需再等一分鐘，等到大家都加入後我們就可以開始了。

Hello, everyone.

大家好。

I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited and welcome to our fiscal 2025 third-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 財年第三季財報網路研討會。

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

今天的活動將由公司領導團隊主持，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 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.

提醒一下，該公司正在錄製本次現場活動，並將在今天的活動結束後不久在我們的 IR 網站上提供重播。

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 the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995.

此外，今天活動期間發表的某些聲明可能被視為符合美國 1995 年私人證券訴訟改革法案安全港條款含義的前瞻性聲明。

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

這些聲明並不能保證未來的表現，並且受固有的不確定性的影響，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.

本次活動期間傳達的任何前瞻性資訊僅代表截至當日的觀點，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信息，包含在公司 2024 年 7 月 2 日向美國證券交易委員會提交的 20-F 表年度報告中的風險因素和前瞻性聲明部分。

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

這些文件的副本可以從美國證券交易委員會或公司投資者關係部取得。

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

現在我想把電話轉給 Rajesh。

Over to you, Rajesh.

交給你了，拉傑什。

Thank you, Vipul.

謝謝你，維普爾。

Welcome, everyone, to our third-quarter call for fiscal 2025.

歡迎大家參加我們的 2025 財年第三季電話會議。

Happy to start the call by sharing that Indian travelers continue to demonstrate their eagerness to travel and experience new horizons in the seasonally strong quarter for leisure travel, confluence of rising income levels and changing consumer behavior to spend a bigger portion of available discretionary surplus is driving the growth for both domestic and international tourism in India.

很高興在電話會議開始時分享這一點：在休閒旅遊旺季，印度遊客繼續表現出旅行和體驗新視野的熱情，收入水平的提高和消費者行為的改變（花費更大一部分可自由支配的盈餘）共同推動了印度國內和國際旅遊業的增長。

A recent survey by Visa indicates that 62% of Indian consumers plan to increase their spending on discretionary goods and services.

Visa 最近的一項調查顯示，62% 的印度消費者計劃增加在非必需商品和服務上的支出。

These favorable macro trends combined with our focused executions have enabled us to outpace industry growth consistently.

這些有利的宏觀趨勢加上我們專注的執行，使得我們能夠持續超越產業成長。

We are pleased to deliver strong performance across all our business segments with an accelerated year on year growth rate of 26.8% in gross booking value in constant currency terms during the reported quarter compared to a growth rate of 22.9% during the first half of this fiscal year.

我們很高興看到所有業務部門均取得強勁業績，報告季度按固定匯率計算的總預訂價值同比增長 26.8%，而本財年上半年的增長率為 22.9%。

Alongside accelerated booking growth, we have also been able to drive operating leverage and the adjusted operating profit which is at an all-time quarterly high of $46 million.

除了預訂量加速成長之外，我們還能夠提高營業槓桿率和調整後的營業利潤，達到季度歷史最高水準 4,600 萬美元。

It has registered a year-on-year growth of about 38%.

年增約38%。

On the macroeconomic front, India's GDP growth forecasts reflect a positive economic outlook driven by strong domestic demand and strategic public investments.

在宏觀經濟方面，印度的GDP成長預測反映出受強勁國內需求和戰略性公共投資推動的積極經濟前景。

The World Bank recently said that India's growth is projected to remain steady at 6.7% a year for the next two fiscal years beginning April 2025, making it the fastest growing larger economy in the world.

世界銀行最近表示，預計自2025年4月開始的未來兩個財年，印度經濟成長將維持6.7%，成為全球成長最快的大型經濟體。

India is undertaking significant investments in infrastructure to bolster economic growth and achieve its development objectives, travel infrastructure comprising roads, railways and airport infrastructure is a pivotal part of these investments making point to point travel, seamless, convenient and reliable.

印度正在對基礎設施進行大量投資，以促進經濟成長並實現其發展目標，包括公路、鐵路和機場基礎設施​​在內的旅遊基礎設施是這些投資的關鍵部分，使點對點的旅行變得無縫、便捷和可靠。

This seamless connectivity has been one of the major reasons for the growth of travel and tourism in India and will continue to drive growth in the future as more and more domestic and international destinations get connected.

這種無縫連接是印度旅遊業成長的主要原因之一，隨著越來越多的國內和國際目的地實現互聯互通，這種無縫連接將繼續推動未來的成長。

Along with domestic Indian, travelers are increasingly exploring international destinations now.

除了印度國內遊客外，現在越來越多的遊客開始探索國際旅遊目的地。

In the first half of 2024, 15 million Indian travelers abroad -- Indians traveled abroad, marking a 14% year-on-year increase and a 12% rise compared to 2019.

2024年上半年，有1,500萬印度旅行者出國旅行－印度人出國旅遊，較去年同期成長14%，較2019年成長12%。

Skift projections suggest that by 2027, India will become the world's fifth largest outbound travel market, thus presenting a huge opportunity for us.

Skift 預測，到 2027 年，印度將成為全球第五大出境旅遊市場，這為我們帶來了巨大的機會。

Our international outbound business continues to grow at a faster pace for Q3 fiscal year '25.

25財年第三季度，我們的國際出境業務持續以更快的速度成長。

Our international air ticketing revenue grew by over 32% year on year, far outpacing industry growth.

我們的國際機票收入年增超過32％，遠超過行業增長。

Similarly, our international retail revenue grew by over 63% year on year making this one of our fastest growing business segments.

同樣，我們的國際零售收入年增超過 63%，成為我們成長最快的業務部門之一。

Let me now turn to the business segments starting with our air ticketing business where near-term supply challenges particularly in the domestic air market remain.

現在讓我從我們的航空票務業務開始談談各個業務部門，該業務部門特別是國內航空市場仍然存在短期供應挑戰。

Despite the slow growth in domestic air supply, we have been able to maintain our leading market share position while outpacing the industry growth rate overall on the back of the underpenetrate international air segment.

儘管國內航空供應成長緩慢，但由於國際航空市場滲透率較低，我們仍能保持領先的市場份額，同時整體成長率超過產業水準。

Our air ticketing revenue grew by 20% year on year in constant currency terms.

以固定匯率計算，我們的機票收入年增20％。

In our endeavor to keep improving consumer experience, we have recently launched a very customer-friendly product feature of part payment on international air tickets which enables our customers to get a confirmed booking by paying only a certain percentage of total fare up front.

為了持續提高消費者體驗，我們最近推出了一項非常方便客戶的產品功能，即國際機票分期付款，我們的客戶只需預先支付總票價的一定百分比即可獲得確認的預訂。

The remaining balance must be paid either before the travel date or within 45 days of booking, whichever comes first.

剩餘款項必須在旅行日期之前或預訂後 45 天內支付（以先到者為準）。

This will help increase affordability and address cash flow issues.

這將有助於提高負擔能力並解決現金流問題。

We also launched value bundles for international flights including relevant fintech products such as Visa, rejection full refund, cancel for any reason, and free date change.

我們也推出了國際航班超值套餐，其中包括 Visa、拒絕全額退款、任何原因取消和免費更改日期等相關金融科技產品。

This has provided more flexibility add-ons for the customers and led to more adoption.

這為客戶提供了更多靈活性的附加功能，並帶來了更多的採用。

Our accommodation business which includes hotels, homestays, and packages continues to witness strong growth.

我們的住宿業務（包括飯店、寄宿家庭和套餐）持續保持強勁成長。

We recorded 24.9% year-on-year growth in the adjusted margin on a constant currency basis.

以固定匯率計算，調整後的利潤率年增24.9%。

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

雖然 10 月因節慶因素導致旅遊業略顯疲軟，但 11 月和 12 月由於節慶季節、會展旅遊和婚禮相關需求的帶動，旅遊業發展明顯回暖。

We also witnessed broad-based growth this quarter.

本季我們也見證了廣泛的成長。

There was an uptick in demand across all price points and consumer segments and use cases.

所有價格點、消費者細分市場和用例的需求都有所上升。

As a result, we witnessed record check-ins in the last 10 days of December during the peak holiday season.

因此，在假期高峰期 12 月的最後 10 天，我們見證了創紀錄的簽到量。

Spiritual tourism is emerging as one of the other key growth drivers of tourism in India with new destinations getting added to the existing popular destinations like Varanasi, Katra, Tirupati, Sheridhi, et cetera, besides specific events like Mahakom-related demand for this segment.

精神旅遊正在成為印度旅遊業的另一個主要成長動力，除了瓦拉納西、卡特拉、蒂魯帕蒂、謝里迪等現有的熱門旅遊目的地外，還增加了新的目的地，例如與瑪哈孔相關的特定活動也對這一領域有需求。

To cater to this demand, we have enhanced supply depth in these emerging new cities on our platform and help such travelers easily find suitable properties by highlighting key aspects such as distance from pilgrimage sites, wheelchair accessibility, availability of lifts and vegetarian food options.

為了滿足這一需求，我們在平台上增強了這些新興城市的供應深度，並透過強調與朝聖地的距離、輪椅通道、電梯可用性和素食選擇等關鍵方面，幫助此類旅客輕鬆找到合適的住宿。

These features are now integrated into our product to provide smarter more personalized property recommendations.

這些功能現已整合到我們的產品中，以提供更聰明、更個人化的房地產推薦。

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

因此，這個細分市場對我們來說成長更快，反映了強勁的客戶需求和滿意度。

We are also seeing concerts driven demand across the Tier 1 and metros which is a relatively new phenomenon in India.

我們也看到音樂會推動了整個一線城市和大都市的需求，這在印度是一個相對較新的現象。

As per estimates for the recent Coldplay concert in Mumbai, around 25% of the ticket buyers were local Mumbaikars, while 75% traveled from other Indian states, thus presenting a new demand use case for travel.

根據最近在孟買舉行的酷玩樂團的演唱會的估計，大約 25％ 的購票者是孟買當地人，而 75％ 的購票者來自印度其他邦，從而為旅遊帶來了新的需求用例。

We are also seeing good demand not only for domestic but also for international destinations.

我們也看到，不僅國內旅遊目的地，國際旅遊目的地的需求也十分強勁。

For example, Coldplay concert in Abu Dhabi and Taylor Swift in Singapore.

例如阿布達比的酷玩樂團的演唱會和新加坡的泰勒絲演唱會。

Another consumer segment that is showing growth promise for us is inbound, especially from Indian diaspora.

另一個對我們顯示出成長希望的消費群體是入境消費，尤其是來自印度僑民的消費。

You might recall that last year we made our platform GDPR compliant, making it accessible in 150 countries.

您可能還記得，去年我們讓我們的平台符合 GDPR 標準，使其可在 150 個國家/地區使用。

Recently, we have also enabled multicurrency feature allowing payments in 22 major global currencies, solving an important need of these customers.

最近，我們還啟用了多幣種功能，允許使用 22 種全球主要貨幣付款，解決了這些客戶的一個重要需求。

I am happy to report that we have started to witness growth in inbound bookings albeit on a small base.

我很高興地報告，儘管基數較小，但我們已開始看到入境預訂量的增長。

As part of our overall gen AI strategy, this quarter, we expanded Myra, our gen-AI-powered chatbot for our accommodation product.

作為我們整體人工智慧策略的一部分，本季度，我們擴展了用於住宿產品的人工智慧聊天機器人 Myra。

Myra enhances the booking experience by handling real-time pricing availability and specific hotel related queries.

Myra 透過處理即時價格可用性和特定的飯店相關查詢來增強預訂體驗。

It complements our other generative AI capabilities including image ordering filters and user review analysis, helping customers find the best places to stay with these.

它補充了我們的其他生成式人工智慧功能，包括圖像排序過濾器和用戶評論分析，幫助客戶找到最佳住宿地點。

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

我們的寄宿家庭業務在本季繼續擴大。

We sold over 21,500-plus unique properties across 920-plus unique destinations with strong growth across business and leisure destinations.

我們在 920 多個獨特目的地銷售了超過 21,500 處獨特房產，商務和休閒目的地均實現了強勁增長。

The demand from pilgrimage cities grew the highest on the back of increased supply in destinations like Varanasi, Ayodhya, [Peringara], Amritara, et cetera.

由於瓦拉納西、阿約提亞、佩林加拉、阿姆利塔拉等旅遊目的地的供應增加，朝聖城市的需求成長最快。

While property ratings and reviews have always been a cornerstone of our platform, we have taken a step further by introducing subcategory ratings and summarizes across key elements like amenities, food, and location.

雖然房產評級和評論一直是我們平台的基石，但我們更進一步，引入了子類別評級，並總結了設施、食物和位置等關鍵要素。

This enhancement aims to build deeper trust and transparency, especially in the nonstandardized category of alternative accommodation, empowering customers to make more confident and informed choices.

此項改進旨在建立更深層的信任和透明度，特別是在非標準化替代住宿類別中，使顧客能夠做出更自信、更明智的選擇。

Our holiday packages business delivered robust performance as well, achieving highest ever gross booking number driven by strong growth in international outbound packages with Malaysia and CIS countries witnessing 2 times order growth year on year and Vietnam witnessing over 70% year-on-year growth in orders.

我們的假日套餐業務也表現強勁，在國際出境套餐強勁增長的推動下，實現了有史以來最高的總預訂量，其中馬來西亞和獨聯體國家的訂單同比增長了 2 倍，越南的訂單同比增長了 70％ 以上。

In our bus business, growth has further improved in Q3 on the back of about 15% year-on-year growth in private bus supply.

在我們的巴士業務中，由於私人巴士供應量年增約 15%，第三季的成長進一步改善。

Demand was buoyant in the quarter due to the festive period in October travel for weddings and auspicious occasions in November and the holiday period in December.

由於 10 月份為節日，11 月份為婚禮和吉日出行，以及 12 月份為假期，本季需求旺盛。

As a result, market growth has been robust with occupancy rates going up by nearly 5% points year on year.

因此，市場成長強勁，入住率年增近 5%。

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

作為市場領導者，我們的成長領先於市場，從而導致我們在本季度的份額增加。

We expanded our language offering in redBus and now offer a full-fledged booking and post sales experience in Hindi, Tamil, Telugu, and Kannada as well.

我們擴展了 redBus 的語言服務範圍，現在還提供印地語、泰米爾語、泰盧固語和卡納達語的全方位預訂和售後體驗。

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

我們的國際業務在所有國家都持續保持良好成長，對整體業務的貢獻也越來越大。

Four our rail business, we continue to bring in new users to the platform besides growth in ancillary revenues, primarily from [seed guarantee] product.

在我們的鐵路業務方面，除了增加輔助收入（主要來自[種子保證]產品）之外，我們還繼續為平台吸引新用戶。

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

對於我們的帽子業務，我們繼續擴大機場接送和城際計程車的規模。

During the peak season, we were able to scale our fulfillment to over 97%, thus catering to the peak demand.

在旺季，我們能夠將履行率擴大到 97% 以上，從而滿足高峰需求。

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

在產品方面，我們擴大了外地計程車的多城市預訂選項，從而實現了本季多站無縫行程。

Our corporate travel business via both platforms, MyBiz and Quest2Travel is witnessing strong growth.

我們透過 MyBiz 和 Quest2Travel 兩個平台開展的企業旅行業務正在強勁成長。

Our active corporate customer account on MyBiz is now over 64,000-plus compared to 56,000 customers during the same quarter last year.

我們在 MyBiz 上的活躍企業客戶帳戶現已超過 64,000 個，而去年同期為 56,000 個客戶。

And for Q2T, the active customer count has reached 493 large corporates compared to 334 customers in the same quarter.

第二季度，活躍客戶數已達 493 家大型企業，上一季為 334 家。

Last year, our ancillary business is scaling up well.

去年，我們的輔助業務規模擴大。

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

我們看到旅遊保險、外匯等產品的附加率很高。

We have launched various bite-sized insurance to address specific customer needs, lending to an uptick in adoption.

我們推出了各種小型保險來滿足特定客戶的需求，從而促進了採用率的上升。

Growth in the ForEx business was driven by cross-sell campaigns including reaching out to international flights, hotels and holiday customers with multiple customer impacting funnel persuasions.

ForEx 業務的成長得益於交叉銷售活動，包括透過影響多個客戶的管道說服來接觸國際航班、飯店和度假客戶。

And lastly, our strong performance this quarter was also ably supported by our marketing and customer reach strategy with well-thought-through brand campaigns featuring three films based on deep consumer insights for hotels and alternative eco users combined with wider customer reach via effective and efficient media mix.

最後，我們本季的強勁表現也得到了我們的行銷和客戶覆蓋策略的有力支持，其中包括精心設計的品牌活動，包括三部電影，這些電影基於對酒店和替代生態用戶的深刻消費者洞察，並透過有效和高效的媒體組合擴大了客戶覆蓋範圍。

This campaign reached 200 million-plus consumer across categories leading to new user acquisition and helping us achieve our highest top of the mind recall in the travel category.

這項活動觸及了超過 2 億個不同類別的消費者，從而吸引了更多新用戶，並幫助我們在旅遊類別中取得了最高的認知回憶率。

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

現在，我將把電話交給 Mohit，由他來介紹本季的財務亮點。

Thanks, Rajesh, and hello, everyone.

謝謝，Rajesh，大家好。

We are pleased to report all-time new highs in quarterly gross bookings revenue and registered operating property during the quarter, which was a seasonally better quarter for leisure travel.

我們很高興地報告，本季的總預訂收入和註冊經營物業創下了歷史新高，對於休閒旅遊業來說，這是一個季節性更好的季度。

We saw a strong performance across all business segments and more importantly from emerging pockets of demand that we have been focusing upon as well as for new services that we have been adding to our platforms in the last few years as shared by Rajesh.

我們看到所有業務部門都表現強勁，更重要的是，我們一直在關注的新興需求領域以及我們在過去幾年中添加到我們的平台上的新服務，正如 Rajesh 所分享的。

The highlight of the quarter has been acceleration in bookings growth along with improvement in operating margins.

本季的亮點是預訂量成長加速以及營業利潤率提高。

In comparison with the previous quarters for the year.

與今年前幾季相比。

Registered operating profit for the quarter came in at $46 million and operating profit margin as a percentage of gross bookings came in at 1.76% which is significantly better than 1.6% during the same quarter last year and 1.65% in the first half of this year.

本季的營業利潤為 4,600 萬美元，營業利潤率佔總預訂量的百分比為 1.76%，明顯優於去年同期的 1.6% 和今年上半年的 1.65%。

Moving on to our segment results.

接下來討論我們的分部績效。

Our ticketing gross bookings for the quarter came in at $1.5 billion, witnessing a year-on-year growth of 23.1% in constant currency.

本季我們的票務總預訂額為 15 億美元，以固定匯率計算年增 23.1%。

Registered margin stood at $93.8 million, a year-on-year growth of 20% in constant currency.

註冊利潤為 9,380 萬美元，以固定匯率計算年增 20%。

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

拉傑什 (Rajesh) 已經更新了國際機票的持續表現，讓我來分享一些有關國內機票的詳細資訊。

In the domestic air market, while daily departures were broadly at similar levels as last quarter, the market growth picked up to almost 9% year on year on a flown basis in the seasonally strong quarter.

在國內航空市場，雖然每日出發航班數量與上一季大致相同，但在季節性強勁的季度，市場航班數量同比增長近 9%。

We continue to grow slightly ahead of the market with a continued 30%-plus share of the domestic flight ticketing market.

我們繼續以略微領先市場的速度成長，在國內機票市場佔有率持續超過 30%。

Gross bookings for the quarter in hotels and packages segment came in at $681.5 million, registering a growth of 23.4% year on year in constant currency.

本季飯店和套餐業務的總預訂額為 6.815 億美元，以固定匯率計算年增 23.4%。

Adjusted margin growth was 24.9% year on year in constant currency terms, resulting in adjusted margin of $121.9 million during the quarter.

以固定匯率計算，調整後的利潤率年增 24.9%，本季調整後利潤率為 1.219 億美元。

Our continued efforts around adding more properties across the country have resulted in us being able to sell room nights across more than 850 cities through the country and compared to about 1,750 cities during the same quarter last year.

我們不斷努力在全國範圍內增加更多房源，這使得我們能夠在全國 850 多個城市銷售客房晚數，而去年同期的城市約為 1,750 個。

This spread has more than doubled from pre-pandemic levels.

與疫情前相比，這一傳播率增加了一倍以上。

This argues well for us as new supply expansion has been faster.

這對我們來說是有利的，因為新的供應擴張速度更快。

In Tier 2 and Tier 3 cities, almost 120 new hotels have opened in the first 10 months, adding about 8,000 rooms in the branded segment in these Tier cities.

在二線和三線城市，前 10 個月有近 120 家新酒店開業，這些一線城市品牌酒店客房數量增加約 8,000 間。

We have spoken about scaling up direct contracting for international hotels in the recent years and this strategy has helped us get accommodation bookings in over 160 countries during this quarter.

近年來，我們致力於擴大與國際酒店的直接簽約，這項策略幫助我們在本季度獲得了 160 多個國家的住宿預訂。

Earlier during the fiscal year, we had called out efforts put in to become compliant with GDPR and similar requirements in certain international geographies which now allows our platforms including our mobile applications to be accessed in over 150 countries.

在本財政年度早些時候，我們曾呼籲努力遵守 GDPR 以及某些國際地區的類似要求，現在我們的平台（包括行動應用程式）可以在 150 多個國家/地區訪問。

As a result, our inbound ross bookings across the initial 1,000 room per day milestone during this quarter.

因此，本季我們的入境飯店預訂量首次突破了每天 1,000 間客房的里程碑。

We believe that the combination of inbound and outbound bookings growth will lead to an increase in the portion of international hotels business in the coming years, which currently stands at around 19% compared to 14.8% during the same quarter last year.

我們相信，入境和出境預訂的成長將導致未來幾年國際酒店業務份額的增加，目前國際酒店業務份額約為 19%，而去年同期為 14.8%。

As part of the segment in our bus ticketing business gross bookings for the quarter stood at $328.9 million growing at 23.6% year on year in constant currency adjusted margin stood at $35 million, registering a strong year-on-year growth of over 31.3% in constant currency with demand driven by festivals and holiday seasonality take rates continue to remain stable and in line across all our business segments.

作為我們公車票務業務部門的一部分，本季的總預訂量為 3.289 億美元，按固定匯率計算同比增長 23.6%，調整後的利潤率為 3,500 萬美元，按固定匯率計算同比增長超過 31.3%，受節日和季節性推動的需求推動，所有業務部門的預訂率繼續保持穩定並與預期假期保持一致。

Similarly, our customer cost that is marketing and sales promotion expenses remain efficient and in line with the same quarter last year at 4.9% of gross bookings.

同樣，我們的客戶成本，即行銷和促銷費用仍然保持高效，與去年同期持平，佔總預訂量的 4.9%。

This is slightly higher than the 4.6% reported in the previous quarter linked to change in seasonality.

該數字略高於上一季報告的因季節性變化而產生的 4.6%。

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

除了推動強勁的訂單量和利潤率成長外，我們還將繼續專注於提高營運成本和效率，並提高固定成本（包括個人銷售或一般立法費用）的營運槓桿。

Our disciplined approach to cost management combined with targeted investments in technology and customer experience has enabled us to capitalize on this growing travel demand and drive profitable growth, for instance, backed by our investments in automation and artificial intelligence.

我們嚴謹的成本管理方法，加上對技術和客戶體驗的有針對性的投資，使我們能夠利用不斷增長的旅遊需求並推動盈利增長，例如，透過對自動化和人工智慧的投資。

Our post sales cost center costs for the quarter increased by just about 7% year on year compared to almost 26% year on year increase in bookings and revenue, thus driving cost efficiencies.

本季我們的售後成本中心成本年比僅增加約 7%，而訂單量和營收則較去年同期成長近 26%，從而提高了成本效率。

This was a seasonally high travel quarter coupled with the fact that the pickup in demand improved during the later half of the quarter.

這是一個季節性的旅遊旺季，本季後半段需求回升的情況也有所改善。

There has been higher than expected deployment in working capital which is likely to reverse in the coming quarter.

營運資本的部署高於預期，但下一季的情況可能會逆轉。

Our cash and cash equivalents stand at over $700 million besides maintaining a healthy watch list.

我們的現金和現金等價物超過 7 億美元，此外還保持著健康的關註名單。

We will continue to leverage this strong cash position to invest in potential organic and niche in organic growth opportunities as well as opportunistic stock buyback programs.

我們將繼續利用這一強大的現金狀況來投資潛在的有機和利基有機成長機會以及機會性股票回購計劃。

In line with this strategy, we signed a business transfer agreement to acquire the Happay Expense Management platform from InCred.

本著這項策略，我們簽署了業務轉讓協議，從 InCred 收購 Happay 費用管理平台。

He is a leader in expense management with over 900 corporate customers and robust capabilities in product development, data-driven insights, and scalable solutions that consistently drive value and efficiency for corporate clients.

他是費用管理領域的領導者，擁有超過 900 家企業客戶，並具有強大的產品開發、數據驅動洞察和可擴展解決方案能力，能夠持續為企業客戶帶來價值和效率。

Under the agreement, the Happay brand and its expense management business, as well as the dedicated team for this particular business will transition to MakeMyTrip.

根據協議，Happay 品牌及其費用管理業務以及負責該特定業務的專門團隊將轉至 MakeMyTrip。

This acquisition reinforces our commitment to becoming the go to platform for comprehensive corporate travel and expense management solutions.

此次收購堅定了我們致力於成為全面的企業差旅和費用管理解決方案平台的決心。

We expect the transaction to close in the coming quarter.

我們預計該交易將在下個季度完成。

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

說到這裡，我想把電話轉回 Vipul 進行問答。

(Operator Instructions) Sachin Salgaonkar, Bank of America.

(操作員指示) Sachin Salgaonkar，美國銀行。

Thanks, Vipul.

謝謝，維普爾。

Congrats, management, for another set of fantastic and strong numbers.

恭喜管理層又取得了一組出色且強勁的數據。

I have three questions.

我有三個問題。

First question is on air.

第一個問題正在直播。

I remember in the past you guys have said that the engine issues on air for the airplane operators might get resolved.

我記得過去你們曾經說過，飛機操作員的空中發動機問題可能會得到解決。

But by the looks of it, this gets delayed.

但從目前情況來看，這件事被推遲了。

So I wanted to get some color on that in terms of how should we look at the growth that for calendar year 2025?

因此，我想就我們應該如何看待 2025 日曆年的成長問題進行一些闡述。

And a related question, of course, is on the take rate.

當然，一個相關的問題是關於接受率。

We do see take rate going down in the quarter.

我們確實看到本季的接受率有所下降。

I presume it's largely seasonality, but also wanted to understand if there's any pressure from Indigo's direct booking out here.

我認為這主要是季節性因素，但也想了解 Indigo 的直接預訂是否帶來壓力。

All right, Sachin.

好的，薩欽。

Thank you.

謝謝。

Firstly -- and yes, you're right.

首先——是的，你是對的。

We had spoken about the supply constraints or the short-term headwinds on the supply side specifically for domestic market probably getting and we had called that out and we were hoping that it will get solved in the coming one or two quarters when we had spoken about it last time.

我們曾經討論過供應限製或供應方面的短期阻力，特別是針對國內市場，我們已經提到了這一點，我們希望它能在未來一兩個季度內得到解決，就像我們上次討論的那樣。

And our understanding is that the improvement is happening right now.

我們的理解是，改善正在發生。

Improvement is definitely happening in the overall supply.

整體供應情況確實正在改善。

The new supply is definitely trickling in, but it is at a slow pace.

新的供應確實在不斷湧入，但速度很慢。

And therefore, I guess, for it to get completely resolved, it's getting pushed for another quarter or two for it to get completely resolved.

因此，我猜，為了徹底解決這個問題，還需要再延後一、兩個季度。

I The engine issues, the planes that have been grounded, or again, and they continue to sort of remain grounded because that problem is also not necessarily fully addressed.

引擎問題、飛機停飛，或再次停飛，而且它們繼續停飛，因為這個問題也不一定能完全解決。

But I think where there is a better progress between the two, the new supply versus existing supply, which is grounded.

但我認為，新供應與現有供應之間取得了更好的進展，這是有基礎的。

Thanks to the engine issues, I think there is positive progress happening on the new supply and not necessarily as the expected progress on the on the existing supply with the engines down in there and that is sort of making it up.

由於引擎問題，我認為新供應方面正在取得積極進展，而現有供應方面則不一定取得預期的進展，因為引擎出現故障，這算是彌補了這一點。

So overall, I think we have to see this in perspective in the beginning of the year.

所以總的來說，我認為我們必須在年初就正確看待這個問題。

The overall projection, the growth rate of supply on a net basis was X, let's say.

整體預測，淨供應成長率假設為 X。

And it is about -- there is a lag of about 10%, 15% on that year to date right now.

而目前，與今年相比，已經存在約 10% 到 15% 的延遲。

And outlook for '25 is -- and we are hoping sort of that the pace picks up for the new supply and hopefully the situation gets resolved in the next couple of quarters.

對 25 年的展望是 — — 我們希望新供應的速度能夠加快，並希望這種情況能夠在接下來的幾個季度內得到解決。

But certainly, there is some delay there as far as take rate is concerned.

但就接受率而言，肯定會存在一些延遲。

Maybe, Mohit, you can take that

也許，莫希特，你可以接受

--

--

I think I can take that one and this is largely optical in line with change in seasonality.

我想我可以接受這一點，這在很大程度上與季節變化一致。

As you know, the average selling price during Q3 tends to be much higher than Q2.

如您所知，第三季的平均售價往往比第二季高得多。

Therefore, if you look at it from a comparative purpose with Q2, the take rates have come down from about 6.8% to 6.1%.

因此，如果與第二季進行比較，利率已從約 6.8% 下降到 6.1%。

But this is largely close to about 13% overall, 13% kind of increase in ESPs on a blended basis.

但這總體上接近 13% 左右，以混合基礎計算，ESP 成長了 13%。

And in fact, if you look at it across domestic -- the industry, then the ESP increase was even higher.

事實上，如果從國內產業來看，ESP 的增幅甚至更高。

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

因此，這很大程度上是基於季節性定價制度變化而產生的視覺效果。

Got it.

知道了。

Thank you, very clear.

謝謝，非常清楚。

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

第二個問題，我想了解我們應該如何看待您的穩態調整後息稅前利潤率。

You guys are already at a 1.7%,1.8% right now.

你們現在已經達到 1.7%、1.8%了。

Question out here is what stops you from going to, let's say 2.5% to 3% in medium term?

這裡的問題是，什麼阻止您實現中期成長率，比如說 2.5% 到 3%？

You guys are pretty disciplined in cost control, competition is low.

你們在成本控制方面相當嚴格，競爭也很低。

Good operation leverage is playing out and of course, there's an added layer of an efficiency what an AI brings in.

良好的營運槓桿正在發揮作用，當然，人工智慧也帶來了額外的效率。

Any thoughts out here?

有什麼想法嗎？

Yeah.

是的。

So this quarter generally, as you know, is seasonally the best quarter of any year, Q3 and therefore, probably Q3 by itself is not necessarily an indication of how much the margins will kind of play out.

因此，正如您所知，從季節角度來看，本季度是一年中最好的季度，即第三季度，因此，第三季度本身可能並不一定能表明利潤率將如何發揮作用。

But yes, we have seen good consistent growth in kind of operating margin expansion on the bottom line side.

但確實，我們看到了底線方面的營業利潤率持續良好的成長。

And like I said, we currently -- our aim is to kind of reach the 1.8% to 2% or close to about 18% to 20% on an adjusted margin basis.

正如我所說，我們目前的目標是達到調整後的利潤率 1.8% 到 2% 或接近 18% 到 20% 左右。

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

因此，我相信，當我們接近這個數字或這個範圍的較低範圍時，我們將對未來幾年利潤率擴張如何發揮作用有更好的了解。

Got it.

知道了。

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

最後一個問題，想了解利息收入和利息支出是否有任何具體情況。

Your finance income is down materially from a QoQ basis, much lower than the historical trend.

你們的財務收入較上季大幅下降，遠低於歷史趨勢。

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

財務成本也是如此，已經遠高於歷史趨勢。

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

因此，這在很大程度上會將一定程度的外匯波動考慮在內。

So it could be coming from that.

所以它可能來自於此。

Maybe we can share a slightly more detailed kind of note on this with you offline.

也許我們可以離線與您分享有關此問題的更詳細的說明。

Okay, thanks.

好的，謝謝。

Manish Adukia, Goldman Sachs.

高盛的 Manish Adukia。

Hi, good evening, team.

大家好，晚上好，各位團隊。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

And again, echoing what Sachin said, congratulations on an all-around performance in the quarter.

再次重申 Sachin 所說的話，恭喜您在本季度取得的全面表現。

Really nice to see that.

真的很高興看到這一點。

My first question is actually related to that aspect of the business.

我的第一個問題實際上與業務的那個方面有關。

I mean, growth has been really strong, mid 20s, YoY growth.

我的意思是，成長非常強勁，比去年同期成長20%左右。

Rajesh, you've been calling out international remains very strong north of 13% in air and closer to 60% in hotels.

拉傑什，您一直在呼籲國際旅遊市場保持強勁，航空旅遊成長超過 13%，飯店旅遊成長接近 60%。

My question here is like, what can cause this number to, let's say meaningfully come down in the foreseeable future?

我的問題是，什麼原因導致這個數字在可預見的未來有意義地下降？

I mean, in the international travel in particular, which is now sizable for your business?

我的意思是，特別是在國際旅行方面，這對您的業務來說現在規模很大嗎？

Is there like any kind of one-off that is really driving this consistently stronger growth over the last two or three quarters and it could start tapering off and so your overall growth may come down?

是否存在某種一次性因素真正推動了過去兩三個季度持續更強勁的成長，而這種因素可能會開始逐漸減弱，從而導致整體成長下降？

Or do you foresee your overall, let's say, gross booking or revenue growth sustain at these levels?

或者您是否預期您的整體預訂量或收入成長將維持在這些水準？

I just wanted to get your thoughts on the pushes and pulls here and how we should think about that.

我只是想聽聽你對這裡的推拉因素的看法以及我們應該如何看待這個問題。

That's my first question, please.

這是我的第一個問題。

Thanks, Manish.

謝謝，Manish。

I think it's a great question.

我認為這是一個很好的問題。

So if you really see what we are sort of calling out, our consistent growth, robust growth rate, performance is coming out of sort of two things combined.

因此，如果你真正了解我們所呼籲的，那麼我們的持續成長、強勁的成長率和業績來自於兩件事的結合。

One, macro; and the other one, micro.

一、宏觀；另一個是微型。

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

在執行方面，我認為我們已經能夠在各個方面盡最大努力，包括透過全通路策略滿足各個細分市場、各個通路的需求等等。

But it is also sort of supported by the overall macro trend where fundamentally the consumer behavior and habits are changing in terms of on the back of rising income, rising disposable income in favor of spending more like --or rather the larger portion of disposable income in favor of travel and experiences.

但它也得到了整體宏觀趨勢的支持，從根本上說，隨著收入的增加，消費者的行為和習慣正在發生變化，可支配收入的增加傾向於花費更多——或者更確切地說，更大比例的可支配收入用於旅行和體驗。

And it's not only travel.

這不僅僅是旅行。

As I was trying to highlight even in the on the call early on, it's also about experiences like concerts and stuff, and we are also getting the sort of side benefit of the travel that is happening because of some of those events as well.

正如我在早期的電話會議中試圖強調的那樣，這也與音樂會等體驗有關，而且我們也因其中一些活動而獲得了旅行的附帶好處。

So to answer your question of what could possibly go wrong, which could slow down this growth a bit.

所以要回答你的問題，可能會出現什麼問題，這可能會稍微減緩這種成長。

I would, I would say it's largely macro.

我想說這主要是宏觀的。

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

因此，如果由於某些原因，支出下降或消費模式發生變化，在旅行和體驗上花費更多，我們確實相信，因為我們現在一直看到旅行支出模式發生了更根本的變化。

But let's say for some reason that changes because just the overall economy is not growing as robust or there is some other macro event that happened that that happens because of which the overall sort of demand gets impacted, maybe that could be one of the reasons why it would relatively slow down.

但是，假設由於某種原因，例如整體經濟成長不再強勁，或發生了其他宏觀事件，導致整體需求受到影響，這或許是經濟成長相對放緩的原因之一。

But the way we see it is that of course, any macro event, we can't really control.

但我們認為，當然，任何宏觀事件都是我們無法真正控制的。

But what we are confident about is that whatever rate of growth that the industry will be growing at, we are confident of growing at a higher of growth than that, for sure, sort of regardless of the situation.

但我們確信的是，無論產業的成長率如何，我們都確信將會以更高的速度成長，無論情況如何。

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

但如果有一個方面可能會改變這種變化，那麼成長率將只是一個整體的宏觀事件，如果發生這種情況，就會導致經濟普遍放緩。

Thank you, Rajesh.

謝謝你，拉傑什。

Extremely helpful.

極為有幫助。

And my second question is regarding competition and it has two subparts.

我的第二個問題是關於競爭的，它分為兩個部分。

One, from the airline direct side; and second, on the OTA side.

一、從航空公司直銷方面；第二，OTA方面。

Now on the airline direct, we've all seen in the last few months, just Indigo being slightly more competitive than what they used to be historically.

現在就航空直銷而言，在過去的幾個月裡，我們都看到，靛藍航空比以往略帶競爭力。

But despite that, it seems to have had no impact on your numbers.

但儘管如此，它似乎對你的數字沒有影響。

Your market share is up.

您的市佔率上升了。

Your growth looks phenomenal, right?

你的成長看起來很驚人，對嗎？

So one would love to get your thought as to why Indigo, which is the largest airline in the country, despite them being relatively more competitive has had no impact on your business.

所以，我們很想聽聽您的想法，為什麼儘管靛藍航空公司（Indigo）印度最大的航空公司競爭力相對較強，卻對您的業務沒有影響？

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

如果您能幫助我們理解為什麼您仍然能夠維持或擴大市場佔有率？

And second, on the OTA side, we've now been in the phase for maybe almost two years or more than that where we've not seen any meaningful competition, definitely not in hotels and maybe even reducing competition the airline side.

其次，就 OTA 方面而言，我們目前處於這樣的階段大概有兩年多了，我們還沒有看到任何有意義的競爭，尤其是在酒店領域，甚至可能在航空公司方面競爭正在減少。

And again, your thoughts as to why that's the case.

再次，請談談您對為什麼會出現這種情況的想法。

I mean, travel seems to be doing really well.

我的意思是，旅遊業似乎發展得非常好。

I mean, international travel, domestic travel all around growth is very, very strong.

我的意思是，國際旅行、國內旅行的全面成長都非常強勁。

But despite that from the OTA side, it looks like a very stable combative intensity environment, maybe even declining.

但儘管如此從OTA方面來看，戰鬥強度環境似乎非常穩定，甚至可能正在下降。

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

所以，您再說一遍，想想為什麼會發生這種情況，以及您是否預見到在可預見的未來這種情況會發生變化。

Thank you.

謝謝。

Yeah, Manish.

是的，馬尼什。

So on the first one and I think I was sharing my thoughts even on the last quarter call.

因此，關於第一個問題，我想我甚至在上個季度的電話會議上就分享了我的想法。

From our point of view, Manish, the way we see it is our focus is -- and it goes hand in hand, right?

從我們的角度來看，Manish，我們的重點是——而且它們是相輔相成的，對嗎？

So not necessarily we have to take supply, direct or direct competition.

因此我們不一定要採取供應、直接或直接競爭的方式。

And if we start to sort of focus more on the larger pie of the market, that is sort of available for the intermediaries as well, right?

如果我們開始更專注於更大的市場份額，那麼中間商也可以從中獲益，對嗎？

So let's say whatever might be the supplier direct share today and even if that is growing incrementally, the rest of the sort of portion of the pie is very, very large.

因此，假設今天供應商直接份額是多少，即使該份額正在逐步增長，其餘部分的份額也非常非常大。

And if we are able to stay focused on that and able to sort of get the lion share of that pie, I think that is that is that has been our strategy that has been our focus and we've been able to execute our strategies as well to ensure that continues to happen.

如果我們能夠集中精力於此，並能夠獲得最大份額，我認為這就是我們的策略，也是我們的重點，我們也能夠執行我們的策略，以確保這種情況繼續發生。

And that is sort of consistently reflecting on our overall market share, let's say on the domestic market, holding on or incrementally improving and on the under penetrated market on the international side where there's relatively more competition the supplier ecosystem.

這在某種程度上持續反映了我們的整體市場份額，例如在國內市場，保持或逐步提高，而在國際滲透率較低的市場上，供應商生態系統的競爭相對較多。

And from an internet penetration standpoint, it is under penetrated.

從網路普及率的角度來看，它的普及率還不夠。

We've just doubled down on improving the customer experience.

我們已加倍努力改善客戶體驗。

All sort of attacking that particular segment 360 degree and sort of tapping on to the potential.

對所有特定部分進行 360 度攻擊並挖掘其潛力。

So that has been our strategy and we'll continue to keep doing that and it might happen with more players going online is that overall online penetration overall continues to sort of grow.

這就是我們的策略，我們會繼續這樣做，隨著更多玩家上網，整體線上滲透率可能會繼續增長。

And because there is still sort of a lot of headroom that is left for a lot of the business that could potentially move online.

因為對於許多可能轉移到線上的業務來說，仍然有很大的發展空間。

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

所以我認為這就是我們看待問題的方式，我們將繼續以這種方式看待問題，而且這對我們來說效果很好。

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

現在，就第二部分而言，我再次認為——我會將其與我對你的第一個問題的回答聯繫起來。

I think one of the factors that has also worked in our favor is to just besides our B2C very strong retail segment that we've been sort of consistent that, from a growth perspective, from retention perspective on the back of the experience and the innovation that we keep doing on our product side.

我認為對我們有利的因素之一是，除了我們非常強大的 B2C 零售部門之外，從成長角度和保留角度來看，我們一直堅持在產品方面提供優質體驗和不斷進行創新。

We've also been able to very successfully execute our reach to the other customer segments, corporate business, for example, which is relatively a very young business for us four, five years old.

我們也能夠非常成功地將業務拓展到其他客戶群，例如企業業務，這對我們來說相對是一個非常年輕的業務，才成立四到五年。

But we've significantly sort of scaled that business already in that short span of time.

但在這麼短的時間內，我們已經大幅擴大了業務規模。

Similarly, our travel agents.

同樣，我們的旅行社也是如此。

So, my partner channel similarly are, sort of other affiliate strategy with the other affiliate partners from where we've been able to sort of get the long tail demand as well and penetrate deep into the market to get the new users on a consistent basis every quarter.

因此，我的合作夥伴管道同樣是與其他聯盟夥伴實施的其他聯盟策略，透過這種策略，我們能夠獲得長尾需求，並深入市場，每個季度都能持續獲得新用戶。

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

因此，每個季度，如果你真的看到客戶在我們這裡進行交易，那麼每個季度都非常高的重複率和非常健康的新用戶獲取率，因為這種多通路策略和接觸新的消費者群體有助於我們擴大我們的份額，並從市場上獲得更好的份額。

I think that is perhaps the single largest reason for it.

我認為這也許是最大的原因。

And besides obviously relentless execution and across the board.

除此之外，顯然還有不懈的執行和全面的行動。

It's sort of helping us stay ahead in the curve and stay ahead in the market.

這在某種程度上幫助我們保持領先地位並在市場上保持領先地位。

Fantastic.

極好的。

Thank you so much, Rajesh, and all the best.

非常感謝，Rajesh，祝一切順利。

Vijit Jain, Citi.

花旗的 Vijit Jain。

Thanks, Vipul, and congratulations, team.

謝謝，Vipul，恭喜你們，團隊。

I echo everyone else.

我贊同大家的看法。

Great set of results.

非常棒的成果。

My first question is, typically this current quarter is somewhat seasonally weaker, right?

我的第一個問題是，通常本季的季節性疲軟程度會比較大，對嗎？

Coming off after 3Q.

第三節之後下場。

But as you called out earlier, both these events, [Coldplay in Mumbai], multiple day events in January and I think Indian hotels.

但正如您之前提到的，這兩場活動（孟買酷玩樂隊的活動）都是 1 月份的多日活動，我認為還有印度酒店。

In the call, you called out spillover of some New Year in demand into the first week of Jan as well.

在電話會議中，您也指出，新年需求將部分蔓延至 1 月的第一週。

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

那麼您是否認為總體而言，至少從您目前 1 月份的角度來看，與往年相比，它的季節性似乎沒有那麼強？

Well, Vijit, I don't think it's going to be any different from the previous years.

嗯，維吉特，我認為這與前幾年沒有什麼不同。

We don't really anticipate that just from a seasonality standpoint, and that is specifically -- and we should keep that sort of nuance point in mind that when we call it that April, May, June and October, November, December of seasonal quarter for us, favorable seasonal quarter for us.

我們實際上並不是從季節性的角度來預測這一點，具體來說——我們應該記住這種細微差別，當我們稱四月、五月、六月、十月、十一月、十二月為我們的季節季度時，對於我們來說，這是有利的季節。

That's mostly for leisure use case.

這主要用於休閒用途。

Now in our business, we've got pretty much sort of addressing and reaching out to the consumers for all kinds of use cases, including a lot of that nonleisure use cases as well.

現在在我們的業務中，我們基本上已經解決了並接觸了消費者的各種用例，其中也包括許多非休閒用例。

Like for example, pilgrimage tourism, which is sort of emerging as a new growth segment in India, particularly now that that has no season, that is across the across the year, the pilgrimage travel that happens similarly, business use case, business travel use case and so on, right?

例如朝聖旅遊，這在印度正逐漸成為一個新的成長領域，特別是現在朝聖旅遊沒有季節之分，而是全年無休，朝聖旅遊也有類似的商業用途，商務旅行用途等等，對吧？

So some of the new use cases that -- of that sort of have been emerging as well, like celebration of occasions linked to, let's say, staying in alternative accommodation kind of a use case and so now our business is a combination of all these use cases from a consumer demand standpoint.

因此，一些新的用例也已經出現，例如與慶祝活動相關的用例，比如說，住在替代住宿的用例，所以現在我們的業務是從消費者需求的角度來看所有這些用例的組合。

And therefore, when we look at the seasonality aspect of it, we should just with respect to our numbers.

因此，當我們考慮季節性方面時，我們應該只考慮數字。

We should keep that thing in mind and you can sort of look at the pattern for the last historical few years and quarters for us to be able to sort of draw some pattern out of it.

我們應該記住這一點，你可以看看過去幾年和幾季的歷史模式，這樣我們就可以從中得出一些模式。

But specifically, this quarter, will it be significantly different on seasonality as we see coming out of October and November, December because this is relatively low season quarter.

但具體來說，本季的季節性是否會有顯著不同，正如我們所看到的，10 月、11 月和 12 月即將到來，因為這個季度相對來說是淡季。

From a leisure use case standpoint, we don't see any different sort of pattern, at least as of now.

從休閒用例的角度來看，至少到目前為止，我們沒有看到任何不同的模式。

Thanks, Rajesh.

謝謝，拉傑什。

My second question is, while your customer inducement spends the way you split your A&P spending rate that has been fairly stable in that low 3% of GBV number.

我的第二個問題是，雖然你們的客戶誘導支出按照你們的方式劃分，但廣告和宣傳支出率一直相當穩定地占到 GBV 數字的 3% 以下。

The brand marketing expenses or the other head marketing and sales promotion expenses are now in the upper $40 million a quarter range, right?

品牌行銷費用或其他主要行銷和促銷費用現在每季都在 4000 萬美元以上，對嗎？

So, I guess my question, I think is how much of those expenses are directly attributable to bookings?

所以，我想我的問題是，這些費用中有多少直接歸因於預訂？

And if you can give a broad sense of how much are you spending on top of the funnel type of things, what would be called pure brand marketing?

如果您可以大致了解您在漏斗類型的事物上花了多少錢，那麼什麼可以稱為純粹的品牌行銷？

So to say, I'm just trying to get a sense of what is the percent of marketing spend which is not directly attributed to any bookings as such.

所以說，我只是想了解有多少比例的行銷支出並非直接歸因於任何預訂。

So maybe I can take that.

所以也許我可以接受。

And I would say another way to look at the overall customer action cost or marketing and sales promotion would be to kind of look at the trends, by seasonality.

我想說的是，觀察整體顧客行動成本或行銷和促銷的另一種方法是根據季節性來觀察趨勢。

So it would be over this year, largely the spend have kind of trended at around 4.6% to 4.7% in the seasonally, kind of lower leisure travel, kind of seasonality quarters.

因此，今年的支出趨勢大致在 4.6% 到 4.7% 左右，主要是在季節性、休閒旅遊較低的季節。

And it trended at closer to about 4.9% to 5% in the seasonally better off quarters from a leisure travel demand point of view.

從休閒旅遊需求的角度來看，在季節性較好的季度中，這一趨勢接近 4.9% 至 5% 左右。

And as you can imagine, we tend to kind of tweak these in line with seasonality because it makes so much more sense to kind of spend slightly more in a better seasonality.

你可以想像，我們傾向於根據季節性對這些進行調整，因為在更好的季節性中稍微多花一點錢更有意義。

And the other reason I'm kind of saying is, if you look at it, even from an absolute dollar spent on direct brand marketing, the size and scale of these kind of campaigns would keep evolving in line with the changing kind of size of the business and the emergence of kind of brands.

我要說的另一個原因是，如果你看一下，即使從直接品牌行銷的絕對花費來看，這類活動的規模也會隨著業務規模的變化和品牌的出現而不斷發展。

And that has a kind of a slightly longer life cycle.

而且它的生命週期會稍微長一些。

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

因此，我認為只需查看各季度的各個季節性趨勢就可以得到很好的指示。

Okay, great.

好的，太好了。

Sure.

當然。

My next question is just the last bit of question.

我的下一個問題只是最後一個問題。

You did mention on the gen AI side, you talked about Myra.

你確實提到了在人工智慧方面，你談到了 Myra。

A lot of discussions that I see on gen AI seems to also suggest that one of the first things that it will be able to do end to end is travel bookings.

我看到很多關於人工智慧的討論似乎也表明，它能夠端到端完成的第一件事就是旅行預訂。

So your thoughts on that, I guess they call it agentic AI.

所以你對此的想法是，我猜他們稱之為代理 AI。

First use case will be in holiday bookings and travel bookings and stuff.

第一個用例是假期預訂、旅行預訂等。

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

您對此有何看法？

Very much, Vijit.

非常感謝，維吉特。

And as part of our gen AI strategy for the last several quarters now, our focus has been just picking up any potential application of this in the context of our business.

作為過去幾季我們的新一代人工智慧策略的一部分，我們的重點一直是根據我們的業務情況挖掘人工智慧的任何潛在應用。

We've been just sort of deploying our engineering bandwidth on that and implementing that and going live with and that includes what you just mentioned, using the agentic AI.

我們只是在其上部署我們的工程頻寬、實施並投入使用，其中包括您剛才提到的使用代理 AI。

If you look at some of our chatbots that are already live, and I mentioned recently we've gone live with our -- on our hotel and eco funnel as well.

如果你看看我們一些已經上線的聊天機器人，我最近提到，我們已經在我們的飯店和生態通路上上線了。

That is actually a -- it is completely a new user interface, interactive user interface for hotel booking and addressing all kinds of queries you know, related to the booking and then eventually sort of helping doing the booking as well.

這實際上是一個——它是一個全新的用戶介面，用於酒店預訂的互動式用戶介面，可以解決與預訂相關的各種疑問，最終也可以幫助完成預訂。

So my take on this is that this is a journey, while on the face of it.

因此我的看法是，從表面上看，這是一趟旅程。

Everyone is sort of so excited and passionate about gen AI in particular but it's going to be journey on two counts.

每個人都對新一代人工智慧感到非常興奮和熱情，但這將是一段雙重旅程。

One of course and from our point of view, we are -- this is one of the key strategic items for us as far as overall business strategy is concerned for the last several quarters.

當然，從我們的角度來看，就過去幾季的整體業務策略而言，這是我們的關鍵策略項目之一。

And we'll continue to keep sort of marching ahead and try and ensure that we sort of lead this at least from a travel use cases, standpoint or whatever promise this technology has to offer.

我們將繼續保持前進的勢頭，並努力確保我們至少從旅行用例、角度或這項技術所提供的任何前景方面處於領先地位。

But the other aspect, which is equally important, is also going to be adoption because some of these sort of new, let's say, based interactive front end that you would end up sort of developing and that has to be also adopted by the consumers and that will -- that is always a journey.

但另一方面，同樣重要的一點是採用，因為你最終會開發出一些新的基於互動式前端的產品，而這些產品也必須被消費者所採用，這是一個漫長的過程。

And our endeavor is to make it more and more intuitive, more and more accurate, more and more relevant, personalized, super convenient, et cetera.

我們的努力是讓它越來越直覺、越來越準確、越來越相關、越來越個人化、超級便利等等。

So that the adoption is faster.

以便更快採用。

But it is also a question of -- I'm very used to the existing you interface and then the other one has to be a really compelling sort of alternative for me to be able to the shift.

但這也是一個問題——我已經非常習慣於現有的介面，而另一個介面必須是一個真正引人注目的替代方案，才能讓我實現這種轉變。

So it's always a journey because you have all kinds of consumer cohorts in our country.

所以這始終是一個旅程，因為我們國家有各種各樣的消費者群體。

But from our point of view, we are -- like I said, that it is a core part of our strategy.

但從我們的角度來看，正如我所說，這是我們策略的核心部分。

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

我們肯定會，而且我們正在密切關注並合作尋找合適的合作夥伴，無論是從內容角度還是技術角度，並確保我們不僅能開發和上線，還能從中學習並不斷改進，因為仍然有很多懸而未決的問題需要解決，無論是體面還是準確性等等，這也是每一種出現的替代新模式的成本，我們正在採用所有這些。

So we are absolutely sort of deep into it already and, pretty much every quarter.

所以，我們已經深入研究這個問題，幾乎每季都會深入研究。

You will see something or the other gen AI coming from

你會看到一些東西或其他一代人工智慧來自

[iQmetrix].

[iQmetrix]。

All right, thanks, Rajesh.

好的，謝謝，Rajesh。

Those are my questions.

這些都是我的問題。

Thank you so much.

太感謝了。

Ankur Rudra, JP Morgan.

摩根大通的 Ankur Rudra。

Thank you and a very strong quarter indeed.

謝謝，這確實是一個非常強勁的季度。

This first question is on the demand side.

第一個問題是關於需求方面的。

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

顯然，你們這邊的需求看起來極其穩固、極其強勁，但消費籃子的幾個部分繼續顯示出某種疲軟的跡象，包括你們平台同行的部分內容。

You don't seem to be seeing this in the last quarter.

您似乎在上個季度沒有看到這種情況。

Can you confirm that is something being hidden by the strong headline numbers because of pricing and we in the current quarter?

您能否確認，由於定價以及本季的原因，強勁的整體數據掩蓋了一些問題？

Have you seen any signs of that in any of your customer cohorts which are seeing any impact of consumption slowdown?

在您的客戶群中，是否看到消費放緩帶來的影響的跡象？

No, I could.

不，我可以。

It's a good question and I think it's a good observation with respect to some of the other categories as well.

這是個好問題，我認為對於其他一些類別來說這也是一個很好的觀察。

And there have been murmurs around some slowdown in some of the discretionary categories specifically.

具體來說，有傳言稱某些可自由支配的類別的成長出現放緩。

But as far as travel and tourism sort of spend from a consumption pattern is concerned, we've been lucky too good as I was trying to highlight even as part of the script and that October we was muted for us by November and December, it picked up really well.

但就旅行和旅遊業的消費模式而言，我們很幸運，正如我試圖強調的那樣，即使是在劇本的一部分中，10 月份我們的支出也處於低迷狀態，但到了 11 月和 12 月，情況就變得非常好了。

So the overall seasonality for the quarter actually played out quite nicely.

因此本季的整體季節性實際上表現得相當不錯。

And there's nothing hidden to your point on pricing, there's absolutely nothing hidden because if you see the volume growth, that is actually quite robust as well.

關於定價，您提到的沒有任何隱藏的內容，絕對沒有任何隱藏的內容，因為如果您看到銷售成長，那麼這實際上也相當強勁。

And so part of that, as I was just responding to the earlier question as well, part of that is also from our side, obviously.

因此，正如我剛才回答之前的問題一樣，其中的一部分顯然也是來自我們這邊。

It's just expanding our reach to different different consumer segments as well.

這也只是擴大了我們涵蓋不同消費者群體的影響力。

But we haven't really seen at least in the October, November, December quarter, which we are reporting out any sort of material signs of slowdown if you will.

但至少在 10 月、11 月和 12 月季度，我們並沒有真正看到任何實質的放緩跡象。

Now we will have to obviously watch the situation and how it develops, let's say for the other categories as well.

現在我們顯然必須關注情勢及其發展，對於其他類別也同樣如此。

Because if you look at the overall economy projections, even for the next couple of years, they continue to be robust.

因為如果你看看整體經濟預測，即使是未來幾年，它們仍將保持強勁。

So I'm hoping whatever is happening to the other category is also an aberration.

所以我希望發生在其他類別上的事情也是一種異常。

But having said that, we'll keep watching the watching the space very carefully.

但話雖如此，我們仍將繼續密切關注這一領域。

Thank you.

謝謝。

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

Rajesh，您認為預算型旅客類別和更高階的旅客類別之間的需求強度性質是否存在差異，例如應用程式、Goibibo 使用者和 MakeMyTrip 使用者之間的需求強度？

You know what -- and we looked at that because this is quite natural for us to sort of look at different cohorts as well.

你知道嗎 — — 我們研究了這一點，因為對我們來說，研究不同的群體也是很自然的。

And the good news is at least for this quarter.

至少對於本季來說，這是一個好消息。

We saw all segments growing and I was alluding to that again the script as well.

我們看到所有部分都在成長，我也在劇本中再次提到了這一點。

We saw pretty much budget segment, premium, et cetera, all of them going and premium segment growth has been, as we've been sort of calling out for the last few quarters as well.

我們看到，預算部分、高端部分等等都在不斷發展，高端部分也一直在成長，就像我們在過去幾個季度一直在呼籲的那樣。

It's been very robust, and clearly it's a function of pricing income, more disposable income, and sort of habit changing to spend more on travel and experience more so for premium category and higher upper middle class category.

這種趨勢非常強勁，顯然這是價格收入、更多可支配收入和習慣改變的結果，人們在旅行和體驗上花費更多，高端類別和中上階層的遊客更是如此。

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

但即使是預算以及專門針對飯店的預算部分，例如 MakeMyTrip 和 Goibibo 之間，我們也看到這種成長正在回歸。

So at least for us on our platform, both brands put together in the last quarter.

因此至少對我們平台而言，兩個品牌在上個季度是合併的。

We didn't really see any sort of particular specific cohort slowdown in any of those cohorts, actually.

實際上，我們並沒有看到任何特定群體的速度放緩。

Thank you, Rajesh.

謝謝你，拉傑什。

We've seen a significant amount of currency volatility in the last few months of the quarter.

在本季的最後幾個月，我們看到了明顯的貨幣波動。

I don't know whether it's happened anything this quarter, but looking at past cycles, have you seen any kind of impact of this, either directly or with a lag in consumer behavior when they see headline prices change for certain destinations?

我不知道本季是否發生了這樣的事情，但回顧過去的周期，您是否看到過這種現象造成的任何影響，無論是直接影響，還是當消費者看到某些目的地的總體價格發生變化時，消費者行為會滯後？

Ankur, in this seasonally strong quarter, we haven't seen any impact.

Ankur，在這個季節性強勁的季度，我們沒有看到任何影響。

Like Rajesh called out, when it comes to international flights as well as international hotels, we have continued to see strong demand and particularly from those regions where Visa has been made more easier or kind of Visa relaxations have been offered and the demand continues to remain pretty strong.

正如拉傑什所說的那樣，當談到國際航班和國際酒店時，我們繼續看到強勁的需求，特別是在那些簽證變得更加容易或提供簽證放寬政策的地區，需求仍然保持強勁。

If I may just add, one just additional point to what Mohit just said, I mean, just the historical perspective, what we've seen in the past, whenever there is this fluctuation, I mean, it's natural for if rupee becomes weaker and as a particular destination becomes more expensive.

如果我可以補充一點，關於 Mohit 剛才所說，我的意思是，從歷史角度來看，我們過去看到，每當出現這種波動時，盧比貶值以及某個特定目的地變得更加昂貴都是很自然的。

What we've seen is that we don't see change of people dropping the plans for travel, they just look for an alternative destination, which is relatively sort of cheaper where let's say, less impact on the of the currency fluctuation whether it is overseas or domestic.

我們看到的是，人們並沒有放棄旅行計劃，他們只是在尋找其他目的地，這些目的地相對更便宜，受海外或國內貨幣波動的影響較小。

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

但至少從歷史上看，我們並沒有真正看到人們特別改變旅行計劃。

Thank you.

謝謝。

You've called out this repeatedly that there's been a huge amount of support and growth on the B2B and the B2B2C segments and also your international business.

您曾多次提到，B2B、B2B2C 領域以及國際業務獲得了巨大的支援和成長。

Could you remind us how much of your business is from there?

您能否提醒我們一下您的業務有多少來自那裡？

Also, if you can estimate what sort of share MakeMyTrip has here, perhaps it's a bit lower than your traditional consumer segment?

另外，如果您能估算一下 MakeMyTrip 在這裡的份額，也許它比傳統的消費者群體要低一點？

On the international side, our mix of business coming in from all bond or in bond or international transactions policy.

在國際方面，我們的業務組合來自所有債券、債券或國際交易政策。

Overall, all put together, that mix has now moved over 25%.

整體來看，該組合目前已上漲超過 25%。

And on coming to B2B, particularly on the corporate side, we had shared some numbers, in the first quarter of this year.

至於 B2B，特別是在企業方面，我們在今年第一季分享了一些數據。

We had called out that our corporate bookings have kind of scaled up to close to about $200 million run rate on a quarterly basis.

我們曾宣布，我們的公司訂單量已按季度擴大到接近 2 億美元。

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

所以，這就是我可以指出的兩種具有指示性的事情。

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

您能估計一下你們在這裡的份額相對於其他業務來說是多少嗎？

Corporate, like Rajesh had said, is early stage for us.

正如 Rajesh 所說，企業對我們來說還處於早期階段。

We have been in the in the B2B side of things only for the last four or five years.

我們涉足 B2B 領域才過去四、五年。

And therefore, we're kind of pretty much under push to the market.

因此，我們在很大程度上受到了市場的壓力。

Our estimate is at least 1/4 of the market, should be business driven or corporate driven, if not higher.

我們估計至少有1/4的市場應該是由商業驅動或企業驅動，甚至更高。

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

因此，要達到這比例還有很長的路要走。

Understood.

明白了。

Just last question.

最後一個問題。

You spoke about events and pilgrimage.

您談到了事件和朝聖。

Is it possible to quantify what size of the travel market or I mean, if you can estimate also for your own bookings is coming from there?

是否可以量化旅遊市場的規模，或者我的意思是，您可以估算出您自己的預訂量來自那裡？

Pilgrimage or some of the other kind of new emerging demand segments like say, for instance, all these concert-related kind of demand that has now started coming off our share of volume coming from these kind of travel requirements historically has been pretty low and therefore these are now new opportunities that we are kind of dialing up and therefore, doing a full holistic kind of improvement in these areas.

朝聖或其他一些新興的需求領域，比如說所有這些與音樂會相關的需求，現在都開始從我們的客流量中分離出來，而這類旅行需求的份額在歷史上一直很低，因此，這些現在有了新的機會，我們正在加大力度，在這些領域進行全面的整體改進。

So we kind of supply very significantly, in these cities and also kind of trying to build the right kind of platforms or channels to be able to cater to the demand that emerges, for these kind of specific travel requirements, both B2B and B2B2C.

因此，我們在這些城市提供了大量的供應，同時也試圖建立合適的平台或管道，以滿足出現的特定旅行需求，包括 B2B 和 B2B2C。

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

所以我認為這更像是長期的賺錢方式，就像現在企業方面一樣，還處於起步階段。

Okay, I appreciate it.

好的，我很感激。

Thank you so much and best of luck.

非常感謝，祝你好運。

Gaurav Rateria, Morgan Stanley.

摩根士丹利的 Gaurav Rateria。

I hope I'm audible now.

我希望現在我能聽到聲音。

Happy New Year and congratulations on a great set of numbers.

新年快樂，恭喜您取得一系列出色的成績。

I have a few questions.

我有幾個問題。

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

我想了解我們現在看到的每個季度新客戶版本的速度是多少，與去年相比如何？

Actually, pretty robust, Gaurav, there as well and Happy New Year to you, too.

實際上，Gaurav，你也非常強大，也祝你新年快樂。

And just to give you maybe one data point and you can calculate that, so our repeat rate has been on a quarterly basis, have been pretty robust.

只需給您一個數據點，您就可以計算出來，我們的重複率按季度計算，一直非常強勁。

It used to be about 70%, 71%.

過去這一比例約為 70%、71%。

Last quarter was about 73% and this is life to date.

上個季度約為 73%，這是迄今為止的情況。

This is like 73% of the transactions coming from the life to date customers.

這意味著 73% 的交易都來自現有客戶。

And our overall customer base is now life to date all three put together as touched about 80 million, up from 77 million.

到目前為止，我們的整體客戶群已從 7,700 萬增加到 8,000 萬左右。

And typical contribution from new users has been in the range of between 25% to 30%.

新用戶的貢獻通常在 25% 到 30% 之間。

And so effectively, it just continues -- at the same, at the scale every quarter, we are obviously adding more and the scale is only going up in one direction.

所以實際上，它只是繼續下去——同時，在每個季度的規模上，我們顯然在增加更多，而且規模只朝著一個方向上升。

But with the ratio of new users and the repeat, it hasn't really changed a lot.

但新用戶和復購用戶的比例其實並沒有太大的變化。

So the 70%, 30%,, going to let's say [73% 27% 72% sub 28%] kind of so broadly remains the same range.

所以 70%、30% 會變成 [73% 27% 72% 低於 28%]，大體上保持相同的範圍。

Also, in absolute terms, Gaurav, the net new additional to the platforms generally ranges anywhere between 1.5 million to say 2.5 million customers during any quarter.

此外，從絕對值來看，Gaurav，每季平台的淨新增客戶數量一般在 150 萬到 250 萬之間。

That is the typical kind of new addition that we see.

這是我們見到的典型的新增內容。

Got it.

知道了。

So keeping this into mind and the comment that you explained about your focus on how you look at the market and beyond near-term competition issues, et cetera, why the ad spend as percentage of gross booking in this nine months of fiscal year appears higher than the last year?

所以考慮到這一點，以及你關於你關注如何看待市場以及短期競爭問題等等的評論，為什麼本財年九個月的廣告支出佔總預訂量的百分比似乎高於去年？

What explains this increase?

如何解釋這種增長？

Is it more investment led?

更多的是投資主導嗎？

Is it more defending any new competition?

這是否更利於捍衛任何新的競爭對手？

Just trying to understand that.

只是想理解這一點。

We are talking about the marketing spends only, versus say, for instance, marketing and sales promotions put together.

我們談論的只是行銷支出，而不是說行銷和促銷支出的總和。

Yeah, like put together.

是的，就像放在一起一樣。

I'm looking at the number combined.

我正在看合併後的數字。

The combined number largely has kind of trended in line with I would say last year.

我認為，整體數字與去年的趨勢基本一致。

And like we had said, we would want to kind of keep this at below 5% levels.

正如我們所說的，我們希望將其保持在 5% 以下的水平。

And like I was just mentioning on another question earlier, this number has turned at about 4.6% of gross bookings during say seasonally weaker quarters, say for instance, Q2, Q4 and generally trended at around 4.9% to 5% in seasonally stronger quarters like Q1 and Q3.

就像我之前在另一個問題中提到的那樣，在季節性較弱的季度（例如第二季、第四季），這一數字已達到總預訂量的 4.6% 左右，而在季節性較強的季度（例如第一季和第三季），這一數字一般趨勢在 4.9% 到 5% 左右。

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

因此實際上並沒有發生任何實質的變化或增加。

Okay.

好的。

Got it.

知道了。

Lastly, it would be great to get some color on competition in the hotel segment.

最後，如果能了解一下飯店業的競爭情況就更好了。

If you could layer it for different subsegments, whether it's for premium, whether it's for budget and what would be your rough market share within the overall online market in the segments?

如果您可以將其分層為不同的細分市場，無論是高端市場還是預算市場，您在各個細分市場中在整個線上市場中的市場份額大致是多少？

Thank you.

謝謝。

A little difficult to kind of call out in the market shares in the hotel segment as you know, there's no kind of industry report, unlike we can get it from the CCI in case of domestic flight ticketing.

您知道，要說出飯店領域的市場份額有點困難，因為沒有行業報告，而我們無法從 CCI 獲得國內航班售票的報告。

Our high-level estimate would be that ballpark about 18% to 20% of the market would have moved online and will possibly be about closer to about half of that.

我們的高層估計是，大約 18% 到 20% 的市場將轉移到線上，甚至可能接近這個數字的一半。

That is a very high-level, broad estimate in terms of the size of the market.

就市場規模而言，這是一個非常高水準、廣泛的估計。

Again, if you look at it in terms of competitive dynamics, comparatively kind of better in the in the hotels or in the accommodation space, say vis a vis compared to the ticketing space.

同樣，如果從競爭態勢來看，與票務領域相比，飯店或住宿領域的競爭相對較好。

Because pretty much all the OTAs have a much larger kind of skewed towards ticketing compared to accommodation.

因為幾乎所有的 OTA 都對票務的關注度遠高於對住宿的關注度。

And therefore to some extent, competition the hotel side is also with the with the global OTAs because they tend to kind of be more focused on the accommodation space and particularly in the in the, I would say mid to premium segment.

因此，從某種程度上來說，飯店的競爭也與全球 OTA 有關，因為他們往往更專注於住宿領域，尤其是中高端市場。

But again, they're a larger share of -- their kind of volumes will be more inbound.

但同樣，他們所佔份額更大——他們的數量將更多地是入境。

Whereas we focus a lot more on domestic and outbound.

而我們則更重視國內和出境。

All right, thank you and all the very best.

好的，謝謝你，祝一切順利。

Thank you, Gaurav.

謝謝你，Gaurav。

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

這是我們向您提出的最後一個問題，Rajesh，請您發表評論。

Thank you, Vipul, and thank you, everyone.

謝謝你，維普爾，也謝謝你們大家。

And a great set of questions from everyone.

大家也提出了一系列精彩的問題。

And thank you for appreciating and thank you for your patience and we'll see you again next quarter.

感謝您的讚賞和耐心，我們下個季度再見。

Thanks, bye.

謝謝，再見。

Thank you, everyone.

謝謝大家。

You may now disconnect.

您現在可以斷開連線。