MakeMyTrip Ltd (MMYT) 2025 Q4 法說會逐字稿

(technical difficulty) Investor Relations at MakeMyTrip Limited (technical difficulty) to our fiscal 2025 fourth quarter and full year earnings webinar. (technical difficulty) will be hosted by the company's leadership team comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; and Mohit Kabra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session.

（技術難題）MakeMyTrip Limited 的投資者關係（技術難題）參加我們的 2025 財年第四季和全年收益網路研討會。 （技術難度）將由公司領導團隊主持，其中包括我們的共同創辦人兼集團執行長 Rajesh Magow；以及我們的集團財務長 Mohit Kabra。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。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. These statements are not guarantees of future performance, are subject to inherent uncertainties and actual results may differ materially.

此外，今天活動期間所做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的前瞻性聲明。這些聲明並非對未來績效的保證，受固有不確定性的影響，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. 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 SEC on July 2, 2024. Copies of these filings are available from SEC or from the company's Investor Relations department.

本次活動期間傳達的任何前瞻性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變更的情況的義務。有關這些聲明的更多資訊包含在公司 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。這些文件的副本可從美國證券交易委員會或公司投資者關係部門取得。

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

現在我想將電話轉給拉傑什，請他發表評論。交給你了，拉傑什。

Thank you, Vipul, and welcome everyone to our fourth quarter and full year call for fiscal 2025. Fiscal 2025 has been a milestone year for us in more ways than one. We not only delivered record performance, but we also celebrated our 25th anniversary. As we mark the 25th anniversary of our company, team at MMYT is filled with a deep sense of pride and gratitude. This milestone is more than a measure of time. It reflects the dedication, innovation and resilience that have defined our journey.

謝謝 Vipul，歡迎大家參加我們 2025 財年第四季和全年電話會議。2025 財年對我們來說在許多方面都是具有里程碑意義的一年。我們不僅創造了創紀錄的業績，而且還慶祝了我們的25週年紀念。值此公司成立 25 週年之際，MMYT 團隊充滿自豪與感激之情。這個里程碑不僅僅是一個時間尺度。它體現了我們旅程中的奉獻精神、創新精神和韌性。

25 years ago, we began with a simple mission of making travel accessible, convenient and transparent for Indians. Since then, we have grown into a one-stop shop that continues to evolve and push boundaries. I would like to take this opportunity to offer huge gratitude to our long-standing industry and non-industry partners for their support over this action-packed journey.

25 年前，我們開始了一個簡單的使命，那就是讓印度人的旅行變得輕鬆、方便和透明。從那時起，我們已發展成為一站式商店，並不斷發展和突破界限。我想藉此機會向我們長期以來的行業和非行業合作夥伴表示衷心的感謝，感謝他們在這段充滿動感的旅程中給予的支持。

Coming to the year and quarter key highlights, happy to share that we delivered a record performance during fiscal year 2025 with a robust growth rate. We recorded a gross booking value of $9.8 billion for the year with a year-on-year growth rate of 25.9% in constant currency terms. Alongside strong gross booking value growth, we continue to drive operating leverage. And as a result, the adjusted operating profit, which is at an all-time high of $167.3 million has registered a year-on-year growth of 34.7%. For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms on the back of strong travel demand and adjusted operating profit for Q4 grew at a growth rate of 37.9% year-on-year.

談到年度和季度重點，我很高興地告訴大家，我們在 2025 財年取得了創紀錄的業績，成長率強勁。我們全年的總預訂價值達到 98 億美元，以固定匯率計算年增 25.9%。隨著總預訂價值的強勁成長，我們繼續提高營運槓桿。因此，調整後的營業利潤達到歷史最高的 1.673 億美元，年增 34.7%。第四季度，在強勁的旅遊需求的推動下，以固定匯率計算，總預訂價值年增 30.4%，第四季度調整後營業利潤年增 37.9%。

Our high growth rate has come from the new users as well as from the existing customers. During the year, we added more than 9 million customers, taking the lifetime transacted user base to 82 million now. A lot of the new users have come from Tier 2 and Tier 3 towns, signifying our brand's penetration into deeper India. On the other hand, our repeat rate in the quarter continues to be very healthy at 70%-plus rate.

我們的高成長率既來自新用戶，也來自於現有客戶。今年，我們新增了 900 多萬名客戶，目前終身交易用戶群已達 8,200 萬人。許多新用戶來自二線和三線城鎮，這表明我們的品牌已經深入印度市場。另一方面，本季我們的重複率繼續保持非常健康的水平，達到 70％ 以上。

On our Gen AI journey, we are excited to share that Myra.ai, our trip planning chatbot, has evolved into a powerful interface on agentic framework capable of orchestrating seamless interactions across other specifically-built AI bots for our products like flights, hotels, ground transport and destination discovery. With this, Myra is now a unified interface where users can plan their trip taking the help of intelligent and personalized prompts as well as resolve post-sales queries or do amendments to the bookings, et cetera.

在我們的 Gen AI 之旅中，我們很高興地告訴大家，我們的旅行計劃聊天機器人 Myra.ai 已經發展成為代理框架上的強大界面，能夠為我們的產品（如航班、酒店、地面交通和目的地發現）協調與其他專門構建的 AI 機器人之間的無縫交互。有了這個，Myra 現在是一個統一的介面，用戶可以藉助智慧和個人化提示來規劃他們的行程，以及解決售後疑問或修改預訂等。

This is part of our long-term commitment to make trip discovery and booking simpler, smarter and more enjoyable for our users using GenAI. With the increasing number of users adopting this new interface, our bots will continue to evolve and become more intelligent and intuitive.

這是我們長期承諾的一部分，旨在讓使用 GenAI 的用戶能夠更簡單、更聰明、更愉快地發現和預訂行程。隨著越來越多的用戶採用這種新介面，我們的機器人將繼續發展，變得更加智慧和直覺。

In parallel, we have rolled out several Generative AI-powered features across key business lines. These include review summary for faster, more informed decision-making, GenAI search that understands and response to natural language trip queries, smart collections that curate travel options based on user themes and preferences, assist mode in flights to answer common questions about baggage, cancellations and refunds, AI-driven support for booking changes such as date modifications and other post-booking queries. Together, these advancements reflect our continued investment in next GenAI-led experiences that will enhance every step of the travel journey.

同時，我們在主要業務線上推出了多項由生成式人工智慧驅動的功能。這些功能包括：用於更快、更明智決策的評論摘要、能夠理解和響應自然語言旅行查詢的 GenAI 搜索、根據用戶主題和偏好策劃旅行選項的智能收藏、航班輔助模式（用於回答有關行李、取消和退款的常見問題）、對日期修改和其他預訂後查詢等預訂變更的 AI 驅動支援。總的來說，這些進步反映了我們對下一代 GenAI 主導體驗的持續投資，這將改善旅行的每一步。

Besides, as part of executing our connected trip strategy, we introduced multiple integrated touch points across our app, desktop and WhatsApp to drive seamless end-to-end planning for a particular trip. Underpenetrated international outbound market was also identified as a growth opportunity for us this fiscal year. We've been strengthening our product proposition to better serve the needs of this market and we saw the desired results coming through.

此外，作為執行互聯旅行策略的一部分，我們在應用程式、桌面和 WhatsApp 上引入了多個整合接觸點，以推動特定旅行的無縫端到端規劃。尚未完全滲透的國際出境市場也被認為是我們本財年的成長機會。我們一直在加強我們的產品主張，以更好地滿足這個市場的需求，並且我們看到了預期的結果。

For fiscal year '25, our international air ticketing revenue grew by over 33% year-on-year, far outpacing industry growth. Similarly, our international hotels revenue grew by over 65% year-on-year, making this one of our fastest-growing business segments. Our international business now contributes 25% to the overall revenue, up from 22% during fiscal year '24.

25財年，我們的國際機票營收年增超過33％，遠超過產業成長。同樣，我們的國際酒店營收年增超過65％，成為我們成長最快的業務部門之一。我們的國際業務目前佔總營收的 25%，高於 24 財年的 22%。

Let me now turn to the business segments, starting with our air ticketing business. While the airlines are trying to navigate the near-term supply challenges, particularly in the domestic air market, the good news is that domestic departures crossed the pre-pandemic levels this completed year. While supply growth in the domestic market continues to be slower than expected at about 9.5% year-on-year, international departures grew by 18.5% year-on-year and the online penetration in international air ticketing is increasing steadily as well, which helped our gross booking value of air business grow by 24.3% year-on-year in constant currency terms in Q4 fiscal year '25.

現在讓我來談談業務部門，首先是我們的機票業務。儘管航空公司正在努力應對近期的供應挑戰，尤其是在國內航空市場，但好消息是，今年國內航班起飛數量已超過疫情前的水平。雖然國內市場供應量成長持續低於預期，年增約 9.5%，但國際出發人數年增 18.5%，國際機票線上滲透率也在穩步提升，這有助於我們的航空業務總預訂價值在 2025 財年第四季按固定匯率計算同比增長 24.3%。

In our endeavor to keep involving customer -- improving customer experience, we revamped MyTrip section to enhance the post-sales experience, enabling customers to easily discover and adopt digital solutions like cancellations and date changes without the need to call customer care. Since its launch, customer interactions with self-serve MyTrips options have increased meaningfully and calls to customer care have reduced considerably. For our international travelers, we launched the initiative of offering bite-sized customized travel insurance plans during international flight booking to offer greater value and choice to customers.

為了持續吸引客戶並改善客戶體驗，我們改進了 MyTrip 部分以增強售後體驗，使客戶能夠輕鬆發現和採用數位解決方案，例如取消和更改日期，而無需致電客戶服務。自推出以來，客戶與自助 MyTrips 選項的互動顯著增加，而客戶服務電話則大幅減少。對於我們的國際旅客，我們推出了在國際航班預訂時提供小型客製化旅遊保險計劃的計劃，為客戶提供更大的價值和選擇。

Our accommodation business, which includes hotels, home stays and packages, continues to witness strong growth. The fiscal year concluded on a strong note with positive momentum and a sense of optimism for the future. Gross booking value of the hotels and packages business grew by 27.7% year-on-year in constant currency terms for Q4 fiscal year '25. The last two quarters also delivered record performance for most of the hotel chains, reflecting robust demand. As a result, there is strong commentary around new signings across the hospitality industry. Most major players signaled an acceleration in development activity, particularly in Tier 2, 3 and 4 cities.

我們的住宿業務（包括飯店、民宿和套餐）持續保持強勁成長。本財年以強勁的勢頭和對未來的樂觀情緒結束。2025財年第四季度，飯店和套餐業務的總預訂價值以固定匯率計算年增27.7%。大多數連鎖飯店過去兩季的業績均創下歷史新高，反映出強勁的需求。因此，整個酒店業對於新簽約的評價非常強烈。大多數主要參與者都表示開發活動將加速，特別是在二線、三線和四線城市。

Notably, global hotel chains are also deepening their India focus by partnering with local operators to accelerate market penetration. In the last five years, about 42,000-plus rooms have been added by the chains with 60% of them in Tier 2 cities and beyond. We continue to strengthen our supply mode. We now offer 89,000-plus accommodation options in 2,000-plus cities across the country. We aim to further accelerate the supply aggregation in future.

值得注意的是，全球連鎖飯店也正在透過與當地營運商合作來加深對印度的關注，以加速市場滲透。過去五年中，飯店連鎖新增了約 42,000 多間客房，其中 60% 位於第二線及以上城市。我們不斷強化我們的供應模式。目前，我們在全國 2,000 多個城市提供 89,000 多種住宿選擇。我們的目標是未來進一步加快供應聚合。

During last fiscal, we added over 120,000 rooms to our supply with Tier 2 cities and beyond, witnessing 30%-plus year-on-year growth. As mentioned earlier, our international hotel segment continues to grow much faster than the market on the back of enhanced product proposition. We scaled our ratings footprint to over 600,000-plus international properties, building greater trust and aiding smarter travel decisions.

上一財年，我們在二線城市及其他地區增加了超過 12 萬間客房，較去年同期成長超過 30%。如前所述，在增強的產品主張的支持下，我們的國際酒店部門繼續以遠高於市場的速度成長。我們將評級範圍擴大到 600,000 多家國際酒店，從而建立了更大的信任並幫助做出更明智的旅行決策。

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

我們進一步增強了內容，以更好地引起印度客戶的共鳴，從而提高印度特色，使飯店預訂更加便利、更符合印度人的喜好。我們的寄宿家庭業務規模不斷擴大。今年，我們在 1,100 多個獨特目的地銷售了超過 33,000 處獨特房產，商務、休閒和朝聖目的地均實現了強勁增長。上一財年，我們也增加了超過 42,000 間寄宿家庭客房，較去年同期成長 33%。

Spiritual tourism is emerging as a significant growth driver within India's domestic travel landscape. We saw strong demand from both first-time and repeat travelers seeking culturally rich and spiritually meaningful experiences. Pilgrimage cities volume growth this fiscal was over 95% year-on-year, which included windfall gains from once in 144 years mega Maha Kumbh at Prayagraj, leading to 147% year-on-year growth in Q4.

精神旅遊正成為印度國內旅遊業的重要成長動力。我們發現初次旅行者和重複旅行者都對尋求豐富文化和精神意義的體驗有著強烈的需求。本財年朝聖城市的遊客數量年增超過 95%，其中包括 144 年來首次在普拉亞格拉舉行的大型大壺節帶來的意外收穫，導致第四季度的遊客數量同比增長 147%。

Our focused planning and strong execution around the Maha Kumbh delivered an upside in January and February. We stood out as the only player with accommodation inventory during the peak period, particularly on the alternative accommodation side. And the tent offerings, which were fully bookable online, driving both visibility and conversion. We intend to continue building on this trend by expanding our offerings in key pilgrimage circuits, enhancing accessibility and creating curated travel experiences that cater to this fast-growing segment.

我們圍繞著大壺節的專注規劃和強有力的執行在一月和二月取得了積極的成果。我們是高峰期唯一擁有住宿庫存的參與者，特別是在替代住宿方面。帳篷活動完全可以透過線上預訂，從而提高了知名度和轉換率。我們打算繼續延續這一趨勢，擴大我們在主要朝聖路線上的服務範圍，增強可及性，並打造迎合這一快速增長的細分市場的精心策劃的旅行體驗。

Our holiday packages business continues to deliver robust performance, driven by growth in destinations like Thailand, Singapore and Maldives. During the quarter, we launched our stand-alone tours and attractions funnel, one more additional product to follow our vision of being a one-stop shop for Indian travelers. With this new offering, travelers can now seamlessly discover and book experiences across 1,100-plus international cities spread across 139 countries, covering an extensive catalog of 215,000-plus tours and attractions, including site seeing tours, tickets and passes, performances and shows, boat and bus tours, day trips, unique local experience and much more.

受泰國、新加坡和馬爾地夫等旅遊目的地成長的推動，我們的假期套餐業務持續表現強勁。在本季度，我們推出了獨立的旅遊和景點管道，這是另一個附加產品，旨在實現我們成為印度遊客一站式商店的願景。透過這項新服務，旅客現在可以無縫探索和預訂遍布 139 個國家/地區的 1,100 多個國際城市的體驗，涵蓋超過 215,000 個旅遊和景點，包括觀光旅遊、門票和通行證、演出和表演、遊船和巴士之旅、一日遊、獨特的當地體驗等等。

In our bus business, growth has further improved in Q4 on the back of strong demand, increasing supply and one-time tailwinds of Kumbh. Our growth continues to be broad-based with all regions growing in double-digits with north and east outpacing south and west in Q4. The supply in the private bus operator segment has grown approximately 15% year-on-year, reflecting a buoyant operating environment. Bus operators remain optimistic with increased interest in opening new routes, which bode well for future growth.

在我們的巴士業務中，由於需求強勁、供應增加以及大壺節的一次性順風，第四季度的成長進一步改善。我們的成長持續保持廣泛性，所有地區均實現兩位數成長，第四季北部和東部地區的成長速度超過南部和西部。私營巴士業者領域的供應量較去年同期成長約 15%，反映出活躍的經營環境。公車業者對開闢新路線的興趣日益濃厚，保持樂觀態度，這預示著未來的成長前景良好。

During the quarter, we launched connecting bus services, allowing bus operators to connect to their existing services, leading to an improvement in occupancy. This also increases choice for the users, especially in longer distance routes. With thin inventory size, they can book two buses with a reasonable layover time in between. Our international bus business also continues to grow well in all the countries with a growing contribution to the overall pie.

在本季度，我們推出了接駁巴士服務，讓巴士業者能夠連接到他們現有的服務，從而提高乘坐率。這也增加了用戶的選擇，特別是在較長距離的路線上。由於庫存量較少，他們可以預訂兩輛巴士，中間留出合理的停留時間。我們的國際巴士業務在所有國家也持續保持良好成長勢頭，對整體市場份額的貢獻也越來越大。

For our rail business, we continue to bring in new users to the platform besides growth in ancillary revenues primarily from seat guarantee product. Food on trains ecosystem is expanding rapidly with IRCTC reporting a 200% increase in orders over the past two fiscals. We have tested the market through partnership with Relfood, which has delivered promising results with healthy conversion rates and a 99% plus fulfillment rate. We are looking to enhance the offering in future.

對於我們的鐵路業務，除了主要透過座位保證產品實現的輔助收入成長外，我們還繼續為平台吸引新用戶。火車食品生態系統正在迅速擴張，IRCTC 報告過去兩個財年的訂單量增加了 200%。我們透過與 Relfood 合作對市場進行了測試，並且取得了可喜的成果，轉換率很高，履行率也達到 99% 以上。我們希望未來能增強該產品的品質。

For our cabs business, we continue to scale both airport transfers and intercity cabs. We expanded our outstation cab offerings with value-added services like route selection and local sightseeing and source, aligning with our strategy to bridge offline and online gaps. We also introduced express pickup for airport to city cabs, a new program that tracks flights' arrival time and ensures the cab is ready upon arrival.

對於我們的計程車業務，我們繼續擴大機場接送和城際計程車的規模。我們擴大了外地計程車服務，提供路線選擇、當地觀光和資源等增值服務，這符合我們彌合線下和線上差距的策略。我們還推出了從機場到市區的計程車快速接送服務，這是一項新計劃，可以追蹤航班的到達時間並確保計程車在抵達時準備就緒。

Our corporate travel business via both our platforms, that is myBiz and Quest2Travel is witnessing strong growth as well. Our active corporate customer count on myBiz is now over 64,000-plus compared to 56,600 customers during the same quarter last year. And for Q2T, the active customer count has reached 507 large corporates compared to 357 customers in the same quarter last year.

我們透過 myBiz 和 Quest2Travel 兩個平台開展的企業旅行業務也正在實現強勁成長。目前，myBiz 上的活躍企業客戶數量已超過 64,000 家，去年同期為 56,600 家。就第二季而言，活躍客戶數量已達 507 家大型企業，去年同期為 357 家。

As we look ahead, we remain focused on scaling our recently launched products, while targeting higher than industry growth rates across all other key business segments. Our next-generation customer experience will be driven by GenAI-led innovations and supported by deep, scalable supply seamlessly integrated through our robust technology platforms.

展望未來，我們將繼續專注於擴大我們最近推出的產品，同時力爭使所有其他關鍵業務領域的成長率高於行業水平。我們的下一代客戶體驗將由 GenAI 主導的創新驅動，並透過我們強大的技術平台無縫整合的深度、可擴展的供應提供支援。

Before I conclude, I want to briefly address the recent developments. We had a good start to the season in April, but post the unfortunate incident at Pahalgam, a popular summer tourist destination and subsequent escalation between India and Pakistan, resulted in a travel disruption leading to a noticeable dip in bookings, particularly in the northern region of India. This negative sentiment impacted bookings for a couple of weeks, affecting both leisure and corporate travel.

在結束之前，我想簡要地談談最近發生的事情。四月份，我們的旅遊季開局不錯，但是，在熱門的夏季旅遊勝地帕哈爾加姆發生的不幸事件以及隨後印度和巴基斯坦之間緊張局勢的升級，導致旅行中斷，導致預訂量明顯下降，尤其是在印度北部地區。這種負面情緒影響了幾週的預訂，既影響了休閒旅行，也影響了商務旅行。

Throughout this time, our endeavor has been too closely collaborate with our airline and hotel partners to offer cancellation and rebooking options for our customers. With the ceasefire now in place and the situation stabilizing, we are optimistic about recovering some of the lost momentum in the weeks ahead. We continue to monitor the broader geopolitical and macroeconomic landscape to respond with agility as per emerging situations.

在此期間，我們一直努力與航空公司和酒店合作夥伴密切合作，為客戶提供取消和重新預訂的選項。隨著停火協議的達成和局勢的穩定，我們對未來幾週恢復部分失去的勢頭感到樂觀。我們將繼續監測更廣泛的地緣政治和宏觀經濟形勢，以便根據新出現的情況靈活應對。

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

現在，請允許我將電話交給 Mohit，讓他介紹本季的財務亮點。

Thanks, Rajesh, and hello everyone. We are pleased to report another strong quarter and full year performance with good top-line and bottom-line growth. During this period of reported fiscal year '25, we have delivered our best-ever financial performance across key metrics, reflecting the strength of our brands in tapping into the healthy travel demand across the country for both domestic and international travel. Keeping aside any one-off situations, which have already been called out by Rajesh, the Indian travel industry continues to experience robust growth driven by the strength of the Indian economy, rising consumer confidence and increased discretionary spending on travel or experiential services.

謝謝，Rajesh，大家好。我們很高興地報告本季和全年業績表現強勁，營收和利潤均實現良好成長。在 25 財年報告期間內，我們在各項關鍵指標上均取得了有史以來最好的財務業績，反映了我們品牌在挖掘全國範圍內國內和國際旅遊的健康旅遊需求方面的實力。撇開拉傑什已經提到的個別情況不談，印度旅遊業繼續保持強勁增長，這得益於印度經濟的強勁增長、消費者信心的增強以及旅遊或體驗式服務方面可自由支配支出的增加。

Before I move on to the quarterly results in detail, let me share some highlights for the full fiscal year. During fiscal year '25, our revenue as per IFRS grew by 27.4% year-on-year in constant currency to $978 million from $782 million in fiscal year '24. Our last year's profit of $216.7 million included a one-time net credit of $126.1 million from recognition of deferred tax assets and a one-time gain of $30.6 million due to the change in carrying value from not entering of our 2028 convertible notes during the first put option in Feb '24. Excluding these one-time gains, profit for fiscal year '24 was about $60 million and the profit for fiscal year '25 stood at about $95.3 million. Adjusted operating profit registered a strong growth of 34.7% year-on-year and reached $167.3 million in the current fiscal year compared to $124.2 million in the previous fiscal.

在詳細介紹季度業績之前，讓我先分享一下整個財年的一些亮點。2025 財年，依照國際財務報告準則 (IFRS)，我們的營收以固定匯率計算年增 27.4%，從 2024 財年的 7.82 億美元增至 9.78 億美元。我們去年的利潤為 2.167 億美元，其中包括確認遞延所得稅資產的一次性淨貸記額 1.261 億美元，以及由於未在 2024 年 2 月首次看跌期權期間輸入 2028 年可轉換票據而導致的賬面收益變化而產生的一次性收益 3060 萬美元。除去這些一次性收益，24 財年的利潤約為 6,000 萬美元，25 財年的利潤約為 9,530 萬美元。調整後的營業利潤年增 34.7%，本財年達到 1.673 億美元，而上一財年為 1.242 億美元。

Another highlight of the year was the growth in our international business across flights and accommodation. Our international air ticketing business continues to grow faster than the market, gaining market share. Volume in this segment grew by over 31% compared to the last full year, taking international share in air ticketing revenues to 37.6% in this fiscal year compared to 34% in the previous fiscal year.

今年的另一個亮點是我們的國際航班和住宿業務的成長。我們的國際機票業務繼續以高於市場的速度成長，市場份額不斷擴大。與上一財年相比，該部門的銷量成長了 31% 以上，本財年的國際機票收入份額從上一財年的 34% 升至 37.6%。

We have also been increasing directly contracted international accommodation options, particularly in destinations where direct flight connectivity has been established. As a result, volumes in this segment have grown more than 45% year-on-year and the mix of international and hotel revenues has reached 21.9% compared to 17.7% in the previous fiscal year. We continue to remain focused on operating cost efficiencies, as a result of which the adjusted operating profit margin for fiscal year '25 has improved to 1.71% of gross bookings compared to 1.56% in the previous fiscal.

我們也一直在增加直接簽約的國際住宿選擇，特別是在已建立直飛航班的目的地。因此，該部門的營業額年增超過 45%，國際和飯店收入佔比達到 21.9%，而上一財年為 17.7%。我們持續關注營運成本效率，因此 25 財年的調整後營運利潤率已從上一財年的 1.56% 提高至總預訂量的 1.71%。

Let me now share some more details on the quarterly results. Revenue as per IFRS grew by 25.6% year-on-year in constant currency to $245.5 million compared to $202.9 million in the same quarter last year. Our profit during the same quarter last year, adjusted for the just-explained one-offs pertaining to deferred tax and convertible notes, was about $15.2 million and the current reported quarter profit stands at $29.2 million. Adjusted operating profit registered a growth of 37.9% year-on-year to $44.7 million compared to $32.4 million in the same quarter last year.

現在讓我分享一些有關季度業績的更多細節。根據國際財務報告準則，以固定匯率計算，營收年增 25.6% 至 2.455 億美元，去年同期為 2.029 億美元。經過剛才解釋的與遞延稅項和可轉換票據有關的一次性支出調整後，我們去年同期的利潤約為 1,520 萬美元，本季報告的利潤為 2,920 萬美元。調整後營業利潤年增 37.9% 至 4,470 萬美元，而去年同期為 3,240 萬美元。

Moving on to our segment results. Our air ticketing adjusted margin stood at $94.2 million, registering a year-on-year growth of 16.8% year-on-year in constant currency. Take rates for the business were in line at 6.2%. In the domestic market, we continue to maintain our 30%-plus share of the flight ticketing market. During the quarter, the mix of international air ticketing business revenue reached a high of 39% compared to 36.7% during the same quarter last year.

繼續討論我們的分部表現。我們的機票調整利潤率為 9,420 萬美元，以固定匯率計算年增 16.8%。該業務的利率維持在 6.2% 左右。在國內市場，我們持續維持30%以上的機票市佔率。本季，國際機票業務收入佔比高達39%，去年同期為36.7%。

In our hotels and packages segment, adjusted margin growth stood at 28.4% year-on-year in constant currency, resulting in adjusted margin of $109.6 million during the quarter. The take rates for the quarter were in line at 18% in this segment. In the bus ticketing business, the adjusted margin stood at $36.5 million, registering a strong year-on-year growth of over 44.3% in constant currency terms. The growth in this business as well as the improvement in take rates for the quarter was aided by the one-time demand uplift from Maha Kumbh, as already called out by Rajesh.

在我們的飯店和套餐業務中，以固定匯率計算，調整後的利潤率年增 28.4%，導致本季調整後的利潤率為 1.096 億美元。本季該領域的接受率為 18%。在公車票務業務中，調整後的利潤率為 3,650 萬美元，以固定匯率計算，年增超過 44.3%。正如 Rajesh 所說，該業務的成長以及本季的接受率的提高得益於 Maha Kumbh 的一次性需求提升。

We ended the quarter and the full year with cash and cash equivalents of about $0.75 billion. Our capital allocation strategy remains focused on three core priorities. Firstly, continuing to invest in growth initiatives across our platform. Secondly, selectively exploring niche inorganic opportunities that can strengthen our market position or add strategic capabilities. And lastly, returning value to the shareholders through our buyback program.

截至本季和全年，我們的現金和現金等價物總額約為 7.5 億美元。我們的資本配置策略仍集中在三個核心重點。首先，繼續投資我們平台的成長計劃。其次，選擇性地探索可以加強我們的市場地位或增加戰略能力的利基無機機會。最後，透過我們的回購計劃向股東返還價值。

I'm pleased to share that we continue to make progress across our organic initiatives by investing in AI, development of the UAE business, expansion of redBus into new markets like Indonesia and setting up operations in Vietnam and Cambodia.

我很高興地告訴大家，我們透過投資人工智慧、發展阿聯酋業務、將 redBus 擴展到印尼等新市場以及在越南和柬埔寨開展業務，繼續在有機計畫中取得進展。

As part of our inorganic initiatives, during the year, we announced the acquisition of Happay Expense Management Platform from CRED to strengthen our corporate business proposition. Lastly, we have also deployed about $21.7 million in the share repurchase or buyback program. During the quarter, 233,712 ordinary shares were repurchased for an aggregate amount of $21.5 million at an average price of $92.2 per share.

作為我們無機措施的一部分，我們在年內宣布從 CRED 收購 Happay 費用管理平台，以加強我們的企業業務主張。最後，我們也在股票回購或回購計畫中投入了約 2,170 萬美元。本季度，該公司回購了 233,712 股普通股，總回購金額為 2,150 萬美元，平均回購價格為每股 92.2 美元。

As we celebrate the 25-year milestone, I would like to take this opportunity to thank all our stakeholders, including our customers, trade partners, associates and our investors who have supported us throughout the journey. During the 25 years, the business has seen major macro disruptions from the dotcom burst to SARS to 9/11 or the more recent COVID pandemic. But thanks to the continued support of our stakeholders, we have not only navigated through these tough times, but always emerged stronger as a business.

在我們慶祝25週年里程碑之際，我想藉此機會感謝我們所有的利益相關者，包括我們的客戶、貿易夥伴、同事和在整個旅程中支持我們的投資者。在這 25 年裡，該行業經歷了重大的宏觀動盪，從網路泡沫破滅到 SARS、9/11 事件以及最近的 COVID 疫情。但由於利害關係人的持續支持，我們不僅度過了這些艱難時期，而且企業變得更加強大。

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。

(Event Instructions)

（活動須知）

Sachin Salgaonkar, Bank of America.

薩欽‧薩爾岡卡 (Sachin Salgaonkar)，美國銀行。

Congrats, management, on a great set of numbers. I have three questions. First question is on your selling and marketing expense. Clearly, we've seen them in the range of 4.5% to 5% for the longest time, but with every year, your scale is improving. So on that improved higher scale, how is management thinking in terms of looking to spend? Is there a thought process to sort of perhaps keep the amount, an absolute amount similar, but as a percentage of GMV, continue to reduce or continue to spend even higher as compared to previous years despite competition being low?

恭喜管理層取得如此出色的成績。我有三個問題。第一個問題是關於你們的銷售和行銷費用。顯然，我們看到它們在很長一段時間內處於 4.5% 到 5% 的範圍內，但每年，它們的規模都在改善。那麼，在改進後的更高規模上，管理層在支出方面是如何思考的呢？是否有這樣一種思考過程：或許可以保持金額，絕對金額相似，但作為 GMV 的百分比，儘管競爭較低，但與前幾年相比，支出會繼續減少或繼續更高？

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

當然，薩欽。也許我可以接受。正如我們過去一直呼籲的那樣，我認為持續的策略是將其百分比保持在 5% 左右的水平。造成這現象的原因有二。首先，除了我們報告的核心業務部門，即機票、飯店和巴士之外，我們一直在投資大量輔助旅行服務，並將其放在平台上。其中許多仍處於投資模式。同樣，我們也在對我所呼籲的地理擴張方面的舉措進行投資。

And also, in terms of investments in the alternative accommodation space, it's something which is also bearing results, as we could have seen that we are probably among the only few ones having accommodation options during the Maha Kumbh event earlier this year. So I think we believe that the overall marketing and promotional expenses currently at the kind of 5% level or just below the 5% level are pretty efficient and our focus will be more to drive better kind of mix in the business and drive faster growth than the industry rather than look at kind of curtailing the percentage of spends as such on the marketing side.

此外，在替代住宿領域的投資方面，我們也取得了成果，正如我們所看到的，我們可能是今年早些時候在 Maha Kumbh 活動期間僅有的幾個擁有住宿選擇的人之一。因此，我認為，我們認為目前整體行銷和促銷費用處於 5% 水平或略低於 5% 水平是相當有效的，我們的重點將更多地放在推動更好的業務組合和推動比行業更快的增長上，而不是考慮削減營銷方面的支出百分比。

Got it, Mohit. Pretty clear out there. Second question, generally on the growth rate for the industry and for MakeMyTrip, clearly for last few years there has been a strong growth driven by consumer demand. Based on your comments, one gets a sense that consumer sentiment towards travel is unchanged and we do have certain temporary near-term issues, but we also have an air side issue which continues to persist. So in backdrop of all of it, how should we ideally look at the industry growth rate? And any thoughts in terms of how could one think about a MakeMyTrip growth rate for maybe next year or a couple of years from now?

明白了，莫希特。那裡相當清楚。第二個問題，關於整個產業和 MakeMyTrip 的成長率，顯然過去幾年在消費者需求的推動下出現了強勁成長。根據您的評論，我們可以感覺到消費者對旅行的情緒沒有改變，我們確實存在一些暫時的短期問題，但我們也存在持續存在的空中問題。那麼在所有這些背景下，我們該如何看待產業成長率呢？您能想像明年或幾年後 MakeMyTrip 的成長率嗎？

So very broadly, Sachin, like if you see, our focus has been to drive growth in the 20s and that remains our kind of most important strategic priority in terms of continuing to drive much faster than industry growth rate. And while it is difficult and the company does not put out a growth guidance, but we believe we'll continue to kind of look at similar growth trajectory at least in the next few years because we don't see any reason why growth should start slowing down for all the reasons that you called out and I have been calling out in the script as well.

所以從廣義上講，Sachin，就像你所看到的，我們的重點一直是推動 20 年代的成長，而這仍然是我們最重要的策略重點，即繼續推動比產業成長率快得多的成長。儘管這很困難，而且公司也沒有發布成長指引，但我們相信，至少在未來幾年，我們將繼續關注類似的成長軌跡，因為我們沒有看到任何理由導致成長開始放緩，正如您所說，我也在腳本中提到過。

So similar kind of growth trajectory is what we would continue to target. Let's see, we do have kind of some impact from the one-offs or the kind of macro-related situations that we have seen recently, but we do believe these are temporary ones. Maybe there could be a blip in a quarter or two, but otherwise, I think we'd kind of continue to keep chasing the similar kind of a growth trajectory.

因此，我們將繼續以類似的成長軌跡為目標。讓我們看看，我們確實受到了最近看到的一次性事件或宏觀相關情況的一些影響，但我們確實相信這些都是暫時的。也許一兩個季度內會出現短暫的波動，但除此之外，我認為我們會繼續追逐類似的成長軌跡。

Got it. And last question is on AI and clearly this entire GenAI is evolving in a very rapid manner with, I know Rajesh touched base on agentic framework as well. The question out here is, do we see new threats in terms of competition for you guys? Because there are multiple other agentic AIs which sort of come in, maybe difficult to give a time frame, could be six months, could be maybe one to two years. And how is management looking at the risk of a new threat? And how the strategy of AI should sort of work, particularly from an agentic AI on travel perspective?

知道了。最後一個問題是關於人工智慧的，顯然整個 GenAI 正在以非常快速的方式發展，我知道 Rajesh 也談到了代理框架。這裡的問題是，我們是否看到你們在競爭方面面臨新的威脅？因為還有多種其他代理 AI 的加入，所以可能很難給出一個時間框架，可能是六個月，也可能是一到兩年。管理階層如何看待新威脅的風險？那麼人工智慧策略應該如何發揮作用，特別是從旅行代理人工智慧的角度來看？

Yes, maybe I can take that, Sachin. It's a good question, obviously, because GenAI is not only the buzzword now, it's happening, right? It's real. See, firstly, Sachin, I think it will be fair to say and which is what I was just trying to sort of cover in the commentary as well, that it's not recent. We've been actually focusing on all the GenAI-related developments for the last now several quarters and we will continue to keep doing it.

是的，也許我可以接受，薩欽。顯然，這是一個好問題，因為 GenAI 現在不僅是流行詞，而且它正在發生，對吧？這是真的。首先，薩欽，我認為可以公平地說，這並不是最近發生的事情，這也是我在評論中試圖涵蓋的內容。過去幾季我們一直專注於所有與 GenAI 相關的發展，我們將繼續這樣做。

So my view on this is that while there will be more developments happening in the market, there might be some new sort of players in the market that might emerge over time. But my view on this is that the success in this space is going to be a function of two things. One, getting the -- making the investment in the right areas and perfecting the models in a way, riding on the available LLMs, but more importantly, leveraging your own data to make sure that it is differentiated and better than anyone else who could be able to produce it. And two, it is going to be speed and agility that's going to matter.

因此，我的看法是，雖然市場將會出現更多發展，但隨著時間的推移，市場中可能會出現一些新的參與者。但我的觀點是，這個領域的成功取決於兩個因素。首先，利用現有的法學碩士 (LLM) 在正確的領域進行投資，並以某種方式完善模型，但更重要的是，利用自己的數據來確保它與眾不同，並且比任何能夠生成它的人都更好。其次，速度和敏捷性至關重要。

So I think on both fronts, we feel confident. On data front, we have very rich data. And this is, all three brands put together, MakeMyTrip on data and not necessarily public Internet data. And when you have -- when you leverage that and try to sort of combine it with the overall public Internet data and then come up with a product and then combine the trip planning with the transaction together, which again, if there's someone who would have a better chance of doing it should be us and we are on it, is going to ultimately make the difference.

所以我認為，在這兩方面，我們都充滿信心。在數據方面，我們擁有非常豐富的數據。這是三個品牌的數據總和，MakeMyTrip 的數據不一定是公共網路數據。當你利用這一點並嘗試將其與整體公共互聯網數據相結合，然後推出產品，將旅行計劃與交易結合在一起時，如果有人更有機會做到這一點，那麼應該是我們，而我們也參與其中，這最終將會帶來改變。

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

因此，我當然不一定會非常仔細地觀察這個領域，但我們不一定會對新來者感到偏執，他們可能會帶來一些用例並構成競爭。如果他們加入，那麼我們顯然必須相應地應對這種新的競爭。但從我們的角度來看，更大的重點是確保我們在競爭中處於領先地位，並確保我們充分利用我們所擁有的一切，並投入正確的資源，以確保我們最終透過新的用戶介面為我們的客戶提供更好的差異化消費者體驗。順便說一下，接下來還會有採用之旅。所以這將是一段漫長的旅程，而且更具變革性，但這肯定將是一段旅程，我們會繼續致力於此並大力投資。

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

只是一個快速的跟進。攜程是你們的主要股東之一。從 GenAI 的角度來看，攜程有什麼學習助理嗎？因為我認為他們在遊戲方面、在人工智慧在中國的發展上處於領先地位？

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

嗯，從模型方面來說，也許是的。薩欽，你會意識到，所有的 OTA，所有的全球 OTA，不僅是 Trip，還有所有其他全球 OTA，我們都在非常仔細地觀察它們，關注世界各地發生的所有發展，特別是在這個方面。所有的OTA其實都是消耗一切的技術。如果你願意的話，他們不一定會建立某種基礎模型。

And on that front, frankly, if we end up doing the benchmarking exercise even today and we keep doing it every now and then, like fairly regularly, all of us would be sort of there and thereabouts, like not necessarily I see anyone like marching or like miles ahead, because all this underneath sort of fundamental models are available to everyone. Those partnerships are available to everyone.

在這方面，坦白說，如果我們今天仍然進行基準測試，並且時不時地、相當有規律地進行，我們所有人都會處於那種狀態，不一定會看到有人像在前進或遙遙領先，因為所有這些基本模型都對每個人都是可用的。每個人都可以參與這些合作。

And everyone is sort of leveraging to all those what is available in the market and trying to sort of come out and build your own model, because in the travel experience use case, it is not necessarily a very simple use case of just picking up the external data and summarizing and just answer some queries with some reasonable accuracy and then get done with it. That is a very, very simple use case and that is not necessarily going to cut the ice. I think the focus everybody is trying to do is to make the new interface, which is bot, far more intuitive, far more intelligent. And for that, you have to do a lot of deep work leveraging some of these foundational models.

每個人都在利用市場上現有的一切資源，試圖建立自己的模型，因為在旅行體驗用例中，它不一定是一個非常簡單的用例，只需拾取外部數據並進行總結，然後以合理的準確度回答一些查詢，然後完成它。這是一個非常非常簡單的用例，而且不一定能解決問題。我認為每個人都在努力的重點是讓新的介面，也就是機器人介面，更直覺、更有智慧。為此，您必須利用一些基礎模型進行大量深入的工作。

So on benchmark front, I mean, we obviously will learn from not only them from the others as well as we keep seeing the development very closely. And not only them, even Google, Microsoft, Meta, whoever is sort of coming up with the new models, we are working with every single one very, very closely because everyone is really sort of open to work with you right now because it's an evolving space. But from a benchmark perspective, I don't think anyone is like miles ahead right now.

因此，在基準方面，我的意思是，我們顯然不僅會向他們學習，還會向其他人學習，同時我們會密切關注他們的發展。不僅是他們，甚至包括Google、微軟、Meta，無論是誰提出了新的模式，我們都在與每個人進行非常密切的合作，因為現在每個人都非常願意與你合作，因為這是一個不斷發展的領域。但從基準角度來看，我認為目前沒有人能遙遙領先。

Manish Adukia, Goldman Sachs.

高盛的 Manish Adukia。

My first question is on competition. Now when you look at, let's say, India as a market, airline and hotel direct have not done as well as how they may have done in some of these more developed markets. Additionally, even within OTAs, MakeMyTrip probably has one of the most dominant shares in India versus some of the other OTA markets you've seen else in the world.

我的第一個問題是關於競爭的。現在，當你看印度市場時，航空公司和酒店的直銷表現並不像在一些更發達的市場中那麼好。此外，即使在 OTA 中，與世界上其他一些 OTA 市場相比，MakeMyTrip 在印度的市佔率可能也是最主要的。

One or maybe two questions here. One, what in your view, Rajesh and team, explains this? And second, is this just the, let's say, stage of evolution of maturity where currently the structure is like it, but as the market, let's say, becomes more mature, more developed, we could see competition from whether it's airline direct, hotel direct, maybe even more OTAs. I just want to get your thoughts because we are right now in a very benign competition environment for quite some time now. Want to get your thoughts as to what in your view could really change it? That would be my first question, please.

這裡有一個或兩個問題。首先，Rajesh 和他的團隊認為該如何解釋這個現象？其次，這是否只是成熟的演變階段，目前的結構是這樣的，但隨著市場變得更加成熟，更加發達，我們可能會看到來自航空公司直銷、酒店直銷甚至更多 OTA 的競爭。我只是想了解您的想法，因為我們目前處於一個非常良性的競爭環境中，而且這種情況已經持續了相當長一段時間了。想要了解您認為什麼可以真正改變它嗎？這是我的第一個問題。

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

當然，馬尼什。首先，我想說，我們必須更全面地看待這個問題，而不一定只從這個角度看待競爭，也不一定只關注數位領域的競爭，因為市場非常巨大，Manish。印度市場確實​​非常巨大。整體旅遊業市場規模龐大，除國內航班外，線上旅遊滲透率仍相當低。

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

因此，從整體來看，如果你看一下，你會發現這個旅行和旅遊市場中所有現有的傳統參與者都會存在競爭，這取決於你談論的是哪個領域。如果您參加套餐活動，就會有旅行社。有區域旅行社，有專注於泛印度的旅行社，有國際航班的航空市場整合商，有傳統的旅行社，有在線上的全球 OTA，有本地 OTA。然後，就像您說的，也有直接預訂。

Although my view on direct bookings is that, and I've said that in the past, that we never see our partners as competition because the pie is so big. It is just a question of having more sort of customer touch points from every principle standpoint for them to be able to just get the maximum sort of demand in their favor. So first, I think it is very important to understand that. Yes, in the OTA space, maybe we would be the leading market player today. But when I look at the overall total market, I think there's significant head -- amount of headroom. And for a different, different segment -- travel segment, we compete with different, different players.

儘管我對直接預訂的看法是，而且我過去也說過，我們從不將我們的合作夥伴視為競爭對手，因為這個市場的份額太大了。從各個原則角度來看，這只是一個擁有更多客戶接觸點的問題，這樣他們才能夠獲得對他們有利的最大需求。所以首先，我認為理解這一點非常重要。是的，在 OTA 領域，也許我們是當今領先的市場參與者。但當我觀察整個市場時，我認為還有很大的發展空間。對於不同的領域－旅遊領域，我們與不同的參與者競爭。

So will it evolve over the period? Have we seen them evolving over the period, over the last 25 years that we've been in business? The answer is yes. Will it further continue to keep evolving and we might see different nature of competition potentially? Maybe the answer is yes as well. I think the important point is that how do we sort of -- from our point of view, how do we stay focused on executing our own strategies? How do we continue to keep evolving on our own, not only business strategy, but also execution roadmaps? How do we stay ahead pretty much across the board given that we have taken -- we are following a sort of a vision of a one-stop shop, which means multiple products and services? And from an execution standpoint, that's a -- it's not easy, it is challenging, but it definitely sort of presents a mode to you.

那麼它會隨著時間的推移而發展嗎？在我們經營的過去 25 年裡，我們是否看到它們不斷發展？答案是肯定的。它會繼續發展嗎？我們可能會看到不同性質的競爭嗎？答案或許也是肯定的。我認為重要的一點是，從我們的角度來看，我們如何專注於執行我們自己的策略？我們如何繼續自我發展，不僅是業務策略，還有執行路線圖？鑑於我們已經採取了「一站式服務」的願景，即提供多種產品和服務，我們如何保持全面領先？從執行的角度來看，這並不容易，而且具有挑戰性，但它確實為你提供了一種模式。

Over the period, we've been able to build our brands on the back of consumer experience. And some of those fundamental things besides the consistent product and technology innovation, scale-up supply, we gave the example of, let's say, a proactive approach on pilgrimage destination like Maha Kumbh and all. So there are many, many things that you have to continuously and consistently do it for you to be able to stay ahead in the market and which is what our focus will be. We have been able to -- so far able to execute it well, the track record suggests that. But going forward also, we would make sure that we continue to sort of keep -- stay focused -- keep watching the world, but stay focused on what we need to do so that we stay ahead on the curve.

在此期間，我們能夠基於消費者體驗來建立我們的品牌。除了持續的產品和技術創新、擴大供應之外，我們還舉了一些基本的例子，例如對大壺節等朝聖目的地採取積極主動的態度。因此，為了在市場上保持領先地位，你必須持續不斷地做很多事情，而這正是我們的重點。到目前為止，我們已經能夠很好地執行它，記錄表明了這一點。但展望未來，我們也會確保繼續保持專注，持續關注世界，但要專注於我們需要做的事情，這樣我們才能保持領先。

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

Rajesh，非常有幫助。但是，我們可以肯定地說，至少從短期來看，競爭不是讓你夜不能寐的事情嗎？

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

這是你應該說的。我不會因為競爭而失眠，無論是現在還是過去，因為競爭就是競爭。我認為我們應該思考一下我們自己的商業策略和執行路線圖是什麼。毫無疑問，人們對此非常專注，而且非常投入。

Yes. Second question may be directed towards Mohit. Now I mean, when we look at, let's say, your margin guidance, medium-term 1.8% to 2%, you're already at the lower end of that guidance. And of course, directionally, you are improving that number in the last, let's say, 12 months alone. You've added like 15, 20 basis points on that number. And there is, like you've said in the past, some operating leverage in the business.

是的。第二個問題可能是針對 Mohit 的。現在我的意思是，當我們看一下，比如說，您的利潤率指導，中期 1.8％ 到 2％，您已經處於該指導的低端。當然，從方向上看，僅在過去 12 個月內，你就在不斷提高這個數字。您已在該數字上增加了 15 或 20 個基點。正如您過去所說的那樣，業務中存在一些經營槓桿。

So while we understand your point on marketing spend and you're not wanting to bring that down below maybe like 5% or thereabouts, but everything else from a cost perspective should naturally derive some operating leverage. And if you keep following the same trajectory in 12 months, you'll probably be at the higher end of your guidance. So what really stops the margin number to exceed the top end of your guidance in maybe like about two years? And would you like consciously try to keep it within the 2% band and reinvest whatever you get in growth or is there a way we should think about it?

因此，雖然我們理解您關於行銷支出的觀點，而且您不想將其降至 5% 左右以下，但從成本角度來看，其他所有因素自然都會產生一些營運槓桿。如果您在 12 個月內繼續遵循相同的軌跡，您可能會達到指導的較高水準。那麼，在大約兩年左右的時間裡，有什麼因素真正阻止了利潤率超過您的預期上限呢？您是否願意有意識地將其保持在 2% 的範圍內，並將所得收益重新投資於成長，或者我們應該如何考慮這個問題？

I think if you really look at it this full fiscal year -- and it is slightly different by the quarter, but if you look at it from a full fiscal year point of view, you come in at about 1.7%. So I think we're still a little away from the lower end of the range that we've been calling out. So I think the first variety would be to get into that range of 1.8%-plus. And surely, as we kind of get there and stabilize in the 1.8%, 2% range, I think we'll have enough opportunity to call out how does it kind of proceed there from.

我認為，如果你真正看一下整個財政年度——每個季度都會略有不同，但如果你從整個財政年度的角度來看，你的數字約為 1.7%。所以我認為我們距離我們一直呼籲的範圍的下限還有一段距離。因此我認為第一個變化是進入 1.8% 以上的範圍。當然，當我們達到並穩定在 1.8% 至 2% 的範圍內時，我認為我們將有足夠的機會來了解它將如何繼續發展。

Understood, clear. And maybe just the last question on this buyback number, where in the quarter you did about $21 million. And just like how should we think about the number? I know you've called out like a certain number, I don't know what maximum number could be of $114 million buyback. But like is the $20 million number like a new baseline number in terms of how much you can do minimum every quarter or like how should we think about what percentage of your free cash flow you can potentially start doing buyback of? Any color that would be helpful.

明白了，清楚了。也許這只是關於回購金額的最後一個問題，本季你們的回購金額約為 2,100 萬美元。就像我們該如何思考這個數字？我知道您已經提到了某個數字，但我不知道 1.14 億美元的回購上限是多少。但是，2000 萬美元這個數字是否像一個新的基準數字，代表您每個季度可以至少回購多少錢，或者我們應該如何考慮您可以開始回購多少比例的自由現金流？任何有幫助的顏色。

One, if I -- as you just call out that, that $114 million or so which is kind of left in the current plan for the buyback plan, isn't necessarily a constraint. So it's just because we haven't still utilized the plan that was created quite some many years back. That plan has still not been fully exhausted, and therefore, we have not added to the plan. So that isn't really a constraint. We could kind of add more to the plan if you're able to see more buybacks coming through.

首先，如果我——正如你剛才所說，當前計劃中剩餘的約 1.14 億美元用於回購計劃，這並不一定是限制因素。所以這只是因為我們還沒有利用多年前製定的計劃。該計劃尚未完全用盡，因此，我們尚未增加該計劃。所以這並不是一個真正的限制。如果您能看到更多回購活動，我們就可以在計劃中添加更多內容。

What we've called out is our strategy will continue to be opportunistic buybacks. So -- and if we are really looking at it, I think there's a lot of volatility in the markets, and therefore, we do want to ideally be opportunistic and time the buybacks so as to be able to kind of dip into such programs whenever the market is under pressure and that is what we've kind of done. If you look at it last quarter also, there was significant volatility in the markets, and therefore, our buyback program yielded good results and we'll continue to kind of take that approach. So would we end up kind of deploying a higher number or a lower number? I think the appetite is there to deploy a much higher number, but let's see how the markets kind pan out and we'll kind of keep taking stock at it on a quarterly basis.

我們所呼籲的是，我們的策略將繼續是機會主義的回購。所以 — — 如果我們認真考慮的話，我認為市場波動很大，因此，我們確實希望抓住機會，選擇回購時機，以便在市場面臨壓力時能夠利用此類計劃，而這正是我們所做的。如果你看一下上個季度，你會發現市場波動很大，因此，我們的回購計畫取得了良好的效果，我們將繼續採取這種方法。那麼我們最終會部署更多還是更少的部隊呢？我認為人們有意願部署更高的數字，但讓我們看看市場如何發展，我們將繼續按季度進行評估。

Vijit Jain, Citi.

花旗銀行的 Vijit Jain。

Congratulations to all of you on the 25th anniversary. My first question is, so Airbnb launched a significant product upgrade yesterday, right? Significant expansion into experiences. I think they said 19 categories, 1,000 cities and agentic AI plans, et cetera. So I would like to maybe get your thoughts on experiences as a category for your business. I know at some point of time in the past, I think you believed it was a bit early for this in India, but any incremental thoughts on that would be great to know.

祝賀大家25週年紀念日。我的第一個問題是，Airbnb 昨天推出了一項重大的產品升級，對嗎？顯著擴展經驗。我認為他們說的是 19 個類別、1,000 個城市和代理 AI 計劃等等。因此，我想了解您對將體驗作為您的業務類別的看法。我知道在過去的某個時候，我認為您認為在印度實施這一舉措還為時過早，但如果您能了解您對此有何看法，那就太好了。

Sure, Vijit. No, that's a good observation and we went through that as well. Vijit, a quick update on tours and experiences is that, and we've been talking about it for the last couple of quarters, we've actually gone live already with that. We just need to sort of scale it up to the complete traffic, expose it to the complete 100% traffic slowly and gradually. It's getting wrapped up already.

當然，維吉特。不，這是一個很好的觀察，我們也經歷過這種情況。Vijit，關於旅遊和體驗的快速更新是，我們在過去幾個季度一直在談論它，實際上我們已經開始實施它了。我們只需要將其擴展到完整的流量，然後慢慢地、逐步地​​將其暴露給完整的 100% 流量。事情已經快結束了。

And I've called that out also as part of the script and there was one para dedicated to that in the coverage and the kind of experiences that are going to be there on our platform and the number of cities, et cetera. So we will have a very, very wide and broad coverage as well. And this is right now focused on predominantly international destinations, but we will also continue to keep ramping up even the domestic sort of experiences where the APIs would be available and offer that to our customers as well.

我也在腳本中提到了這一點，並且在報道中有一個段落專門討論這一點，以及我們平台上將會提供的體驗類型和城市數量等等。因此我們的覆蓋範圍也將非常廣泛。目前，我們主要關注國際目的地，但我們也將繼續加強國內體驗，在這些體驗中，可以使用 API 並將其提供給我們的客戶。

So we also do believe that this is going to be an additional sort of high-potential service from this market as well given that there is a lot of growth that is happening on the international travel off late. I mean, you all know that the recovery post-COVID was led by domestic market. After that -- after the lag effect, international is now growing very handsomely as well. And this added service will definitely be a good sort of -- we definitely see good potential in it. But from consumer point of view, it will also be on MakeMyTrip, one more service that they will also get.

因此，我們也相信，鑑於最近國際旅遊業出現了很大的成長，這也將成為該市場另一種具有高潛力的服務。我的意思是，大家都知道，新冠疫情後的復甦是由國內市場引領的。此後——在滯後效應之後，國際業務現在也實現了非常可觀的成長。這種附加服務肯定是一種很好的服務——我們確實看到了它的巨大潛力。但從消費者的角度來看，它也將在 MakeMyTrip 上提供，這是他們還將獲得的另一項服務。

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

知道了。Rajesh 正以此為基礎進行建設。因此，總的來說，看看您可能會追求的無機機會類型，我想知道 - 我可能想到兩個可能有意義的領域。顯然，其中一個屬於這種體驗類別，我不知道是否有類似 Klook 或類似的服務——類似於您可能想要獲得的服務？您對此有何看法。

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

第二個途徑是，當您看到 GenAI 並談到利用自己的數據和一切時，從收購的角度來看，旅遊媒體或旅遊內容方面是否有任何對您來說可能有意義的東西？那麼，您真正感興趣的是體驗還是媒體？

Listen, like I said, we've just embarked on the organic journey to build. We've just built a platform. We already have those services. We have the supply on our platform already. And our strategy is going to be billed as much as possible direct supply already. And we already have a lot of traffic on our platform. So frankly, given that we already have the traffic, we are just going to add more service. We have so much of international traffic already on our platform. And we have already built a platform as well as scaled up the supply. So we will sort of go down this path on organically scale this up.

聽著，就像我說的，我們剛踏上有機建設之旅。我們剛剛建立了一個平台。我們已經擁有這些服務。我們的平台上已經有供應。我們的策略是盡可能採用直接供應。我們的平台已經擁有大量流量。所以坦白說，鑑於我們已經有流量，我們只會增加更多服務。我們的平台上已經有大量國際流量。我們已經建立了一個平台並擴大了供應。因此，我們將沿著這條道路有機地擴大規模。

On M&A, as Mohit was highlighting, our strategy, as you would have noticed from the past track record as well, has been on looking at just the niche segments and seeing if there is any going to be a potential option in the ancillary segments, which could be accretive or adding any sort of product expansion capabilities, like Happay was a good example of that, we'll continue to be that. And here, in any case, we've started our journey organically.

關於併購，正如 Mohit 所強調的，正如您從過去的業績記錄中註意到的那樣，我們的策略一直是只關注利基市場，看看輔助市場中是否有潛在的選擇，這可能會增加或增加任何類型的產品擴展能力，就像 Happay 就是一個很好的例子，我們將繼續這樣做。無論如何，我們已經自然而然地開始了我們的旅程。

And on the -- on even the content side, on the media or content, so we are -- there are plenty of sort of even the marketing side, the tools, et cetera, available even for our content strategy. There are many tools that are available that we are already started to leverage to, whether we do various sort of digital campaigns or for our own platform content strategy, the videos and potentially there are plans around coming up with the rich video content, reels, et cetera, leveraging all these GenAI tools that are available.

甚至在內容方面，在媒體或內容方面，我們都有充足的行銷面、工具等等，甚至可用於我們的內容策略。我們已經開始利用許多可用的工具，無論我們進行各種數位活動還是我們自己的平台內容策略、視頻，以及潛在的計劃，利用所有這些可用的 GenAI 工具來製作豐富的視頻內容、捲軸等。

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

所以我不確定那裡是否還存在無機機會，因為很多機會都是可以獲得和利用的，我們只需要在此基礎上進行構建。話雖如此，我們仍將繼續關注這一領域。我的意思是，總是有辦法的——如果有一個合理且符合我們整體無機擴張標準的機會，我們會像往常一樣非常樂意去評估。但到目前為止，我認為我們還沒有真正將其視為一個機會。

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

明白了，拉傑什。我的最後一個問題是，您所提到的過去兩週北印度事態發展是否產生了一次性成本？

Not really, Vijit. I think the last couple of weeks has only kind of seen a dip in the overall kind of travel sentiment. And therefore, travel overall has been impacted, but no -- nothing that we have called out as a one-off or exceptional cost.

不是的，維吉特。我認為過去幾週整體旅遊情緒有所下降。因此，總體而言，旅行受到了影響，但這並不是我們所說的一次性或特殊成本。

Manik Taneja, Axis Capital.

Manik Taneja，Axis Capital。

I hope I am audible. And while my question is around possible operating levels essentially are already answered, I had a couple of clarification questions. One is with regards to how much of the growth on the bus side in the current quarter could be driven by the change in the recognition policy? That's question number one. And then a couple of data-keeping questions in terms of how should we be thinking about our ESOP expenses as well as tax rates going forward? That would be it from my end.

我希望我能被聽到。雖然我的問題是關於可能的操作水平，但基本上已經得到了答案，但我有幾個澄清問題。一是本季客車方面的成長有多少是受到認可政策變化的推動？這是第一個問題。然後是幾個資料保存問題，關於我們應該如何考慮未來的 ESOP 費用以及稅率？從我的角度來看，就是這樣。

Yes, Manik. As far as the bus ticketing segment is concerned, the impact from the change in accounting treatment, which is on booked basis versus travelled, isn't material. And therefore, we haven't kind of called it out and there is no comparable in the previous year. But it's not a material one, very small. Like I had called out, a larger kind of impact came in on account of the one-off changes or one-off kind of growth that we saw coming in from the Maha Kumbh on the bus ticketing side. So it's more exceptional. I think by the -- from next quarter onwards, we should hopefully see once again more steady state, stable kind of margins over there.

是的，馬尼克。就公車票業務而言，會計處理方式從預訂量而非按出行量計算的變化，帶來的影響並不重大。因此，我們還沒有明確指出這一點，而且去年也沒有可比擬的情況。但它不是物質的，非常小。正如我所說的那樣，由於大壺節期間公車票務方面出現的一次性變化或一次性增長，我們感受到了更大的影響。所以它更加特殊。我認為從下個季度開始，我們應該有望再次看到更穩定的利潤率。

If you could just repeat the next two questions, please?

您能重複一下接下來的兩個問題嗎？

The two more book-keeping questions in terms of you could help us understand how should we be thinking about your ESOP charges as well as tax rates going forward?

關於您的另外兩個簿記問題可以幫助我們了解我們應該如何考慮您的 ESOP 費用以及未來的稅率？

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

是的。關於員工持股計畫 (ESOP)，我們的想法是，我們基本上希望將其保持在現有的每年約 3500 萬美元至 4000 萬美元的範圍內。這是過去許多年來一直處於的範圍。儘管市值有所成長或改善，但從理念上來說，我們希望在絕對數字上基本上保持在這個範圍內。這就是基於 ESOP 的問題的答案。

And on effective tax rates, I mean, we've created a deferred tax asset and that gives you a fairly good view on the deferred tax assets that are sitting on the books. And we'll continue to enjoy that benefit for at least another year and more like kind of get into full tax rates from the year thereafter. So FY' 26 also should see us getting some benefits of the carried forward losses that we have. And next year onwards, then we kind of largely see getting us into the full tax bracket.

關於有效稅率，我的意思是，我們已經建立了遞延稅務資產，這可以讓您很好地了解帳簿上的遞延稅務資產。我們將再享有至少一年這項福利，並從第二年開始享有全額稅率。因此，在 26 財年，我們也應該會從結轉虧損中獲得一些好處。從明年開始，我們基本上可以進入完整的稅級。

Ankur Rudra, JPMorgan.

摩根大通的 Ankur Rudra。

I just want to take a step back and talk a bit about demand in the current quarter. Before the conflict began, what have been the early indications of the 1Q bookings? The broader economic environment has been somewhat soft on the consumption side. I was wondering if you've seen any evidence of that before the recent conflict?

我只是想退一步談談本季的需求。在衝突開始之前，第一季的預訂情況有何早期跡象？總體經濟環境在消費方面略顯疲軟。我想知道在最近的衝突之前您是否看到任何證據？

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

所以 Ankur，也許我可以接受。我認為第一個月或本季初的情況相當正常，因此沒有什麼特別值得關注的，這與我們過去幾季的成長情況基本一致。當然，過去三週發生的事情也受到了影響。但除此之外，我認為這一年的開局還算正常。

And the impact on travel sentiment? Has it been almost equal on both the international outgoing and on the domestic side?

對旅遊情緒有何影響？國際支出和國內支出是否幾乎相等？

Pretty much.

差不多。

Yes, absolutely. Especially for post the escalation or the tension that started, that has been an overall sentiment. But the good news is, we started to see recovery right after the ceasefire was announced. So the last two, three days, we are already seeing it sort of coming back.

是的，絕對是。特別是在局勢升級或緊張局勢開始之後，這是一種整體情緒。但好消息是，停火宣布後我們就開始看到復甦。過去兩三天，我們已經看到它有所回升。

Just one more question. I think you addressed a lot of how you're thinking about AI, but I had a question asked in a different way. One of the differentiators for MakeMyTrip has been the accessible contact center that you have versus competition, especially versus international competition. In that context, how are you thinking about using AI to manage costs without losing that differentiation you have and maintaining customer experience?

還有一個問題。我認為您已經談了很多關於人工智慧的想法，但我以不同的方式提出了一個問題。MakeMyTrip 的差異化優勢之一是，與競爭對手（尤其是國際競爭對手）相比，它擁有一個可訪問的聯絡中心。在這種情況下，您如何考慮使用人工智慧來管理成本，同時又不失去現有的差異化並保持客戶體驗？

Yes, good question, Ankur. And I was covering that as part of my earlier response under the customer experience because that has been one of the very, very important focus areas for us, and like you called out, perhaps differentiated from the market as well. And we will not dilute that by any stretch of imagination. We are obviously leveraging the technology to the hilt as much as possible. And there our focus is, without compromising the customer experience, if you sort of either do the automation or change from one channel -- you move the customer from one channel to the other channel.

是的，問得好，Ankur。我在先前的回應中已經談到了這一點，因為這是我們非常重視的重點領域之一，正如您所說，它可能也與市場有所不同。我們絕不會以任何方式淡化這一點。我們顯然正在盡可能地利用這項技術。我們的重點是，在不影響客戶體驗的情況下，如果您進行自動化或從一個管道進行更改 - 您可以將客戶從一個管道轉移到另一個管道。

In fact, we have -- our internal goal always is to better that experience. So this journey for us now, before GenAI, this self-service automated journey started much, much earlier. In fact, right after COVID, the middle of COVID, because that was one of the areas that we ended up focusing and we had resources and we doubled down on that. And our experience on our MyTrip self-service, even without the GenAI intervention, has been very, very good, very well received. We measure our CSAT, we measure our NPS on that. And we continue to keep improving that experience because the device is already there. Everybody is familiar with the device.

事實上，我們的內在目標始終是改善這種體驗。因此，對我們來說，在 GenAI 出現之前，這種自助自動化之旅就開始得更早了。事實上，就在新冠疫情剛結束，也就是疫情中期，因為這是我們最終關注的領域之一，而且我們擁有資源，所以我們加倍投入。即使沒有 GenAI 的干預，我們在 MyTrip 自助服務上的體驗也非常非常好，非常受歡迎。我們測量我們的 CSAT，並以此測量我們的 NPS。由於該設備已經存在，因此我們將繼續不斷改善這種體驗。每個人都熟悉該設備。

If we end up sort of providing the experience, which is better than a call center experience, because sometimes call center experience also has to go through IVR and the flow can be literally irritating. Even if at the end of the day, we end up sort of doing with all the service level and the promise there, we definitely end up providing a better experience on self-service as well. So we will continue to be with that focus, improve the experience. And then in the process, if we get the productivity gains, that would be our strategy.

如果我們最終提供這種體驗，那將比呼叫中心體驗更好，因為有時呼叫中心體驗也必須經過 IVR，而這種流程實際上可能會令人惱火。即使最終我們無法達到所有的服務水準並兌現承諾，我們最終也一定會提供更好的自助服務體驗。因此我們將繼續關注這一重點，並改善體驗。然後在這個過程中，如果我們獲得了生產力的提高，那就是我們的策略。

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

我們快沒時間了。這是我們的最後一個問題。接下來，請 Rajesh 致閉幕詞。

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

好吧，謝謝你，維普爾，也謝謝大家抽出時間提出所有問題。正如我們所說的，是的，最近確實出現了一些事態發展，但值得慶幸的是，停火之後，從消費者情緒的角度來看，我們似乎正在走上正軌，並希望很快恢復正常並迎來正常的季度。太感謝了。

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

謝謝你，拉傑什。大家好，謝謝大家的參與。您現在可以掛斷電話了。謝謝。