MakeMyTrip Ltd (MMYT) 2026 Q2 法說會逐字稿

(technical difficulty) Rajesh Magow, our Co-Founder and Group Chief Executive Officer; Mohit Kabra, our Group Chief Operating Officer; and Dipak Bohra, who has recently joined us as Group Chief Financial Officer.

（技術難題）Rajesh Magow，我們的共同創辦人兼集團執行長；Mohit Kabra，我們的集團營運長；以及最近加入我們擔任集團財務長的Dipak Bohra。

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 Q&A session.

提醒各位，本次活動將由公司錄製，並在活動結束後不久在我們的投資者關係網站上提供回放。在這些準備好的演講結束後，我們也將安排問答環節。

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 guarantee of future performance, are subject to inherent uncertainties and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances.

此外，今天活動中發表的某些聲明可能被視為 1995 年美國私人證券訴訟改革法案安全港條款意義上的前瞻性聲明。這些聲明並非對未來績效的保證，存在固有的不確定性，實際結果可能與聲明內容有重大差異。本次活動中傳達的任何前瞻性資訊僅代表截至當日的情況，本公司不承擔更新資訊以反映情況變化的義務。

Additional information concerning these statements is contained in the Risk Factors and Forward-looking Statements section of the company's annual report on Form 20-F filed with the SEC on June 16, 2025. Copies of these filings are available from the SEC or from the company's Investor Relations department.

有關這些聲明的更多信息，請參閱公司於 2025 年 6 月 16 日向美國證券交易委員會提交的 20-F 表格年度報告中的“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 the call over to Rajesh. Over to you, Rajesh.

現在我想把電話交給拉傑什。接下來就交給你了，拉傑什。

Thank you, Vipul. Welcome, everyone, to our second quarter call for fiscal 2026. As you will recall, Q1 was impacted by a series of exceptional external events such as geopolitical tensions post the unfortunate Pahalgam terrorist attack on tourists and the tragic airplane crash at Ahmedabad. These events impacted the consumer sentiment for travel, especially for leisure. Additionally, supply side constraints continue to impact the domestic aviation market growth in Q1.

謝謝你，維普爾。歡迎各位參加我們2026財年第二季電話會議。您應該還記得，第一季受到了一系列特殊外部事件的影響，例如帕哈爾加姆恐怖襲擊事件後遊客遭受的不幸恐怖襲擊以及艾哈邁達巴德發生的悲慘空難，導致地緣政治緊張局勢加劇。這些事件影響了消費者對旅遊，尤其是休閒旅遊的意願。此外，供應方面的限制持續影響第一季國內航空市場的成長。

I am happy to report, however, that as we entered Q2, the broader travel and tourism demand started to rebound across travel segments despite Q2 being a seasonally slow quarter. And our diversified product portfolio covering all travel customer segments of retail as well as corporate customers helped us deliver strong overall performance in the quarter.

不過，我很高興地報告，隨著我們進入第二季度，儘管第二季度通常是旅遊淡季，但整體旅遊需求在各個旅遊領域都開始反彈。我們多元化的產品組合涵蓋了零售和企業客戶的所有旅遊客戶群，這幫助我們在本季度取得了強勁的整體業績。

Barring the domestic air markets slow recovery due to temporary supply constraints where we continue to maintain our market share of 30% plus levels. All other modes of transport segments like bus, rail, camps and international air witnessed robust growth. Consequently, we saw a robust growth in our hotels and Accor business, both for domestic and international travel segments as well.

除非國內航空市場因暫時的供應限製而緩慢復甦，否則我們將繼續保持 30% 以上的市場份額。其他所有交通方式，如公共汽車、鐵路、露營地和國際航空，都實現了強勁增長。因此，我們的酒店和雅高集團業務，無論是國內旅遊還是國際旅遊，都實現了強勁增長。

Our adjusted operating profit for the quarter was at $44.2 million, witnessing growth of 18% year-on-year. Consumer sentiment towards travel remains positive, supported by high propensity of experiential getaways and short breaks.

本季調整後的營業利潤為 4,420 萬美元，年增 18%。消費者對旅遊的態度依然積極，這得益於體驗式度假和短途旅行的高需求。

In Air segment, international outbound travel from India presents a significant growth opportunity. Being an unpenetrated segment for an online perspective, we remain focused on growing this segment. In Q2 fiscal year '26, our international air ticketing revenue grew by over 29.6% year-on-year in constant currency terms, far outpacing industry growth.

在航空領域，從印度出發的國際出境旅遊蘊藏著巨大的成長機會。從網路行銷的角度來看，這是一個尚未開發的領域，因此我們將繼續專注於發展這個領域。2026 財年第二季度，我們的國際機票營收以固定匯率計算年增超過 29.6%，遠超過產業成長速度。

Similarly, our international hotels revenue grew by over 42% year-on-year. Our international business now contributes 28% to the overall revenue, up from 25% during the same period last year. On macro front, we welcome the recent fiscal and monetary policy measures to rationalize and reduce GST rates. Income tax cuts announced in the budget and interest rate reductions to further boost the consumption.

同樣，我們的國際酒店營收年增超過 42%。我們的國際業務目前對總營收的貢獻率為 28%，高於去年同期的 25%。從宏觀層面來看，我們歡迎近期為合理化和降低消費稅稅率而採取的財政和貨幣政策措施。預算案中宣布了所得稅減免和利率下調措施，以進一步刺激消費。

These measures will provide a further boost to the disposable income and discretionary spending, particularly within urban middle income -- middle income households. Analysts estimate that the combined fiscal and monetary stimulus from these measures could unlock additional consumer spending of $3 billion to $3.5 billion during the latter of fiscal year '26. This, along with increasing desire to travel more among Indians should help in growth of travel market as well.

這些措施將進一步提高可支配收入和自由支配支出，尤其是在城市中等收入家庭。分析師估計，這些措施帶來的財政和貨幣刺激相結合，可能會在 2026 財年下半年釋放 30 億至 35 億美元的額外消費支出。此外，印度人日益增長的旅行意願也應有助於旅遊市場的成長。

Let me now move on to share the progress on our AI journey. AI continues to be at the center of our core strategy for us to enhance customer experience and improve productivity. We launched the beta version of our AI-powered conversational travel assistant Myra in August 2025 and is currently available in English and Hindi with voice and text features and plans to expand to more Indian languages soon.

接下來，我將與大家分享我們在人工智慧領域的進展。人工智慧仍然是我們提升客戶體驗和提高生產力的核心策略。我們在 2025 年 8 月推出了人工智慧對話式旅行助理 Myra 的測試版，目前支援英語和印地語，具備語音和文字功能，並計劃很快擴展到更多印度語言。

The initial response has been encouraging for collection of consumer insights as travelers begin to interact with this new interface. In a short span of time, the agent has scaled to over 25,000 conversations daily. Myra is poised to redefine and help travelers explore, plan, book trips all at one place, making it super simple for new users and comprehensive at the same time for complex travel use cases.

初步回饋令人鼓舞，顯示隨著旅客開始與這個新介面互動，收集消費者洞察資訊方面取得了進展。在很短的時間內，該代理人每天處理的對話數量已超過 25,000 次。Myra 旨在重新定義並協助旅客在一個地方探索、規劃和預訂行程，讓新用戶能夠輕鬆上手，同時又能滿足複雜的旅行使用場景。

By simplifying the discovery and booking experience through natural language interaction and personalized recommendations, we plan to transform how travelers plan their journey, journeys making travel planning faster, easier and more intuitive. We aim to make our platforms the default search engine for the travel needs of Indians.

我們計劃透過自然語言互動和個人化推薦來簡化發現和預訂體驗，從而改變旅行者規劃行程的方式，使旅行規劃更快、更容易、更直觀。我們的目標是使我們的平台成為印度人旅行需求的預設搜尋引擎。

Myra is contributing to this by significantly enhancing user engagement. More than 35% of travelers begin engaging with Myra up to 90 days before their trip, using it as a space for exploration and planning. What also stands out is how the return nearly one in four users come back seeking help across multiple categories, from and visa queries to flights, ForEx, hotels and local experiences. They're not just asking where to go, but also what to do once there. Turning Myra into an end-to-end companion that guides them for from inspiration to action.

Myra 透過大幅提升用戶參與度為此做出了貢獻。超過 35% 的旅客會在旅行前 90 天開始使用 Myra，將其用作探索和計劃的空間。值得注意的是，近四分之一的用戶會再次光顧，尋求多個類別的協助，包括簽證查詢、航班、外匯、飯店和當地體驗等。他們不僅問去哪裡，還問到了那裡之後要做什麼。將 Myra 打造成一個全程陪伴的夥伴，引導他們從靈感到行動。

Myra is also helping us penetrate deeper into India with voice-first engagement strategy with new user share at about 20%. In Tier 2 and Tier 3 cities, voice adoption is 50% higher than in metros. 60% of voice queries come in English compared to just 20% in text chat. When travelers speak to Myra, they speak naturally freely and confidently with over 70% of conversations now being termed good conversations.

Myra 也幫助我們透過語音優先互動策略更深入地滲透到印度市場，新用戶份額約為 20%。在二、三線城市，語音通話的使用率比第一線城市高出50%。語音諮詢中有60%使用英語，而文字聊天中只有20%使用英語。當旅行者與 Myra 交談時，他們能夠自然、自由、自信地表達，超過 70% 的對話被認為是良好的對話。

Voice-led conversations are richer and longer, users ask follow-up questions, express preferences and describe context just as they would with a human travel expert in a country where digital electricity and linguist diversity very widely. Myra's voice-led discovery is quietly expanding access, unlocking the next wave of online travelers, who are more comfortable speaking than typing.

語音對話更加豐富和持久，用戶可以提出後續問題、表達偏好並描述背景，就像在數位電力和語言多樣性非常廣泛的國家與人類旅遊專家交流一樣。Myra 的語音引導式發現功能正在悄悄擴大用戶群體，開啟了下一批線上旅客的旅程，他們更喜歡用語音交流而不是打字。

For our cabs business, we also launched our GenAI-powered presales chatbot. The bot acts as an information provider as a recommender and provides assurance to the customer. We are expanding the coverage. This bot-plus assist approach drives a high conversion rate compared to traditional agent and traditional agent-led assistance for users who interact with it.

針對我們的計程車業務，我們也推出了由 GenAI 提供支援的售前聊天機器人。該機器人充當資訊提供者和推薦者的角色，並為客戶提供保障。我們正在擴大覆蓋範圍。與傳統客服和傳統客服人員主導的協助相比，這種機器人輔助方式能夠為與之互動的使用者帶來更高的轉換率。

We are expanding the bot's capabilities with a new agentic seller person for advanced search and quick actions while continuously improving accuracy and chat quality. Besides, as part of our ongoing efforts to enhance customer experience and to strengthen our post-sales flow further. We recently launched GenAI voice agent for our flights and hotels customers, which is designed to handle all customer queries received via calls and offer resolutions to the consumers in the same call.

我們正在透過新增代理銷售人員來擴展機器人的功能，以實現高級搜尋和快速操作，同時不斷提高準確性和聊天品質。此外，作為我們持續努力提升客戶體驗和進一步加強售後服務流程的一部分。我們最近為航班和飯店客戶推出了 GenAI 語音代理，旨在處理透過電話收到的所有客戶查詢，並在同一通話中為消費者提供解決方案。

This agent is successfully integrated with our telephony system, enabling the AI agent to handle calls with background noise, interruptions and accurately interpret queries including complex sections like date change, web check-in, cancellations, et cetera.

該代理程式已成功整合到我們的電話系統中，使人工智慧代理能夠處理有背景噪音、中斷的通話，並準確地理解查詢，包括日期變更、線上辦理登機手續、取消等複雜部分。

Let me now turn to business segment, starting with air ticketing business. The domestic supply continues to be impacted, thus affecting the overall domestic air passenger growth, which witnessed a decline of 3% year-on-year. The outlook for domestic supply in H2 is improving with daily expected to cross 3,200-plus, which is similar to Q3 of last year.

現在讓我轉向業務板塊，首先從機票業務開始。國內航空供應持續受到影響，進而影響了國內航空客運量的整體成長，較去年同期下降了 3%。下半年國內供應前景正在改善，預計日產量將超過 3,200 噸，與去年第三季的情況類似。

We believe these issues are short term in nature and long-term outlook for Indian aviation sector continues to be robust. Our accommodation business which includes hotels, homestays and holiday packages delivered a strong 18% volume growth year-on-year in a seasonally weak quarter, short holidays and weekend gateways continue to define travel behavior and emerge as a key theme. We continue to see new demand peaks in the long weekends.

我們認為這些問題都是短期問題，印度航空業的長期前景依然強勁。我們的住宿業務（包括飯店、民宿和度假套餐）在季節性疲軟的季度實現了 18% 的同比增長，短途假期和週末短途旅行繼續主導著旅行行為，並成為一個關鍵主題。我們持續看到長週末期間出現新的需求高峰。

For the weekend of August 15, we had an all-time high hotel check-in, which was about 20% higher than the last peak. It was also very well supported by robust growth of 38% year-on-year in the hotel segment of our corporate business, helping us deliver strong overall growth.

8 月 15 日那個週末，飯店入住率創歷史新高，比上一個高峰期高出約 20%。此外，我們企業業務中的飯店板塊也實現了強勁的同比增長，增幅達 38%，這為我們整體業績的強勁增長提供了有力支撐。

The outlook for India's hospitality sector remains optimistic, supported by sustained demand and expanding supplier base and a healthy pipeline of new signings across markets. According to HBS data, domestic and international chain hotels signed over 36,400 rooms by August 2025, a 32% increase over the same period last year. We continue to expand our supply base in domestic market. We now have 95,000-plus accommodation auctions available on the platform, covering 2,000-plus cities in the country.

在持續的需求、不斷擴大的供應商基礎以及各個市場健康的新簽約項目的支撐下，印度酒店業的前景仍然樂觀。根據哈佛商學院的數據，截至2025年8月，國內外連鎖飯店簽約客房超過36,400間，比去年同期成長32%。我們持續擴大在國內市場的供應基礎。目前，我們的平台上有超過 95,000 個住宿拍賣訊息，覆蓋全國 2,000 多個城市。

Events are emerging as a high-intent travel driver across entertainment, sports and cultural segments. We have built specialized mapping between major events and nearby stays, improving conversion through dynamic packaging. From IPL weekends to music festivals to these moments now form predictable demand peaks. With real-time availability, we are turning spontaneous plans into structured high-yield travel opportunities so that users can book their stay near to the venue as well in advance.

在娛樂、體育和文化領域，各種活動正逐漸成為吸引人們出遊的重要因素。我們建立了重大活動與附近住宿之間的專門映射關係，透過動態打包提高了轉換率。從 IPL 板球聯賽週末到音樂節，這些時刻如今都形成了可預測的需求高峰。透過即時可用性，我們將臨時計劃轉變為結構化的高收益旅行機會，以便用戶可以提前預訂場地附近的住宿。

Our international hotel business continues to report strong growth driven by rising air connectivity and the accelerated shift from offline to online travel purchasing behavior. We are witnessing rapid adoption and digitization in Tier 2 and Tier 3 cities as first-time international travelers increasingly use mobile platforms to book stays, flights and activities together.

由於航空連通性的提高以及旅行購買行為從線下加速向線上轉變，我們的國際酒店業務持續保持強勁增長。我們正在見證二、三線城市快速的數位普及，首次出國旅行的旅客越來越多地使用行動平台預訂住宿、航班和活動。

We continue to increase our hotel inventory across international destinations, which are of interest for Indian travelers, recognizing the influence of food on hotel selection by Indian travelers, we enhanced our restaurants section to highlight user generated insights on breakfast, calling out Indian vegetarian options and familiar menu items, further strengthening relevance for India travelers.

我們不斷增加在印度旅行者感興趣的國際目的地的酒店庫存，並意識到食物對印度旅行者選擇酒店的影響，因此我們加強了餐廳部分，以突出用戶對早餐的反饋，重點介紹印度素食選擇和熟悉的菜單項，從而進一步增強與印度旅行者的相關性。

Our holidays package business grew in line with seasonality. We continue to strengthen our product proposition. We have launched curated packages to Vietnam with exclusive direct flights starting December 9, 2025. We have scheduled multiple flights for the upcoming winter season, as Fokko currently has no direct connectivity from India. The direct service will cut travel time from around eight hours by connecting routes to just about five hours, making our air line far more accessible for Indian only holidaymakers.

我們的度假套餐業務隨著季節性變化而成長。我們將繼續加強我們的產品優勢。我們已推出精選越南旅遊套餐，自 2025 年 12 月 9 日起提供獨家直飛航班。由於福克航空目前沒有從印度直飛的航班，我們已為即將到來的冬季安排了多趟航班。直航服務將把中轉航線的旅行時間從大約八小時縮短到大約五小時，使我們的航空公司對僅限印度公民的度假者來說更加便捷。

Indian travelers today are looking for designations that offer unique experiences, easy access and great value. For cockpits, the bill, but has remained relatively underexplored due to the lack of direct connectivity. We are making this unique destination directly accessible for Indians planning their international holidays this winter.

如今，印度遊客正在尋找能夠提供獨特體驗、交通便利且物超所值的住宿地點。對於駕駛艙而言，這項法案尚未得到充分研究，因為缺乏直接連接。我們正在讓計劃今年冬天出國度假的印度人能夠直接前往這個獨特的旅遊目的地。

Our homestay business continues to scale well, and we'll continue to build the category and expand our homestay supply. We added over 49,000-plus rooms to the overall supply during the quarter resulting in a cumulative supply growth of about 35% (technical difficulty) category and solve for the consumer pain points. food availability remains one of the most frequent customer queries for alternative accommodation stays with a clear guest preference for properties offering ready meals over self-cooking options.

我們的民宿業務持續穩定發展，我們將持續拓展這一領域，擴大民宿供應。本季我們新增了超過49,000間客房，使總供應量增加了約35%（技術難度較高）。我們致力於解決消費者痛點，並改善相關產品。餐飲供應仍然是顧客在選擇替代住宿時最常諮詢的問題之一，顧客明顯更傾向於提供即食餐食的酒店，而非提供自助烹飪的住宿。

To address this, we revamp the food and dining module across both supply and consumer products. The new flow enables us to provide rich details on new availability, pricing, cuisines, variety and timings, along with cook availability and associated charges for customized means.

為了解決這個問題，我們對食品和餐飲模組進行了全面改革，包括供應鏈和消費品兩方面。新的流程使我們能夠提供有關新菜品供應情況、價格、菜系、種類和時間的豐富詳細信息，以及廚師的可用性和相關費用，以便進行定制。

In our bus ticketing business, we witnessed strong growth in Q2, led by strong inventory addition and with all regions growing 20% plus year-on-year. Inventory addition remained strong throughout Q2 fiscal year '26. This trend of investment in new buses, among private operators is likely to continue in the upcoming quarter as well due to increased festive demand. We expect further moyancy in new bus addition with reduction of GST for procurement of buses announced in September.

在我們的巴士票務業務中，第二季度實現了強勁增長，這主要得益於庫存的大幅增加，所有地區的同比增長率均超過 20%。2026財年第二季庫存增加維持強勁動能。由於節日需求增加，私人營運商投資新公車的這種趨勢可能會在下一季繼續下去。我們預計，隨著9月宣布降低公車採購的消費稅，新增公車數量將進一步增加。

During the quarter, we have onboarded Gujarat and Odisha State Transport Corporation, leading to the addition of 5,700-plus services. Our growth continues to be broad-based with all regions growing in double digits with North and Gujarat, Rajasthan growing at 40% plus in Q2. We have also launched bus booking options within our Red Rail stand-alone Android and iOS applications.

本季度，我們與古吉拉特邦和奧裡薩邦交通運輸公司合作，新增了 5700 多條線路。我們的成長持續全面，所有地區均實現兩位數成長，其中北方邦、古吉拉特邦和拉賈斯坦邦在第二季度成長超過 40%。我們還在 Red Rail 的獨立 Android 和 iOS 應用程式中推出了巴士預訂選項。

We continue to strengthen our customer proposition within our trains business during the quarter. We launched the food on train feature in partnership with Zomato that's expanding on our customer convenience initiatives within the trains category.

本季度，我們將持續加強列車業務的客戶價值主張。我們與 Zomato 合作推出了火車上餐飲服務，進一步拓展了我們在火車領域的顧客便利性措施。

The service is now live across 130 stations and is accessible to both transacting and non-transacting users. Early results have been promising with strong conversion in our funnel engagement. Notably, a significant share of users are placing orders up to two hours prior to station arrival, an order span a wide range of cuisine types indicating both the flexibility and variety of selections available to customers.

該服務目前已在 130 個站點上線，交易用戶和非交易用戶均可使用。初步結果令人鼓舞，我們的行銷漏斗轉換率很高。值得注意的是，相當一部分用戶會在車站到達前兩小時下單，訂單涵蓋各種菜系，這表明顧客可選擇的菜餚種類繁多且靈活。

Our corporate travel business via both our platforms, that is myBiz and Quest2Travel is witnessing strong growth on the back of new customer acquisition our active Corporate customer count on myBiz is now over 75,500 plus compared to 59,000 customers during the same quarter last year. And for Quest2Travel, the active customer account has reached 527 corporates compared to 462 customers in the same quarter last year.

透過我們的兩個平台（即 myBiz 和 Quest2Travel），我們的企業差旅業務正在蓬勃發展，這得益於新客戶的獲取。目前，myBiz 上的活躍企業客戶數量已超過 75,500 人，而去年同期為 59,000 人。而對 Quest2Travel 來說，活躍客戶帳號已達 527 家企業客戶，去年同期為 462 家。

Before I conclude, there is a quick reminder of key leadership role changes announced recently. After a successful stint of 14 years as group CFO, Mohit has taken on a larger role of leading business and has been elevated as Group Chief Operating Officer. In his current role, Mohit will work closely with business head and will drive the future growth agenda of the company.

在結束之前，我想快速提醒大家最近宣布的一些重要領導層變動。在成功擔任集團財務長 14 年後，莫希特承擔了更大的業務領導角色，並被提升為集團營運長。莫希特目前將擔任業務主管的職務，並負責推動公司未來的發展策略。

We also welcome Dipak Bohra, who joins us as Group CFO. Dipak is a chartered accountant, comes with 30 years of rich experience in the field of finance. Dipak joins us from Wipro, where he has handled large teams and led a variety of roles within the finance function. I wish them all the best for their new roles.

我們也歡迎 Dipak Bohra 加入我們，擔任集團財務長。迪帕克是一名註冊會計師，在金融領域擁有 30 年的豐富經驗。Dipak 先前在 Wipro 工作，負責管理大型團隊，並在財務部門擔任過各種職位。祝福他們在新的崗位上一切順利。

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

接下來，我將把電話交給莫希特，讓他介紹本季的財務亮點。

Thanks, Rajesh. Welcome onboard, Dipak and hello, everyone. The last two months of the previous quarter that in May and June were impacted by a series of external events and the weak sentiment for domestic air travels spilled over into the reported quarter due to continued supply constraints leading to a market degrowth of about 3% year-on-year in the domestic air market.

謝謝你，拉傑什。歡迎迪帕克登船，大家好。上一季的最後兩個月（5月和6月）受到一系列外部事件的影響，國內航空旅行的疲軟情緒延續到本季度，由於持續的供應限制，導致國內航空市場同比萎縮約3%。

Quarter two, which is generally a low season quarter was also impacted by excessive rainfall, particularly in some of the North Indian states and union territories like Jammu & Kashmir, Laddakh, Himachal Pradesh, et cetera, which led to a degrowth in the 20s in these regions on a year-on-year basis during the quarter.

第二季度通常是淡季，但也受到了過多降雨的影響，尤其是在印度北部的一些邦和聯邦屬地，如查謨和克什米爾、拉達克、喜馬偕爾邦等地，導致這些地區本季度同比下降了20%左右。

Despite these macro conditions, we leveraged our one-stop shop approach across travel services to drive growth why accommodation other transport segments like bus ticketing to make the most of the overall bounce back travel demand during the quarter.

儘管宏觀經濟形勢嚴峻，我們仍利用一站式旅行服務模式推動成長，同時兼顧其他交通領域，如巴士票務，以充分利用本季整體旅行需求的反彈。

As a result, the highlights of the quarter were hotels and packages adjusted margin growth, which accelerated from 16.3% year-on-year in Q1 to 21.6% year-on-year in constant currency during the reported quarter. Within this segment, the stand-alone hotels adjusted margin growth accelerated from 18.5% in the previous quarter to 23.1%.

因此，本季的亮點是酒店和套餐的調整後利潤率增長，按固定匯率計算，本季同比增長率從第一季的 16.3% 加速至 21.6%。在該細分市場中，獨立飯店的調整後利潤率成長從上一季的 18.5% 加速至 23.1%。

In the nonflight transport business, bus ticketing adjusted margin growth increased from 34.1% year-on-year in the previous quarter to 44.1% year-on-year in constant currency during this quarter. Before I get into the financial details, I would also like to call out a couple of accounting items in this quarter for a better understanding of the results that we are calling out right now.

在非航空運輸業務方面，巴士票務調整後的利潤率年增率從上一季的 34.1% 增加到本季的 44.1%（以固定匯率計算）。在詳細介紹財務細節之前，我還想指出本季的一些會計事項，以便更好地理解我們現在公佈的結果。

You would recall that last quarter, we had raised an additional capital of approximately $3.1 billion through a mix of primary offering of ordinary shares as well as convertible sernior notes maturing in 2030. The entire net proceeds from the offerings were used for repurchasing of large shares.

您可能還記得，上個季度，我們透過首次發行普通股以及2030年到期的可轉換高級票據，籌集了約31億美元的額外資金。此次發行所得淨收益全部用於回購大量股份。

On the second slide, 2025, we completed the repurchase and cancellation of 34.4 million Class B shares. Out of $3.1 billion raised, about $1.4 billion were raised through 2030 zero coupon convertible notes. And while these notes have no interest costs associated with them, as per IFRS, about $1.1 billion has been recognized as debt on the balance sheet and the balance of about $319 million will be recognized as an interest cost in the P&L every quarter over the next three years until July 2028.

在第二張投影片中，2025 年，我們完成了 3,440 萬股 B 類股票的回購和註銷。在籌集的 31 億美元中，約有 14 億美元是透過 2030 年到期的零息可轉換債券籌集的。雖然這些票據沒有相關的利息成本，但根據國際財務報告準則，約 11 億美元已在資產負債表上確認為債務，剩餘的約 3.19 億美元將在未來三年內（直至 2028 年 7 月）每季在損益表中確認為利息成本。

As a result, $24.3 million has been recognized as interest costs during the current quarter related to the 2030 convertible notes in addition to about $4 million of finance costs, which is recognized every quarter for the 2028 notes issued earlier in 2021.

因此，本季已確認與 2030 年可轉換票據相關的 2,430 萬美元利息成本，此外，還確認了約 400 萬美元的融資成本，這是 2021 年早些時候發行的 2028 年票據每季確認的融資成本。

Please note that this active interest cost of $28.3 million will not have any bearing on the operating profitability of the company as there is no actual interest outgo whether in cash or otherwise, as these are zero coupon convertible notes.

請注意，這筆 2,830 萬美元的利息支出不會對公司的經營盈利能力產生任何影響，因為這些是零息可轉換票據，沒有實際的利息支出，無論是現金還是其他形式。

Secondly, while our operations are predominantly in INR, our reporting currency is dollars, as a result of which there are usually translation-related ForEx gains or losses. A result of the sharp weakness in INR versus the USD during the current quarter, we have recognized the foreign currency loss of $14.3 million during the quarter. Both these items that is interest in ForEx cost of approximately $28.2 million and $14.3 million have been recorded in the finance cost line in the P&L.

其次，雖然我們的營運主要以印度盧比進行，但我們的報告貨幣是美元，因此通常會有與匯率相關的外匯損益。由於本季印度盧比對美元大幅走弱，我們確認本季外匯損失為 1,430 萬美元。這兩個項目，即外匯利息成本約 2,820 萬美元和 1,430 萬美元，均已計入損益表中的財務成本項。

As a result, we reported loss for the quarter of $5.7 million compared to a profit of $17.9 million during the same quarter in the last year. However, our adjusted operating profit has registered a strong growth and has reached $44.2 million during this quarter compared to $37.5 million in the same quarter last year.

因此，本季我們虧損 570 萬美元，去年同期獲利 1,790 萬美元。然而，我們的調整後營業利潤實現了強勁成長，本季達到 4,420 萬美元，而去年同期為 3,750 萬美元。

Moving on to our segment results. Our air ticketing adjusted margin stood at $102.8 million, registering a year-on-year growth of 10.6% year-on-year in constant currency. In the domestic air market, we maintained our market share of about 30%. Our international air ticketing business continues to grow faster than the market (technical difficulty) market share. Volumes in this segment grew by over 16% year-on-year, which is almost 2.5 times the market growth of about 6% during the period.

接下來是各業務區的業績報告。我們的機票業務調整後利潤為 1.028 億美元，以固定匯率計算年增 10.6%。在國內航空市場，我們保持了約 30% 的市場份額。我們的國際機票業務持續以高於市場（技術難度）市場份額的速度成長。該細分市場的銷量較去年同期成長超過 16%，幾乎是同期市場成長率（約 6%）的 2.5 倍。

In the quarter, the mix of international air ticketing business has reached an all-time high of 43% compared to 37% during the same quarter last year. In the Hotels and Packages segment, adjusted margin growth stood at about 21.6% year-on-year in constant currency terms, resulting in adjusted margin of $105.8 million during the quarter. We have witnessed strong growth despite Q2 being a seasonally slow quarter for leisure travel. The growth for stand-alone hotels was even better by 23.1% year-on-year.

本季度，國際機票業務佔比達到歷史新高 43%，去年同期為 37%。在飯店及套餐業務板塊，以固定匯率計算，調整後的利潤率年增約 21.6%，本季調整後的利潤為 1.058 億美元。儘管第二季度通常是休閒旅遊的淡季，但我們仍然實現了強勁成長。獨立飯店的成長率更高，年成長 23.1%。

The mix of international hotels and packaging revenue reached 23.4% during the quarter, up from 21.4% same quarter last year. Now bus ticketing business, adjusted margin stood at $37.7 million, registering a strong year-on-year growth of 44.1% in constant currency terms.

本季國際飯店和包裝收入佔比達 23.4%，高於去年同期的 21.4%。現在，巴士票務業務的調整後利潤為 3,770 萬美元，以固定匯率計算，年增 44.1%。

Most of our internal services such as travel insurance, ForEx, et cetera as well as other transport services such as cabs and rails have also shown good growth during the quarter. As a result, adjusted margin from the others category came in at $20.5 million, a strong growth of 29.7% year-on-year in constant currency.

本季度，我們的大部分內部服務，如旅遊保險、外匯等，以及其他交通服務，如計程車和鐵路，也都取得了良好的成長。因此，其他類別的調整後利潤為 2,050 萬美元，以固定匯率計算年增 29.7%。

Moving on to the expense side. Most expenses have come in line during the quarter. Marketing and sales promotion expense for the quarter stood at 5.2% of gross bookings compared to 5.1% in the previous quarter and 4.6% during the same quarter last year.

接下來談談費用方面。本季大部分支出都符合預期。本季行銷和促銷費用佔總預訂額的 5.2%，而上一季為 5.1%，去年同期為 4.6%。

This has been in line with our segment margins being better than both the previous quarter as well as the same quarter last year. As a result, our adjusted operating margin has actually improved from 1.66% of gross booking value during the same quarter last year to 1.8% of gross booking value during the current reported quarter.

這與我們各業務部門的利潤率高於上一季和去年同期的情況相符。因此，我們調整後的營業利潤率實際上已從去年同期毛預訂額的 1.66% 提高到本報告季度毛預訂額的 1.8%。

We ended the quarter with cash and cash equivalents of $835 million, translating to an increase of $31 million over the previous quarter. We will continue to look for organic and inorganic investment opportunities through the year.

本季末，我們持有現金及現金等價物8.35億美元，比上一季增加了3,100萬美元。今年我們將繼續尋找有機成長和非有機成長的投資機會。

Looking ahead, while the growth in domestic air ticketing is marked by short-term supply side challenges, we believe the GST benefits have come in at a very appropriate time, a reduction in rates for procurement of new buses as well as reduction in GST for hotel stays up to a price point of 47,500 will help reform the travel demand -- for the demand for travel services after a muted first quarter.

展望未來，雖然國內機票銷售成長面臨短期供應方面的挑戰，但我們認為消費稅優惠政策的出台正逢其時，新巴士採購稅率的降低以及酒店住宿消費稅在 47,500 元以下的降低將有助於改革旅行需求——在經歷了低迷的第一季度之後，旅行服務需求將會得到改善。

These measures are expected to boost demand, particularly in the value sensitive segments, supporting volume growth and market penetration in key regions, including Tier 2 and Tier 3 cities. With our omni-channel platform strategy across retail, B2B and corporates and the increasing supply of services being contracted across the length and breadth of the country, we remain focused on driving growth ahead of the industry.

這些措施有望提振需求，尤其是在對價值敏感的細分市場，從而支持銷售成長和在包括二線和三線城市在內的重點地區的市場滲透。憑藉我們在零售、B2B 和企業領域的全通路平台策略，以及在全國各地不斷增加的服務供應，我們將繼續專注於引領產業成長。

To conclude, our diversified portfolio, execution capabilities and optional discipline continue to push on as well for sustained long-term growth and value creation.

總之，我們多元化的投資組合、執行能力和靈活的策略也將繼續推動長期持續成長和價值創造。

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

接下來，我想把電話轉回維普爾，讓他回答問題。

Thanks, Mohit. (Operator Instructions)

謝謝，莫希特。（操作說明）

Sachin Salgaonkar, Bank of America.

薩欽‧薩爾岡卡 (Sachin Salgaonkar)，美國銀行。

I have three questions. First question is on the air capacity issue basis. Our understanding, it looks like most of the Air India planes are back and not all Indigo planes are back. So just wanted to understand where are we on the air capacity issue? And how should we expect demand going ahead, particularly for the December quarter?

我有三個問題。第一個問題是關於航空運力的問題。據我們了解，印度航空的大部分飛機似乎已經恢復運營，但靛藍航空的飛機尚未全部恢復運營。所以我想了解一下，目前我們在航空運力問題上處於什麼階段？那我們該如何預期未來的需求，特別是12月季度的需求？

Yes. Maybe I can take that, Sachin. So as I think it was there in my script, I was reading out. So in the current quarter, what is expected is that as far as domestic air market is concerned, that the daily departures will get back to about 3,200 plus, which is similar to the same period last year. That is as far as domestic. Now this data is obviously -- this is the -- it's quite informed data this basis, the inputs that we have from the we have from the airlines, which I think it's a good start.

是的。或許我可以接受，薩欽。所以，我覺得劇本裡面是這麼寫的，我就照著劇本念了出來。因此，就本季國內航空市場而言，每日航班起飛量預計將恢復到 3,200 架次以上，與去年同期的情況類似。以上僅指國內情況。現在這些數據顯然是——這是——這是相當有依據的數據，基於我們從航空公司獲得的信息，我認為這是一個很好的開始。

Ideally, obviously, we wanted it to grow, but as you know, this quarter, there was a dip 2 percentage, 3 percentage points. But now if it gets back to the same level, it's a decent start, and this is also -- it is because of the -- because of what you mentioned, right?

當然，理想情況下我們希望它成長，但正如你所知，本季下降了 2% 到 3 個百分點。但現在如果它能恢復到之前的水平，那將是一個不錯的開始，而這也正是因為你提到的那些原因，對吧？

So some planes are coming back, and the others are coming back slowly. But very interestingly, worth also mentioning is that this is as far as domestic air market is concerned, but for international air in this quarter as compared to the same quarter last year, the number of departures actually went up about 30 departures daily departures went up.

所以有些飛機正在返回，而有些飛機則返回得很慢。但非常有趣的是，值得一提的是，這指的是國內航空市場，而就本季度國際航空而言，與去年同期相比，每日航班數量實際上增加了約 30 架次。

And out of that, the two main noticeable countries where it went up significantly was actually Thailand and UAE, which are effectively the sweet spot for us and also for the overall Indian travel market for outbound. So as far as international is concerned, it's doing well. It's back. As far as domestic is concerned, constraints still remains, hoping it will lift soon.

其中，增幅顯著的兩個主要國家實際上是泰國和阿聯酋，這兩個國家實際上是我們以及整個印度出境旅遊市場的理想目的地。所以就國際市場而言，它表現良好。它回來了。就國內而言，限制仍然存在，希望這些限制能盡快解除。

Very clear. And there are two parts elements going into the December quarter, right? One, what you highlighted right now, which is not the entire supply is up, but on the second hand, we are actually seeing benefits coming from a GST perspective.

非常清楚。12 月季度包含兩個部分，對吧？第一，正如你剛才強調的，雖然供應量並沒有完全增加，但第二，我們確實從消費稅的角度看到了好處。

I would love to understand from you actually, are these because on the face of it, clearly, you should see GST benefits. But in terms of advanced booking and others, are we seeing this December turning out to be slightly better as compared to, let's say, December last year, purely on the back of more money in the hands of consumers?

我其實很想聽聽你的看法，因為從表面上看，很明顯，你應該可以看到消費稅的好處。但就提前預訂和其他方面而言，我們是否看到今年 12 月的情況會比去年 12 月略好一些，僅僅是因為消費者手中有了更多的錢？

Yes, I would say, Sachin, I think it's a decent start, but in all fairness for our category, specifically for travel, while for the other nontravel categories, a lot of the shopping and the consumption picks up before Diwali. For travel, it picks up actually after Diwali.

是的，薩欽，我認為這是一個不錯的開端，但公平地說，就我們這個類別而言，特別是對於旅遊而言，而對於其他非旅遊類別，很多購物和消費會在排燈節前開始增加。就旅遊業而言，實際上在排燈節之後才會真正興旺。

And therefore, we will have to just wait and watch for a little bit more time. But early signs are clearly there. Like I think we should just look at this overall consumption both stories, mostly looking at an overall GST reduction that has been announced sort of across the categories, which effectively put small money into your pockets.

因此，我們只能再耐心等待一段時間了。但早期跡像已經很明顯了。我認為我們應該從整體消費的角度來看待這兩件事，主要關注已經宣布的各項消費稅減免政策，這實際上可以讓你省下一些錢。

And that coupled with the fact that there is more desire to travel. I'm quite optimistic that travel as a category will also benefit out of this overall sort of GST reduction and more disposable income in consumers hands.

再加上人們越來越渴望旅行。我相當樂觀地認為，旅遊業作為一個行業也將受益於消費稅的全面下調以及消費者可支配收入的增加。

Sachin, let me just add, as you know, the advanced purchase window, particularly in India on travel is not very high. And as a result, it's kind of a bit more bookings, which happened in the last week or so ahead of scheduled travel.

薩欽，我還要補充一點，正如你所知，提前購買旅遊產品的窗口期，尤其是在印度，並不長。因此，預訂量略有增加，這些預訂主要發生在預定旅行日期前的最後一周左右。

And therefore, it's kind of slightly difficult to call out in terms of future bookings in our kind of a market. But like Rajesh called out, it's a very positive development. And if you look at it from an Indian traveler point of view, our kind of average ASP on the hotel accommodations tends to be below the 7,500 kind of price point on which the GST reduction has been announced. So therefore, this will actually benefit bulk of the bookings. So to that extent, it should be a very positive development on driving kind of travel demand overall in the coming quarters.

因此，在我們這種類型的市場中，很難預測未來的預訂情況。但正如拉傑什所指出的那樣，這是一個非常積極的進展。如果從印度旅客的角度來看，我們飯店住宿的平均售價往往低於宣布降低消費稅的 7,500 盧比的價格點。因此，這實際上將使大部分預訂受益。因此，從這個意義上講，這應該會在未來幾季對整體出行需求產生非常積極的推動作用。

Very clear. Second question, marketing expenses clearly increased and moved to 5.2% as a percentage of gross bookings. I just wanted to confirm that this is mainly on the back of a slower consumer spend and less to do with competitive intensity. Is that a fair observation?

非常清楚。第二個問題，行銷費用明顯增加，佔總預訂量的 5.2%。我只是想確認一下，這主要是因為消費者支出放緩造成的，而與競爭激烈程度關係不大。這種說法是否合理？

See, I'll just call out that if you -- it's also got to kind of look at the overall marketing and sales conversion spending in tandem with our kind of segment margins. And like I called out across the Board, across segments, we have actually seen margins strengthening and particularly in weaker seasonality like Q2, this tends to happen.

你看，我還要指出一點——它還必須結合我們各個細分市場的利潤率來考慮整體行銷和銷售轉換支出。正如我之前在各個領域所指出的那樣，我們實際上已經看到利潤率有所提高，尤其是在像第二季度這樣季節性較弱的時期，這種情況往往會發生。

And both on a quarter-on-quarter basis as well as a year-on-year basis, we have actually improved margins and therefore, to some extent, that's also been kind of -- that's also got deployed. But with the improved mix across segments and the improved margins across segments, this actually is kind of pretty much in line in terms of the call out that we had made.

無論從季度環比還是同比來看，我們的利潤率實際上都有所提高，因此，在某種程度上，這也已經——也得到了應用。但隨著各細分市場組合的改善和各細分市場利潤率的提高，這實際上與我們先前提出的要求基本一致。

Got it. And then on this -- the improvement in margin, is it seasonal? And should it normalize going ahead? Or we should see the take rate improvement continuing both that they had and hotels going ahead?

知道了。那麼，利潤率的提高是季節性的嗎？那麼，這種情況應該要逐漸恢復正常嗎？或者我們應該看到入住率繼續提高，並且酒店也繼續向前發展？

To some extent, it remains seasonal because depending upon high and low seasonality, there is, at times, a little bit of a variation. And then all the more so in the current fiscal year because like we have been talking, the mix of air has been reducing. I mean for unwanted reasons because the overall market is supply constrained and here is the least kind of margin in terms of segmental margins per se.

從某種程度上說，它仍然具有季節性，因為根據季節性的高低起伏，有時會有一些波動。而在本財政年度，情況就更加如此了，因為正如我們一直在討論的那樣，空氣混合物的含量一直在降低。我的意思是，由於一些不受歡迎的原因，例如整體市場供應受限，以及就細分市場利潤率而言，這裡的利潤率是最低的。

Therefore, overall margins have only improved, right? And that is something that we kind of taken care of. Going forward, if fair rebounces, the blended margin might kind of go down a little bit, but across categories, we still kind of expect margins to remain largely in line with what they have been.

因此，整體利潤率只會提高，對嗎？這件事我們已經處理好了。展望未來，如果市場出現公平反彈，綜合利潤率可能會略有下降，但就各個類別而言，我們仍然預期利潤率將基本與以往保持一致。

Yes. Got it. Third question on buyback. I just wanted to understand whether you guys have repurchased any stock in this quarter. And I know historically, you guys said that there is a thought process to opportunistically look to buy back. So I was looking to understand any buyback happened in this quarter?

是的。知道了。關於回購的第三個問題。我只是想了解你們本季是否回購了任何股票。我知道從歷史上看，你們說過有一種思考模式，那就是伺機回購。所以我想了解本季是否進行了任何股票回購？

So Sachin, nothing that has happened through the quarter as would have got reported and therefore, we called out that we've not kind of been able to do any buybacks in the current quarter. But we made certain changes to the buyback program. One, we've kind of now made it slightly more longer-term kind of extending the buyback program up to fiscal year ending March 31, 2030, so that we have a window over for the next four and a half years.

所以，Sachin，本季沒有發生任何會被報道的事情，因此，我們指出，我們在本季無法進行任何股票回購。但我們對回購計畫做出了一些改變。第一，我們現在將回購計畫的期限延長了一些，延長至 2030 年 3 月 31 日結束的財政年度，這樣我們就有了一個未來四年半的時間窗口。

The current buyback program had a balance left of over $114 million. We've increased that to $200 million and also increase the annual limit, which was earlier about $60 million or so to about $100 million, so that we can deploy a little more on the buyback program.

目前的回購計畫還剩餘超過 1.14 億美元。我們已將金額增加到 2 億美元，並將年度限額從先前的 6,000 萬美元左右提高到 1 億美元左右，以便我們可以在回購計畫上投入更多資金。

And we've also included the 2030 notes, the recently issued convertible notes mature in 2030 in the program so that we could kind of also buy back the CPs, which were recently issued. So making it more comprehensive across the -- across shares as well as both the convertible note offerings, which we have done in the past. So that's what I wanted to share. So I think we'll keep looking for opportunistic buybacks across shares and notes in the remainder part of the year.

此外，我們還將 2030 年到期的票據（即最近發行的、將於 2030 年到期的可轉換票據）納入了該計劃，以便我們也能回購最近發行的可轉換票據。因此，要使其更加全面——涵蓋股票以及我們過去曾發行過的可轉換債券。這就是我想分享的內容。所以我認為，在今年剩餘的時間裡，我們將繼續尋找股票和債券的回購機會。

And Mohit, just to clarify, is it across both Class A and Class B shares? Are you at some point in the future if you want to buy C strip shares, this could be done as a part of this buyback?

莫希特，請確認一下，A類股和B類股都適用嗎？如果您將來某個時候想要購買 C 股，這可以透過此次回購來實現嗎？

Actually, since the Class B shares handled by one investor and the strategic investor. We have not included that, so that there is absolute clarity that we're looking at repurchase program deployment in the normal course happening for Class A or for the convertible notes. Should we be kind of doing any repurchase programs on the Class B shares, we'll call it out specifically in that particular period, just like we did it in the previous quarter.

實際上，B類股份由一位投資者和一位策略投資者共同持有。我們沒有把這一點考慮進去，這樣才能完全明確，我們指的是 A 類債券或可轉換債券的正常回購計劃部署。如果我們要對 B 類股票進行任何回購計劃，我們會在該特定時期內明確說明，就像我們在上個季度所做的那樣。

Got it. And lastly, obviously, with this incremental $43 million kind of a finance cost going ahead as well, from a positive net income. Is it fair to say that going ahead, we should see sort of a negative net income, although your free cash flow doesn't change. But optically, you do see a sort of a negative net income at the company going ahead also?

知道了。最後，很顯然，由於淨收入為正，還需要額外支付 4,300 萬美元的融資成本。可以這樣說嗎，展望未來，我們應該會看到淨收入為負，儘管自由現金流沒有改變。但從表面上看，你是否也能看到該公司未來一段時間淨收入為負的情況？

No, absolutely. And therefore, I had called out the nuance around this. And as you know, these are actually zero-coupon bonds. So it's more kind of in a manner of so notional interest cost, which is kind of being charged to the P&L, basis the effective interest methodology under IFRS. But as such, there is no real interest being paid whether in cash or in any other form. So I just wanted to call that out.

不，絕對的。因此，我指出了其中的細微差別。如您所知，這些實際上是零息債券。所以它更像是名目利息成本，根據國際財務報告準則下的實質利率方法計入損益表。但這樣一來，無論是以現金或其他任何形式，都沒有實際的利息支付。所以我只是想指出這一點。

Manish Adukia, Goldman Sachs.

馬尼什‧阿杜基亞，高盛集團。

So my first question is on the overall growth profile of the business now. A quarter of your business is from the domestic air in terms of revenue contribution, and that's not growing at all for almost two quarters in a row. But despite that, you have 20% overall revenue growth because other segments are doing well.

所以我的第一個問題是關於公司目前的整體成長情況。從營收貢獻來看，貴公司四分之一的業務來自國內航空運輸，而且這個數字已經連續近兩季沒有成長。儘管如此，由於其他業務部門表現良好，你們的整體收入成長仍達到了 20%。

Now when we think about medium to long-term growth outlook, where you said Indian market grows 8% to 10% and you can go 2 times you're already in line with the medium, long-term growth outlook. But as domestic air improves, shouldn't we expect that the 20% revenue growth number further accelerates from here? Or you think that the bus segment, et cetera, outbound may decelerate from the current base, so even though domestic air may improve overall growth on revenues for the company probably remains around 20% level. So just wanted to get your puts and takes around that debate.

現在，當我們考慮中長期成長前景時，您提到印度市場成長 8% 到 10%，您可以成長兩倍，這已經符合中長期成長前景。但隨著國內航空業的改善，我們難道不該預期20%的營收成長率會在此基礎上進一步加速嗎？或者您認為巴士等出境業務可能會從目前的基數放緩，因此即使國內航空可能會改善公司的整體收入成長，但公司的整體收入成長可能仍將保持在 20% 左右。所以，我想聽聽大家對這場辯論的看法。

Happy Diwali, Manish as well. And great question. And I think one of the advantages is that we kind of keep calling out for ourselves is that we are a one-stop shop in terms of travel services or ancillary services. And what that allows us is just in days, there is kind of weakness in any particular segment, there is an ability to try and drive incremental growth through the other segments.

祝你排燈節快樂，也祝馬尼什節日快樂。問得好。我認為我們的優勢之一在於，我們一直強調自己是旅遊服務或輔助服務的一站式服務商。這使得我們能夠在短短幾天內，如果某個特定領域出現疲軟，就能夠嘗試透過其他領域來推動成長。

And similarly, if you look at it on the demand side also, having kind of multiple platforms are getting, say, across retail, B2B and corporate kind of demand, there's opportunity to kind of leverage is demand segment depending upon whether there is weakness in any of them and therefore, dial up the other ones.

同樣地，如果你從需求​​面來看，擁有多個平台可以獲得零售、B2B 和企業等各種需求，就有機會利用某個需求細分市場，這取決於哪個細分市場存在疲軟，從而加強其他細分市場。

So I think we'll continue to do that. Hopefully, if you really see, despite these tough macro conditions, we've still been able to kind of post the -- post growth in the 20s. And therefore, like we had mentioned in the last quarter also, we do remain positive and hopeful that we'll be growing in the 20s for the full fiscal year despite the one-offs for the first half of the year.

所以我認為我們會繼續這樣做。希望大家能看出來，儘管宏觀經濟情勢嚴峻，我們仍然能夠在20年代實現某種程度的成長。因此，正如我們在上個季度提到的那樣，儘管今年上半年出現了一些特殊情況，但我們仍然保持樂觀，並希望整個財年的成長達到 20% 以上。

And hopefully, if we kind of air kind of domestic air in particular bounces back, we hope that we are able to inch up the overall growth from being at the low end of 20s to kind of being more closer to the mid-end of the '20s. So let's see. It's very difficult to call out how each of the segments will kind of behave whether on the supply side or the demand side, but yes, the overall strategy is to kind of keep driving growth in the 20s in medium to long term.

希望，如果國內空氣品質能夠回升，我們希望能夠將整體成長率從 20% 左右提升到 20% 左右的中後期。好，我們來看看。很難預測各個細分市場在供應端或需求端的具體表現，但整體策略是在中長期內維持 20% 的成長。

Sure. And maybe a follow-up on that. I think you're seeing growth in the 20s for the full fiscal year and to confirm is, despite the fact that March quarter should have a very strong base because of Kumbh last year, which would have impacted almost all your segments quite positively. So despite that, for the full year, Q1 19%, Q2, 20% and you're saying overall full fiscal still should end up 20% despite this, just to confirm.

當然。或許還需要後續報道。我認為你們整個財年的成長率在 20% 左右，可以肯定的是，儘管由於去年的昆梅拉節，3 月的季度應該有一個非常強勁的基礎，這對你們幾乎所有業務板塊都產生了相當積極的影響。所以儘管如此，就全年而言，第一季為 19%，第二季為 20%，而您說儘管如此，整個財年最終仍應達到 20%，我確認一下。

Absolutely, Manish. And I know there are these kind of one-offs that we had in the previous quarter on the positive side, and we have had a few negative kind of one-offs in this year, particularly in H1, but we are still keeping fingers crossed and hoping that we'll kind of continue to grow in the -- to grow in the 20s.

當然，馬尼什。我知道上個季度我們有一些利多因素，今年也有一些利空因素，尤其是在上半年，但我們仍然抱持著希望，期待我們能夠繼續成長，達到20%左右。

Right. My second question is on competition and at an overall level, right? I mean, used to be your largest shareholder until a few years ago, and now they have acquired a significant minority stake in one of your competitors, and at least a publicly available data on air and bus volumes, of course, of a low base, they seem to have grown faster than you over the last three or four quarters.

正確的。我的第二個問題是關於競爭的，是從整體層面來說的，對嗎？我的意思是，他們幾年前還是你最大的股東，現在他們收購了你一個競爭對手的大量少數股權，而且至少根據公開的航空和巴士客運量數據（當然，基數較低），他們在過去三四個季度裡的增長速度似乎比你快。

So anything to read into that? And how should we think about any new entrant’s ability to also maybe expand into the hotel segment and potential competitive intensity in that going forward? Your thoughts there would be helpful.

所以這其中有什麼深意嗎？那麼，我們該如何看待任何新進業者拓展飯店業務的能力，以及未來該領域的潛在競爭強度呢？您的想法將很有幫助。

Couple of thoughts over there. One, overall, I would say it's always good to see increasing industrial investments in the travel industry as such, right? So it's a welcome sign. In fact, if you look at it from a -- from our own kind of vantage point of view, just last quarter, we had almost done like a $3.1 billion transaction, but that was essentially to kind of repurchase Class B shares, right? And while we are initially budgeted to deploy at close to about $100 million from the balance sheet, but we didn't have to do this and we have the significant interest that we saw on the primary offerings to fund the repurchase.

那邊有幾點想法。總的來說，我認為看到旅遊業的工業投資不斷增加總是件好事，對吧？所以這是一個令人欣喜的跡象。事實上，從我們自身的角度來看，就在上個季度，我們幾乎完成了一筆 31 億美元的交易，但這基本上是為了回購 B 類股票，對吧？雖然我們最初的預算是從資產負債表中撥出近 1 億美元，但我們不必這樣做，而且我們在首次公開募股中看到了巨大的興趣，足以資助回購。

So I think clearly, there is increasing interest in the overall travel industry. And if you look at it, overall, India, again, is a very kind of a very large market growing well and then there is also kind of an opportunity for driving online penetration.

所以我認為很明顯，人們對整個旅遊業的興趣正在不斷增長。從整體來看，印度是一個非常龐大且成長良好的市場，因此也存在著推動線上滲透的機會。

Although I would say that the segments which kind of, I would say, initially of online penetration have changed. So 10 years back, it might have been more accommodation, which was maybe in the early single digits of online penetration. And therefore, same competitive intensity growing much higher in that segment about a decade back.

雖然我認為，最初推動網路滲透的群體已經改變了。所以 10 年前，住宿業可能更發達，當時的網路普及率可能只有個位數。因此，大約十年前，該領域的競爭強度大幅增加。

But today, those segments have changed. And if you know, as we have been calling out, we have ourselves been pretty aggressive in terms of driving online penetration, adding a lot more new segments and new travel services, ancillary services on the platform.

但如今，這些領域已經改變了。正如我們一直強調的那樣，我們自身在推動線上滲透方面也採取了相當積極的措施，在平台上增加了更多的新細分市場、新的旅行服務和輔助服務。

So I don't really see any big concern. And the other fact is also that over the last few years, if you look at it, we have continuously invested behind driving online penetration across segments, whether it is transport, whether it is accommodation or whether it is other ancillary travel services, we have been doing that on a consistent basis. And whenever any other players in the market have also done that, we have generally ended up gaining on account of the overall expense because ultimately, these are category driving spend.

所以我並不認為有什麼大問題。另一個事實是，在過去幾年裡，如果你仔細觀察，你會發現我們一直在持續投資，推動各個領域的線上滲透，無論是交通、住宿還是其他輔助旅行服務，我們都一直在堅持這樣做。每當市場上的其他參與者也這樣做時，我們通常最終都會從整體支出中獲益，因為歸根結底，這些都是推動品類成長的支出。

And as a market leader, you tend to gain if the overall kind of investments in driving online penetration goes up. So we think of it more on those terms and remain pretty much kind of stay on course on our own -- driving our own agenda, which is largely to say that we keep driving growth much ahead of the industry growth at a significant multiple and we continue to be market leader across kind of travel segments, whether it is transport, whether it is accommodation or ancillary services, making sure that both MakeMyTrip and Goibibo, they remain the top to OTA brands and redBus remains pretty much the top ground transport brand for all Indian travelers. So that's the broader kind of response that I would have. We don't see much of change.

身為市場領導者，如果推動線上滲透率的整體投資增加，你往往會從中受益。所以我們更多地是從這些角度來考慮的，並且基本上繼續按照我們自己的方式前進——推動我們自己的議程，這主要意味著我們以顯著的倍數繼續推動遠超行業增長的增長，並且我們繼續在各種旅遊細分市場保持市場領先地位，無論是交通、住宿還是輔助服務，確保MakeMyTrip和GoibibobusTrip和Goibiboal的頂級交通品牌仍然是頂級的頂級交通品牌。這就是我比較廣泛的回應。我們沒看到太大變化。

No, I think you've covered it all. I'll maybe just add one more point. Manish, if you go back in history a little bit and go deeper, you would realize that the share shift, I mean, firstly, the investments have come in. It's not for the first time investment has not come in the travel and tourism market and specifically in the OTA segment have come in the past. Disruptive investments have also gone in the past.

不，我覺得你已經涵蓋所有內容了。我或許可以再補充一點。Manish，如果你稍微回顧一下歷史，深入了解一下，你就會意識到，股份的變化，我的意思是，首先，是投資的湧入。這並非投資首次未能進入旅遊業市場，尤其是OTA領域。顛覆性投資也已成為過去。

But if you really see from an OTA standpoint, you would see at least an Indian OTA market. The share shift has happened in the say between the existing players and the new or challenges that sometimes appears and not necessarily, we've seen impact on either the growth rate or the market share gain over the years.

但如果你真的從OTA的角度來看，你至少會看到一個印度OTA市場。市場佔有率的轉移發生在現有參與者和新出現的挑戰者之間，而且不一定，我們已經看到這些年來對成長率或市佔率成長產生了影響。

And that's because of the fact that, one, of course, we will have to continuously keep executing our strategy as well and keep innovating for consumer experience all the time. But also the fact that over the years that the brand is -- and in the consumers' mind, all our three brands have got established very, very firmly and which obviously gives you sort of the benefit from a sort of dealing with any of the new competition perspective, et cetera, as well.

這是因為，首先，我們當然也要不斷執行我們的策略，並且不斷創新，以提升消費者體驗。但多年來，我們的三個品牌在消費者心中都已非常牢固地確立了地位，這顯然也讓我們在應對任何新的競爭等方面受益。

So I think we should just keep that thing also in mind I guess, both the points. One, that this is not the first-time investment when investment comes in overall market grows, which is good news. And then historically, if you really go deeper, you would realize that the share shift has happened pretty much if at all, within the sort of existing players and the newcomers and then that cumulatively, it doesn't really change too much.

所以我覺得我們應該把這兩點都牢記在心。第一，這並非首次投資，當投資進入整體市場時，這是一個好消息。從歷史角度來看，如果你深入研究，你會發現市場份額的轉移幾乎完全發生在現有玩家和新玩家之間，而且從整體上看，市場份額並沒有發生太大變化。

Aditya Suresh, Macquarie.

Aditya Suresh，麥格理集團。

I have two questions. So first is just on the guidance in itself. So when we speak about 20%, can you just reiterate again at what line are you speaking about it on account terms, gross working adjusted revenue, overall revenue because I think there are distinctly different kind of dynamics, which are at play, depending on which trend you're looking at because even if I look at overall gross bookings, we're now the first six months, sub-10%, right? So can you sort of clarify that the guidance in itself, when you speak about 20%, what you're specifically referring to?

我有兩個問題。首先，我們來談談指導原則本身。所以，當我們談到 20% 時，您能否再次重申一下，您指的是帳戶條款、毛營業調整收入還是總收入中的哪一項？因為我認為，根據您關注的趨勢，其中存在著明顯不同的動態因素。即使我查看總預訂額，我們現在也只看了前六個月，低於 10%，對吧？那麼，您能否澄清一下，當您提到 20% 時，您具體指的是什麼？

Yes, Aditya, while there is no -- I mean we don't necessarily kind of going to put out a guidance, but more directionally, how are we kind of seeing growth coming in. And that's in terms of the adjusted margin that we report. So if you look at through the script also, we have called out the adjusted margin growth, and it's slightly on that metric that we kind of are going to look at it.

是的，Aditya，雖然沒有——我的意思是，我們不一定會發布業績指引，但更確切地說，我們是如何看待成長前景的。這是就我們公佈的調整後利潤率而言。所以，如果你仔細查看腳本，我們會發現我們已經提到了調整後的利潤率成長，而我們主要也是基於這個指標來分析的。

And the simple reason being adjusted margin is kind of the number, which is kind of called out in line with how kind of OTA revenues are looked worldwide across segments because we do have some segments where we report on a gross basis, say, for instance, on the package side.

原因很簡單，調整後的利潤率是一個數字，這個數字是根據全球各細分市場的 OTA 收入情況來劃分的，因為我們確實有一些細分市場是按總額報告的，例如包裹業務方面。

And similarly, we do have kind of a certain amount of customer equation spends, which are otherwise can be treated as deductions from revenue from an IFRS basis point of view. So it is an adjusted margin basis that we are calling out. And if you look at it, adjusted margin across segments, then this is broadly the trajectory that we're kind of looking at.

同樣地，我們確實有一些客戶等式支出，從國際財務報告準則的角度來看，這些支出可以視為收入的扣除項。所以，我們所說的利潤率是經過調整後的水準。如果你看一下各個細分市場的調整後利潤率，那麼這大致就是我們所看到的趨勢。

Now this might come in in terms of different adjusted margin growth across segments. But holistically, all the segments put together is where we are kind of looking at remaining in the 20s.

這可能會體現在各個業務板塊不同的調整後利潤率成長。但從整體來看，所有因素加在一起，我們預期最終會維持在 20 多個百分點。

And then just specifically on hotels, right? So for this quarter, when I look at this in account terms, your number of bookings up 80% gross booking value was up 13%. IFRS 7 is up 5%, right? And I appreciate there are kind of foreign currency impacts here going on as well in that 5% revenue number that you're reporting. But clearly, there seems to be both as you're seeing more bookings, yes, but the value per booking is going down and also the take rate on that said booking is also going down, right? So can you like speak through that theme which you're observing?

然後具體來說，就是飯店，對吧？因此，就本季而言，從帳戶角度來看，您的預訂量增加了 80%，總預訂額增加了 13%。IFRS 7上漲了5%，對吧？我瞭解，您報告的 5% 的收入成長數字也受到了外匯匯率的影響。但很明顯，似乎兩者都存在，因為預訂量確實增加了，但每次預訂的價值卻在下降，而且這些預訂的成交率也在下降，對吧？那麼，你能談談你觀察到的這個主題嗎？

Actually, not Aditya, maybe I'll just kind of give you once again, as I called out in the script also there's a lot of foreign currency translation impact, particularly in this quarter. Actually, the adjusted margin growth in our stand-alone hotels business, we just called out is at about 23.1% in the current quarter. And it ended up significantly from the previous quarter, during which it was at about 18.5%.

其實不是 Aditya，也許我再跟你說一遍，就像我在劇本裡提到的那樣，外匯匯率波動的影響很大，尤其是在這個季度。事實上，我們剛才提到的獨立飯店業務的調整後利潤率在本季約為 23.1%。最終結果比上一季有了顯著改善，上一季該數值約為 18.5%。

So the adjusted margin growth has come in much stronger and generally tends to come in better than the overall volume growth. Now this does change depending upon how the ASPs are behaving and how the overall kind of margin is trending in the category.

因此，調整後的利潤率成長更為強勁，而且通常優於整體銷售成長。現在，這種情況會根據平均售價 (ASP) 的變化以及該類別整體利潤率的趨勢而改變。

This particular quarter, actually, even from a margin point of view, we saw a margin improvement coming through both on a quarter-on-quarter basis as well as on a year-on-year basis. So actually, it's held pretty well. And therefore, maybe I'll just guide you back to those sections of the script that I just called out just from a clarification point of view.

事實上，就本季而言，即使從利潤率的角度來看，我們也看到利潤率在季度環比和同比方面都有所提高。所以實際上，它保持得相當不錯。因此，或許我應該從澄清的角度，引導你回到我剛才提到的劇本部分。

Okay. And then in terms of the ancillary business, right, so here, obviously, kind of higher take rate segments also forth. You've had a few new product launches in this quarter. So for example, something like experiences in city, which I think is new for you all have a Visa offering as well. Can you maybe speak about some of these new kinds of revenue streams within ancillary services?

好的。然後就輔助業務而言，對吧，所以很明顯，這裡也有較高市場份額的細分市場。本季你們推出了幾款新產品。例如，像城市體驗這樣的項目，我認為這對你們來說都是全新的，Visa 也提供這項服務。您能否談談輔助服務領域中這些新型的收入來源？

Actually, on the ancillary side or the other segment, if you look at it over the last couple of years, we are continuously guiding a variety of ancillary services. So I started with, say, maybe ForEx like about three years back, we've dialed up in the city over the last two years or so, we have now also kind of in this particular year, we had called out specifically that we would be kind of focusing on adding a lot of tools and activities on the experience side as part of the other segment.

實際上，在輔助服務方面或其他領域，如果你回顧過去幾年，我們會發現我們一直在不斷引導各種輔助服務的發展。所以，我大概三年前開始涉足外匯業務，過去兩年左右，我們在城市裡不斷拓展業務，而今年，我們也特別指出，我們將專注於在體驗方面增加許多工具和活動，作為其他業務板塊的一部分。

So yes, we'll continue to keep adding a lot more on this segment even going forward as well. So -- and you'll see that kind of called out. In fact, I had also -- in my script kind of called out that almost all the ancillary services, whether it is travel, insurance or ForEx, et cetera, have done well.

所以，是的，我們未來也會繼續在這個領域增加更多內容。所以——你會看到有人這樣指出來。事實上，我的稿子裡也提到，幾乎所有的輔助服務，無論是旅遊、保險或外匯等等，都發展得很好。

And there are two kind of transport-led services in the other segment, which is largely cabs and more so intercity cabs and rails, which also have grown very well during the quarter. So the overall growth in the other category this quarter came in at about 29.7%. So broadly around the 30% mark. So continues to do very well.

而另一部分則有兩種以交通為主導的服務，主要是計程車，尤其是城際計程車和鐵路，它們在本季也發展得非常好。因此，本季其他類別的整體成長率約為 29.7%。大致在30%左右。所以它繼續表現出色。

Gaurav Rateria, Morgan Stanley.

Gaurav Rateria，摩根士丹利。

Congrats on resilient performance in a tough macro environment. My first question is on your comment that you made that you would like MakeMyTrip to be the default search engine for travel. It's a pretty interesting comment. And also, you shared quite a bit of interesting metric around your engagement in the AI assistant.

恭喜你們在嚴峻的宏觀環境下取得如此穩健的業績。我的第一個問題是關於您之前提到的，您希望 MakeMyTrip 成為預設的旅行搜尋引擎。這是一個很有意思的評論。此外，您還分享了一些關於您在使用人工智慧助理方面的有趣指標。

When I look at the measure of success over time, I thought that it would be the overall traffic increasing base of new customer acquisition improving and better repeat rates. When you look at some of the early trends, how have these metrics fair?

從長遠來看，衡量成功的標準應該是整體流量成長、新客戶獲取量增加以及客戶復購率提高。從一些早期趨勢來看，這些指標表現如何？

A very good point. And thank you, firstly, and happy Diwali to you too as well. And Gaurav, I have to say upfront, and like I said, right, it's beta launch and the insights are very encouraging. And right now, the phase is only to collect insights and see how do we sort of do two things. One, keep fine-tuning the product and keep improving the interaction so that the experience for the end consumer is very relevant, very personalized, very to the context, et cetera.

這一點非常重要。首先感謝你，也祝你排燈節快樂。Gaurav，我必須先說明一點，就像我剛才說的，這是測試版發布，但目前來看，情況非常令人鼓舞。而現在，這個階段只是為了收集意見，看看我們如何做到兩件事。第一，不斷微調產品，不斷改進交互，使最終消費者的體驗非常相關、非常個人化、非常符合情境等等。

And the other is to also keep track and see how are they adopting to this new interface, specifically this Myra end-to-end, let's say, trip-planning tool that we were talking about. And the comment around we want MakeMyTrip to be the first port of call has always been there. But even in this new interface, more from trip planning perspective. So we've been perhaps the first port of call for the transactions, but also for the trip planning is our attempt the time around with this new interface.

另一個目的是追蹤並了解他們如何適應這個新介面，特別是我們剛才提到的 Myra 端到端旅行規劃工具。一直以來，我們都希望 MakeMyTrip 成為用戶的首選平台。但即使在這個新介面中，更多的是從旅行計劃的角度來看。因此，我們或許一直是交易的首選，但這次我們嘗試用這個新介面來規劃行程。

And I think it has a lot of sorts of promise that it offers, and we'll see how it goes. But in terms of the success metrics that you talked about, ultimately, those are the two metrics that you just called out. We will see new user acquisition because we are looking at going really deeper and pushing the adoption through voice feature as well as vernacular. And as I mentioned, right now, Hindi and a lot of the English conversations happening, but we are looking at adding more regional conversations.

我認為它有很多值得期待的地方，讓我們拭目以待吧。但就你剛才提到的成功指標而言，歸根究底，就是你剛才提到的這兩個指標。我們將看到新用戶的獲取，因為我們正在專注於更深入地挖掘用戶，並透過語音功能和本地語言來推動用戶採用。正如我剛才提到的，目前印地語和許多英語對話正在進行，但我們正在考慮增加更多地區性對話。

And this time around, as we hear some of the quality of the calls and the handling by the -- by Myra, which is a digital agent it's very, very close to or even in some cases, better to the human agent. So the LLM, this time around various models. And on top of that, the amount of work that happens with our own data to fine-tune with the grounding internally is producing fantastic results in terms of just interaction with the consumer, even if you are like from hinterland and so on, right?

這次，我們聽到了一些通話品質以及 Myra（一個數位代理）的處理情況，它與人類代理非常接近，甚至在某些情況下更好。所以，這次LLM採用了各種模型。此外，我們利用自身數據進行大量工作，以在內部進行微調，這在與消費者互動方面產生了巨大的成果，即使你來自偏遠地區等等，對吧？

So there is a lot of promise right now. but the consumer adoption journey is going to take time as it takes time for every new interface. And we will see how it goes. And as and when, like we shared some early trends already, as and when we see some meaningful impact happening on this particular new interface that we launched, we will definitely come out and share -- having said that, if you keep this aside for a minute, because this is a new -- completely new interface that has been launched, very enhanced.

所以目前來看，這項技術很有前景。但是，就像任何新介面都需要時間一樣，消費者接受的過程也需要時間。我們拭目以待。就像我們之前分享的一些早期趨勢一樣，一旦我們看到我們推出的這個新介面產生了一些有意義的影響，我們一定會出來分享——話雖如此，如果你先把這個放在一邊，因為這是一個全新的、經過大幅改進的介面。

There are many other places where we've been leveraging AI. And there, we have started seeing the impact. We've started seeing the impact, for example, in post-sales already the number of calls that are being now handled seamlessly without any human intervention, it's going up.

我們在許多其他領域也都在利用人工智慧。我們已經開始看到這種影響了。我們已經開始看到這種影響，例如在售後服務方面，現在無需任何人工幹預即可無縫處理的電話數量正在增加。

This is over and above the current sort of automated self-serves that we already had. There are -- there is a conversion improvement that we've seen in specifically in the hotels and accommodation side with the many AI-powered features using, let's say, enhanced videos, using video LLM, et cetera, and many other interventions with which have been -- what we've been doing in our current interface that is already there in the funnel.

這是在我們現有自動化自助服務的基礎上增加的。我們已經看到，在飯店和住宿方面，轉換率有所提高，這得益於許多人工智慧驅動的功能，例如增強視訊、使用視訊 LLM 等，以及許多其他幹預措施，這些措施已經融入我們當前的介面中，並應用於銷售漏斗中。

And that has seen very minutely we go and look at whether the conversion rate, all literally on an AB framework that we've seen improvement. And it is only going to sort of continuously keep improving as we sort of not only make the right kind of interventions but also make it a lot more relevant and a lot more sort of to the context to the consumers. So -- but on this particular one, we'll come back as and when we have more data on impact metrics, as you spoke about.

由此，我們非常細緻地觀察了轉化率，所有這些都基於 AB 框架，我們看到了改進。而且隨著我們不僅採取正確的干預措施，而且使其與消費者的實際情況更加相關，它只會不斷改進。所以——但是關於這個具體問題，正如你所說，當我們獲得更多關於影響指標的數據時，我們會再回來討論。

My second question is for Mohit. You've shared in the past profitability benchmark that you look to aspire, you've already reached that 1.8%. You had talked about 1.8% to 2% range. So in pursuit of balancing growth and profitability, how should we think about next one to three years in terms of this range, meaning what you said already? Or do you think there could be an upside to this range because you have already gotten to 1.8% in the current year?

我的第二個問題是問莫希特的。您在過去分享過的獲利基準是您希望達到的，而您已經達到了 1.8%。你之前提到過1.8%到2%的範圍。因此，為了在成長和獲利之間取得平衡，我們應該如何看待未來一到三年的發展，也就是您剛才所說的？或者您認為這個區間還有上漲空間，因為今年已經達到 1.8%了？

Yes, Gaurav, at least to begin with right now, like we've been saying, we do believe there is an opportunity to kind of dial up growth, particularly as say for instance, the domestic air ticketing district kind of bounces back to good growth. So that's something that we want to kind of keep in mind.

是的，Gaurav，至少目前來說，就像我們一直說的那樣，我們相信有機會加快成長，特別是像國內機票市場這樣恢復良好成長的市場。所以這是我們需要牢記在心的一點。

And therefore, if you would ask me, at least in the shorter term, the focus would be a lot more will tilt towards kind of driving the growth agenda because even at 1.8%, like we have always called out, one of the rationales 1.8% to 2% was that even benchmark with the best-in-class in terms of the OTA margins globally with our kind of mix of segments between transport and accommodation with accommodation at about 40% ballpark.

因此，如果你問我，至少在短期內，重點將更多地轉向推動增長議程，因為即使是 1.8% 的增長率，正如我們一直強調的那樣，1.8% 到 2% 的理由之一是，即使以全球 OTA 利潤率的最佳水平為基準，考慮到我們在交通和住宿之間的細分市場組合（增長增長率也佔這個增長率很高，大約佔這個增長

We do believe we'll compare with the best. However, longer term, like when you say the next three years or so, over the next three years, particularly if the mix of accommodation, goes up in the overall adjusted margin pie, which is expected to, then I don't see a reason why we should not have the potential to kind of put out a slightly better number than what we've already called out. But let's see. In the next few years should be an interesting journey on that count.

我們相信我們能與最優秀的公司媲美。然而，從長遠來看，例如你提到的未來三年左右，在未來三年裡，特別是如果住宿業務在整體調整利潤率中所佔比例上升（預計會上升），那麼我認為我們完全有可能給出比我們已經公佈的數字略好一些的數字。但我們拭目以待。未來幾年在這方面應該會是一段有趣的旅程。

We've almost run out of time. This was the last question over to you, Rajesh, for your closing comments.

我們時間所剩無幾了。這是最後一個問題，現在輪到你了，拉傑什，請你做總結發言。

Thank you. Thank you, Vipul, and thank you, everyone, once again. Thank you for your patience and good line of questioning. As always, we look forward to seeing you next quarter. Thank you.

謝謝。謝謝你，Vipul，也再次感謝大家。感謝您的耐心和提出的好問題。和往常一樣，我們期待下個季度再見您。謝謝。

Thank you, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。