MakeMyTrip Limited (MMYT) 2027 Q1 法說會逐字稿

(technical difficulty) 2027 first quarter earnings webinar. Today's event will be hosted by company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; Mohit Kabra, our Group Chief Operating Officer; and Dipak Bohra, our Group Chief Financial Officer.

(技術問題) 2027 財年第一季財報網路研討會。今天的活動將由公司領導團隊主持，包括我們的共同創辦人兼集團執行長 Rajesh Magow；集團營運長 Mohit Kabra；以及集團財務長 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 a Q&A session.

提醒各位，本次直播活動將由公司錄音，並將於今日活動結束後不久在我們的投資人關係（IR）網站提供重播。在這些事先準備的發言結束後，我們也將進行問答（Q&A）環節。

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

此外，今日活動中所作的某些陳述，可能構成《1995 年美國私人證券訴訟改革法案》安全港條款所界定的前瞻性陳述。這些陳述不保證未來表現，存在固有不確定性，實際結果可能出現重大差異。

Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances.

本次活動中所傳達的任何前瞻性資訊僅截至本日有效，公司不承擔更新該等資訊以反映情勢變化的義務。

Additional information concerning these statements is contained in the Risk Factors and forward-looking statements section of the company's annual report on Form 20-F filed with the SEC on July 27, 2026. Copies of these filings are available from the SEC or from the company's Investor Relations department. I would like to now turn the call over to Rajesh for his remarks. Over to you, Rajesh.

關於上述陳述的更多資訊，載於公司於 2026 年 7 月 27 日向美國證券交易委員會（SEC）提交的 Form 20-F 年度報告中的「風險因素」及「前瞻性陳述」章節。這些申報文件可向 SEC 或公司投資人關係部門索取。接下來我想把電話會議交給 Rajesh 發言。Rajesh，交給你。

Thank you, Vipul. Welcome, everyone, to our first quarter call for fiscal 2027. Before we go into the financial and operating details, I would like to put the quarter in context. This was a quarter in which external events continued to influence where and how customers traveled. The quarter began with the continuing impact of the West Asia conflict. In the initial phase, the impact was broad-based.

謝謝你，Vipul。各位好，歡迎參加我們 2027 財年第一季電話會議。在進入財務與營運細節之前，我想先為本季提供一些背景脈絡。本季外部事件持續影響客戶旅行的地點與方式。本季開始時，西亞衝突的影響仍在延續。在初期階段，其影響範圍相當廣泛。

Flight operations were disrupted and customers became more cautious about international travel, particularly on westbound routes. As flight operations gradually resumed, the nature of the challenge also evolved.

航班營運受到干擾，客戶對國際旅行變得更為謹慎，尤其是向西航線。隨著航班營運逐步恢復，挑戰的性質也隨之演變。

Higher fuel costs and ATF prices translated into elevated airfares, affecting westbound international travel as well as price-sensitive domestic air demand to an extent. Higher ATF cost also affected the profitability of airlines, leading to short-term capacity cuts.

燃油成本與航空渦輪燃油（ATF）價格上升推升機票價格，影響向西的國際旅行，也在一定程度上影響對價格敏感的國內航空需求。較高的 ATF 成本也影響航空公司的獲利能力，導致短期運能削減。

However, as we moved into the peak summer holiday period, we saw seasonality began to support the underlying resilient travel intent for leisure travel, whereas essential travel and business travel largely continued as uninterrupted, except for long-haul westbound business travel. International leisure travel saw some shift from westbound to East and Far East destinations and domestic leisure travel was a combination of popular leisure destinations and nearby short-distance getaways by road.

然而，進入暑期旅遊旺季後，我們看到季節性因素開始支撐休閒旅遊的韌性出行意願；而必要性旅行與商務旅行大致持續不受影響，唯獨長程向西的商務旅行例外。國際休閒旅遊出現部分由向西目的地轉向東部與遠東目的地的趨勢；國內休閒旅遊則結合熱門休閒目的地與以公路前往的近距離短途度假。

Thanks to our comprehensive product offerings, we were well positioned to offer our customers alternative transport and accommodation options for their choice across both established and emerging leisure destinations during the quarter.

憑藉我們全面的產品組合，本季我們具備良好優勢，能在既有與新興休閒目的地中，為客戶提供替代的交通與住宿選項，以滿足其選擇。

As a result, we delivered a strong performance during Q1 despite significant macro and geopolitical headwinds, reflecting both the resilience of travel demand and the strength of our diversified platform. Growth in hotels and packages and ground transport helped offset softness in air ticketing to deliver targeted adjusted margin growth and profitability.

因此，儘管面臨顯著的總體經濟與地緣政治逆風，我們在第一季仍交出強勁表現，反映出旅遊需求的韌性以及我們多元化平台的實力。飯店與套裝行程以及地面交通的成長，協助抵消機票業務的疲弱，帶動我們達成目標的調整後利潤率成長與獲利。

Both our bus ticketing and intercity cabs continue to grow at a strong pace, driven by sustained supply additions, wider route coverage and the continued expansion of India's highway infrastructure. We continue to curate pilgrimage plus leisure itineraries, short duration holidays and drive-down breaks.

我們的巴士票務與城際計程車業務皆持續以強勁速度成長，主要受惠於供給持續增加、更廣的路線覆蓋，以及印度高速公路基礎建設的持續擴張。我們也持續策劃「朝聖＋休閒」行程、短天數假期與自駕短休。

These formats are increasingly becoming popular for customers looking for convenient, affordable and experience-led travel closer to home. The broader conclusion from this quarter is consistent with what we have observed post-COVID.

對於尋求便利、實惠且以體驗為導向、且更靠近居住地的旅行客群而言，這些形式正變得愈來愈受歡迎。本季更廣泛的結論，與我們在 COVID 之後觀察到的情況一致。

Travel in India is gradually moving from an occasional purchase to becoming a recurring consumption category. Customers are taking more frequent trips across leisure, family visits, pilgrimage, short breaks and extended weekends.

印度的旅行正逐步從偶發性購買，轉變為經常性的消費類別。客戶更頻繁地出行，涵蓋休閒、探親、朝聖、短假與延長週末等。

We have seen external events impacting the demand sentiment initially. But when macroeconomic or geopolitical environment starts to show some improvement, demand recovers quickly. This quarter was another validation of this behavior among Indian travelers.

我們看到外部事件在初期會影響需求情緒。但當總體經濟或地緣政治環境開始出現改善跡象時，需求會迅速回升。本季再次驗證了印度旅客的這種行為模式。

The long-term structural growth drivers also remain unchanged. Growth in the aspirational middle class, increasing participation from Tier 2 and Tier 3 cities, expanding physical infrastructure and great digital continue to support the long-term positive outlook of the travel market in India. Let me now give an update on the progress we are making on our AI-first transformation.

長期的結構性成長驅動因素也仍未改變。具抱負的中產階級擴大、二線與三線城市參與度提升、實體基礎建設擴張，以及數位化的持續進展，皆持續支撐印度旅遊市場長期正向展望。接下來我將更新我們在 AI 優先轉型方面的進展。

We view AI as a foundational layer across travel discovery, planning, booking, payments, servicing and loyalty. During the quarter, we launched Myra 2.0, the next version of our AI-powered travel assistant to enable end-to-end conversational booking within the Myra interface possible now.

我們將 AI 視為貫穿旅遊探索、規劃、預訂、支付、服務與會員忠誠的基礎層。本季我們推出 Myra 2.0，作為下一代 AI 驅動的旅遊助理，使得在 Myra 介面內進行端到端的對話式預訂如今成為可能。

Customers can now search, compare, ask contextual questions, upload documents and complete bookings, including agentic payments through a single conversational interface via text chat, voice-only chat or a combination of voice or text chat across eight Indian languages.

客戶現在可透過單一對話介面完成搜尋、比較、提出情境式問題、上傳文件並完成預訂，包含代理式（agentic）支付；並可透過文字聊天、純語音聊天，或語音與文字混合方式，以八種印度語言進行。

In the meantime, customer adoption of Myra being used as an assistant in the existing funnel continues to scale well. It has handled over 8 million conversations during the quarter, including more than 3 million conversations in June alone.

同時，Myra 作為既有流程漏斗中的助理，其客戶採用度仍持續良好擴張。本季已處理超過 800 萬次對話，其中僅 6 月就超過 300 萬次對話。

Over 45% of usage came from Tier 2 and smaller cities. We believe conversational AI feature will continue to simplify and personalize travel planning, improve customer engagement and serve as a key long-term differentiator for our platform.

超過 45% 的使用量來自二線及更小城市。我們相信，對話式 AI 功能將持續簡化並個人化旅遊規劃、提升客戶互動，並成為我們平台長期的關鍵差異化因素。

We are also expanding the use of AI and automation across customer support, content creation, supply onboarding and operational processes. These investments are intended to reduce friction in the customer journey, improve conversion and enhance organizational productivity. We're already seeing the productivity benefits of AI translate into our operations.

我們也正擴大 AI 與自動化在客服支援、內容生成、供給端上架（onboarding）與營運流程中的應用。這些投資旨在降低客戶旅程中的摩擦、提升轉換率，並強化組織生產力。我們已經看到 AI 的生產力效益正在轉化到營運之中。

AI now generates more than 75% of our code and our AI-powered customer support bot independently resolves over 50% of customer calls, meaningfully improving both engineering velocity and customer service efficiency. During the quarter, we launched AI-powered smart filters on the flights and hotels listing page to enhance discovery, enabling users to express preferences in natural language and instantly refine results using natural language instead of relying only on predefined filters.

目前 AI 生成了我們超過 75% 的程式碼，而我們的 AI 驅動客服機器人可獨立解決超過 50% 的客戶來電，顯著提升工程開發速度與客服效率。本季我們在機票與飯店列表頁推出 AI 驅動的智慧篩選器以強化探索體驗，讓使用者能以自然語言表達偏好，並以自然語言即時精煉結果，而不僅依賴預設篩選條件。

Travelers can now search for highly specific preferences such as micro locations, early check-in, premium room amenities for hotels or exact baggage allowance, cancellation penalties, seat inclusions, layover preferences, et cetera, in case of flights, thus making discovery more intuitive and personalized for the customers.

旅客現在可搜尋非常具體的偏好，例如飯店的微型地段、提早入住、高級客房設施；或在航班方面的精確行李額度、取消罰則、座位包含項目、轉機偏好等，讓探索對客戶而言更直覺且更個人化。

Looking ahead, higher oil prices and weakening of rupee remain important variables to keep overall travel inflation in control. We remain cautious about the near-term environment while staying positive about structural drivers for long-term growth in the sector.

展望未來，較高的油價與盧比走弱仍是影響整體旅遊通膨能否受控的重要變數。我們對短期環境保持審慎，同時對產業長期成長的結構性驅動因素維持正向看法。

We will continue to navigate the near-term challenging environment by tapping into growth opportunities in our non-air ticketing segments while calibrating our marketing investments in line with market conditions. With this, let me now hand over the call to Mohit for business highlights of the quarter.

我們將持續透過把握非機票業務板塊的成長機會來因應短期具挑戰的環境，同時依市場狀況校準行銷投資。接下來我把電話會議交給 Mohit，請他分享本季業務重點。

Thanks, Rajesh, and hello, everyone. As explained by Rajesh, this was a quarter in which the external environment remained challenging, which impacted our outbound and air ticketing businesses. We leveraged the resilient travel sentiment by focusing on domestic travel, drive down on short duration holidays and pilgrimage air travel, supported by our widespread offering across hotels and ground transport.

謝謝你，Rajesh，各位好。如 Rajesh 所說，本季外部環境仍具挑戰，影響了我們的出境與機票業務。我們透過聚焦國內旅遊、加大短天數假期與朝聖航空旅行的投入，並依託我們在飯店與地面交通的廣泛供給，來把握具韌性的旅遊情緒。

This has helped us deliver strong growth in our hotels and packages business with adjusted margin growth of 21.3% year-on-year in constant currency terms. This was led by stand-alone hotel booking volumes growing just over 20% or 20.2% year-on-year despite the weakness on the international demand side. This was coupled with strong growth in our ground transport business.

這有助於我們在飯店與套裝行程業務上實現強勁成長，按固定匯率計算，調整後利潤率年增21.3%。在國際需求端疲弱的情況下，這主要由單獨飯店預訂量年增略高於20%（即20.2%）所帶動。同時，我們的地面交通業務也實現了強勁成長。

Our bus ticketing business delivered strong adjusted margin growth of 22.4% year-on-year in constant currency, supported by strong volume growth of 23.9%. Similarly, our intercity cabs business grew in the 40s, albeit on a smaller base. This strong performance in an impacted quarter demonstrates the strength of our diversified and comprehensive bouquet of travel services, which is helping drive growth much ahead of the industry and also driving increased customer engagement.

我們的巴士票務業務按固定匯率計算，調整後利潤率年增22.4%，並受惠於23.9%的強勁量增。同樣地，我們的城際計程車業務也成長至40%多的區間，儘管基期較小。在受影響的季度仍能有此強勁表現，展現了我們多元且全面的旅遊服務組合之實力，這不僅推動我們的成長大幅領先產業，也帶動客戶互動提升。

Our ability to serve multiple accommodation and transport options across price points allows us to ensure that we curate travel experiences customized to the budget options of our customers. As customers book multiple travel segments on our platforms, we also gain better understanding of their travel preferences, and this helps us get better and better at offering more relevant, connected and personalized travel solutions. Let me share some more details on the holidays and packages segment.

我們能在不同價位帶提供多元住宿與交通選項，使我們得以確保為客戶依其預算選擇量身策劃旅遊體驗。當客戶在我們的平台上預訂多個旅遊分段時，我們也能更深入理解其旅遊偏好，進而讓我們在提供更相關、更連貫且更個人化的旅遊解決方案方面持續精進。接下來我將分享度假與套裝行程分部的更多細節。

To drive the growth in hotels, we have significantly scaled up the breadth of stay options we offer in India to improve the coverage across destinations, price points and travel needs. We now have over 11,000 accommodation options available on the platform, covering over 2,070 cities in the country. We continue to innovate and solve for unique requirements of the Indian traveling customer.

為了推動飯店業務成長，我們已大幅擴充在印度提供的住宿選項廣度，以提升在各目的地、價位帶與旅遊需求上的覆蓋。目前平台上有超過11,000個住宿選項，涵蓋全國超過2,070座城市。我們持續創新，並解決印度旅客的獨特需求。

To better serve families and travelers, we have made it easier to discover multi-bedroom properties along with better understanding of room layouts, which is resulting in higher booking confidence with more relevant room combinations being showcased during the booking process. We also launched probably an industry-first feature around guaranteed early check-in or guaranteed late checkout, a facility which is a paid feature enabling travelers to have assured room access aligned with their travel schedules right at the time of booking.

為了更好地服務家庭與旅客，我們讓多臥室房源更容易被發現，並加強對房型格局的理解；這使得在預訂流程中展示更相關的房型組合，從而提升預訂信心。我們也推出了可能是業界首創的功能：保證提前入住或保證延後退房。此為付費功能，讓旅客在預訂當下即可依其行程安排，確保可使用房間。

This feature is helping address one of the most common pain points for travelers. This is even more relevant for Indians traveling overseas as the landing or takeoff times for most of our international connections have a significant gap with the usual check-in or checkout times offered by hotels in those destinations. One of the long-standing pain points in the accommodation segment has been inability to optimize hotel reward programs, both for travelers as well as for accommodation service providers.

此功能有助於解決旅客最常見的痛點之一。對於出國的印度旅客而言，這點更為重要，因為多數國際航班的抵達或起飛時間，與目的地飯店通常提供的入住或退房時間存在明顯落差。住宿分部長期以來的一個痛點，是無法最佳化飯店獎勵計畫，無論對旅客或住宿服務提供者皆然。

As we entered the new fiscal year 2027, we're trying to address this with the launch of OneCircle. OneCircle is our cross-network hotel rewards program. Initially spanning over 13,000 properties across Indian and international destinations, OneCircle will enable travelers to earn and redeem rewards seamlessly across a large network of hotels, homestays and villas.

在進入2027財政年度之際，我們嘗試透過推出OneCircle來解決此問題。OneCircle是我們的跨網路飯店獎勵計畫。OneCircle初期涵蓋印度及國際目的地超過13,000家物業，將使旅客能在龐大的飯店、民宿與別墅網路中無縫累積與兌換獎勵。

This will help them access wider array of properties on a single reward program, driving loyalty and repeat of stays across our accommodation ecosystem. Equally importantly for our hotel partners, OneCircle provides access to a broader base of loyal travelers, which can help drive both new always as well as repeat demand to their properties. We believe this will allow our domestic hotel partners to showcase their properties as well as drive demand, particularly from India's fast-growing Tier 2 and Tier 3 markets.

這將協助旅客在單一獎勵計畫下取得更廣泛的物業選擇，進而提升忠誠度並促進在我們住宿生態系中的重複入住。同樣重要的是，對我們的飯店合作夥伴而言，OneCircle可觸及更廣泛的忠誠旅客基礎，有助於為其物業帶來新增以及重複需求。我們相信，這將使國內飯店合作夥伴得以展示其物業並帶動需求，尤其是來自印度快速成長的二線與三線市場。

For our international hotel partners, this will be of great relevance in cities which see high travel demand from India. In Home, we continue to invest and build the category and are enhancing our product proposition to improve customer experience as well as drive the appeal of such properties. We launched our Star Host program to recognize and reward hosts who consistently deliver outstanding guest experiences.

對我們的國際飯店合作夥伴而言，在那些來自印度旅遊需求旺盛的城市，這將具有高度相關性。在Home（民宿）方面，我們持續投入並打造該品類，並強化產品主張，以改善客戶體驗並提升此類物業的吸引力。我們推出Star Host計畫，以表彰並獎勵持續提供卓越住客體驗的房東。

Hosts meeting defined quality benchmarks across guest ratings, responsiveness, booking performance and content quality are rewarded the Star Host badge, which is prominently surfaced across search results, property pages and host profiles to improve trust and discovery. The Star Host badge also helps customers spot properties from these hosts and book with confidence, particularly in case of new properties.

符合既定品質基準（涵蓋住客評分、回應速度、預訂表現與內容品質）的房東，將獲頒Star Host徽章；該徽章會在搜尋結果、物業頁面與房東檔案中醒目呈現，以提升信任與可發現性。Star Host徽章也能協助客戶辨識這些房東的物業並安心預訂，尤其是在新物業的情況下。

Our holiday packages business continues to scale well and we are witnessing a shift towards shorter duration and nearby gateways in line with the current market trends. On the outbound side, destinations across Southeast Asia and Far East are driving the growth charter. Leveraging on the opportunity, we scaled up our group tours to over 15 destinations and generated about 90 departures or operated about 90 departures across Vietnam, Singapore, Georgia, Almaty, et cetera.

我們的度假套裝行程業務持續良好擴張，並觀察到客戶偏好正轉向更短天數與鄰近目的地，符合當前市場趨勢。在出境方面，東南亞與遠東各目的地正帶動成長動能。把握此機會，我們將團體旅遊擴展至超過15個目的地，並在越南、新加坡、喬治亞、阿拉木圖等地，產生約90個出發班次或營運約90個出發班次。

During the quarter, we continued to build our tours and attractions business by strengthening customer acquisition, expanding our experiences portfolio and investing in platform-led differentiation. Our international experiences portfolio now spans across 1,100 cities, spanning 139 countries with a catalog of over 250,000 tours and attractions covering sightseeing, tickets, buses, performances, day trips, food experiences and unique local activities.

本季度，我們持續透過強化客戶獲取、擴充體驗產品組合，以及投資平台驅動的差異化，來打造我們的旅遊行程與景點（tours and attractions）業務。我們的國際體驗產品組合目前涵蓋139個國家、1,100座城市，目錄超過250,000項旅遊行程與景點，涵蓋觀光、門票、巴士、表演、一日遊、美食體驗與獨特在地活動。

Building on this portfolio, we have launched domestic experiences as well, spanning across 50-plus Indian cities, offering 3,000-plus products and strengthening our presence in a segment where we see significant growth potential in the future. This will help broaden our addressable market while strengthening our position as a one-stop platform for relevant travel experiences across both domestic and international destinations. A fourth of our tours and activities are currently being bought while the customers are on a trip.

在此產品組合基礎上，我們也推出國內體驗，涵蓋印度50多座城市，提供3,000多項產品，並強化我們在一個我們認為未來具顯著成長潛力的分部中的布局。這將有助於擴大我們的可服務市場，同時強化我們作為一站式平台的定位，提供涵蓋國內與國際目的地的相關旅遊體驗。目前我們的旅遊行程與活動中，有四分之一是在客戶旅途中購買的。

This highlights the strong relevance being built with the platform for our customers while they are on the ground and looking for last mile things to do. As mentioned, we delivered strong growth in our bus ticketing business, driven by robust growth in the private bus inventory in line with the summer holiday demand.

這凸顯了當客戶在目的地、尋找最後一哩可做的事情時，我們的平台對其所建立的高度相關性。如前所述，我們的巴士票務業務實現強勁成長，主要由私人巴士供給庫存的穩健成長所帶動，並符合暑期假期需求。

During the quarter, we reinitiated our partnership with PhonePe, which is helping us expand our distribution footprint and reach a larger base of high-intent digital customers, which bodes well for our new customer acquisition initiatives in the Indian travel market.

本季度，我們重新啟動與PhonePe的合作，這有助於我們擴大分銷覆蓋並觸及更大規模的高意圖數位客群，對我們在印度旅遊市場的新客獲取計畫而言是正向訊號。

We introduced several product enhancements to further strengthen the customer proposition. We introduced Comfort Score, a customer-generated rating based on seat and sleep comfort over the previous six months as the market continues to move towards premium experiences with an increasing shift towards sleeper buses, Comfort Score provides customers with a clear signal of expected seat quality, helping position the bus travel more of a comfort and hospitality-led experience rather than a purely transportation choice. Coming to our bus air ticketing business segment.

我們推出多項產品強化，以進一步提升客戶價值主張。我們推出Comfort Score（舒適度分數），這是一項由客戶生成的評分，基於過去六個月的座椅與睡眠舒適度；隨著市場持續走向高端體驗、並日益轉向臥鋪巴士，Comfort Score為客戶提供清晰的座椅品質預期訊號，協助將巴士旅行定位為更偏向舒適與款待（hospitality）導向的體驗，而非僅是交通選擇。接下來談談我們的巴士與機票票務業務分部。

During the quarter, domestic departures were flat year-on-year, but international flight departures witnessed a degrowth of 13%. In line with our call-out strategy, we continue to maintain a leading 30% share of the market of the domestic air ticketing industry. We also continue to enhance the product features or offerings in this segment.

本季度，國內出發量年比持平，但國際航班出發量年減13%。依照我們的策略重點，我們持續維持在國內機票票務市場30%的領先市占。我們也持續強化此分部的產品功能與服務內容。

We recently launched a new addition to our flexibility suite of products called Price Drop Protection, which eases the fare anxiety of the customers and gives them confidence to book early without having to guess if they should wait for a better fare in the future. We also launched Visa Guide on the listing page to help users understand destination-specific visa policies and processes. During the quarter, after a hiatus of about two years, we reintroduced seamless native flight booking experience on PhonePe powered by our Goibibo brand.

我們近期在彈性產品組合中新增一項產品，名為Price Drop Protection（降價保障），可緩解客戶對票價的焦慮，並讓他們更有信心提早預訂，而不必猜測是否應等待未來更優惠的票價。我們也在列表頁推出Visa Guide（簽證指南），協助使用者了解目的地特定的簽證政策與流程。本季度，在約兩年的中斷後，我們重新在PhonePe上推出由我們Goibibo品牌提供支援的無縫原生機票預訂體驗。

This enables PhonePe customers to search, book and manage flights directly within the PhonePe app. This partnership strengthens our distribution strategy by expanding our reach among high-intent customer base and driving incremental demand beyond our own homegrown channels. Let me now share some color on our non-B2C corporate demand platforms that is myBiz and Quest2Travel, both of which saw growth coming in not only from existing accounts but as well as from acquisitions.

這使PhonePe客戶能直接在PhonePe App內搜尋、預訂並管理航班。此合作透過擴大我們在高意圖客群中的觸及，並在自有原生渠道之外帶來增量需求，從而強化我們的分銷策略。接下來我將補充一些關於我們非B2C的企業需求平台（myBiz與Quest2Travel）的情況；兩者的成長不僅來自既有客戶帳戶，也來自併購帶來的成長。

Our active SME and MSME corporate customer count on myBiz has grown by almost 19% year-on-year to over 79,000 customers. The count for our large corporates on our Quest2Travel platform has now increased to over 550 accounts.

我們在 myBiz 平台上的活躍中小企業（SME）與微型、中小企業（MSME）企業客戶數，年增近 19%，已超過 79,000 家客戶。我們在 Quest2Travel 平台上的大型企業客戶數也已提升至超過 550 個帳戶。

Overall, this was a strong operating quarter despite the challenging external environment, and we'll continue to dial up our ability to serve the traveling customers across the entire travel ecosystem to capture demand linked with market trends. With this, let me now hand over the call to Dipak for sharing the financial highlights of the quarter.

整體而言，儘管外部環境充滿挑戰，本季仍是營運表現強勁的一季；我們將持續提升在整個旅遊生態系中服務旅客客戶的能力，以掌握與市場趨勢相關的需求。接下來，我把電話交給 Dipak，請他分享本季的財務重點。

Thanks, Mohit, and hello, everyone. Before I begin the financial highlights, I want to call out the significant Y-o-Y currency movements during the quarter, which has impacted our reported numbers. Our functional and operating currency is in INR, but we report in USD.

謝謝你，Mohit，各位大家好。在我開始說明財務重點之前，我想先指出本季顯著的年對年匯率波動，這已影響我們的申報數字。我們的功能性與營運貨幣為印度盧比（INR），但我們以美元（USD）呈報。

As USD and INR significantly depreciated during the quarter compared to same quarter last year, due to this, our reported Y-o-Y growth numbers look much lower than the actual growth. This is largely due to translation related and has no bearing on the operations of the company. In quarter one, there was an impact of around 10% due to currency movement.

由於本季美元與印度盧比相較去年同期均出現顯著貶值，因此我們申報的年對年成長數字看起來遠低於實際成長。這主要是換算（translation）因素所致，與公司營運無關。第一季匯率變動帶來約 10% 的影響。

And accordingly, our constant currency growth numbers are the best representation of our financial and operating health of the company. Gross booking value for the quarter grew 19.9% Y-o-Y in constant currency terms, and the IFRS revenue grew 16.1% Y-o-Y in constant currency coming at $285.6 million. The quarter performance was supported by strong growth in hotels and packages and bus ticketing business, which helped offset the softer operating environment in air ticketing.

因此，我們的固定匯率（constant currency）成長數字最能代表公司的財務與營運健康狀況。本季總訂單金額（Gross booking value）以固定匯率計年增 19.9%，IFRS 營收以固定匯率計年增 16.1%，達 2.856 億美元。本季表現受惠於飯店與套裝行程以及巴士票務業務的強勁成長，協助抵銷機票業務較疲弱的營運環境。

Adjusted operating profit for the quarter was $51.4 million, with profitability margins maintained at 1.8% of gross booking. Moving on to our segment results. Our air ticketing adjusted margin stood at $98.5 million, registering a growth of 10.8% Y-o-Y in constant currency terms. While the volume declined marginally due to macro headwinds, we achieved robust growth in adjusted margin on the back of a strong ancillary attach and better unit economics.

本季調整後營業利益為 5,140 萬美元，獲利率維持在總訂單金額的 1.8%。接著看各事業部門表現。我們的機票業務調整後毛利（adjusted margin）為 9,850 萬美元，以固定匯率計年增 10.8%。雖然在總體逆風下交易量小幅下滑，但憑藉強勁的附加服務搭售（ancillary attach）與更佳的單位經濟效益，我們仍實現調整後毛利的穩健成長。

For the Hotels and Packages segment, we recorded strong volume growth of 19.9% Y-o-Y with stand-alone hotels growing faster at 20.2% Y-o-Y on the back of strong demand in domestic hotels segment. We benefited from the shift in leisure demand towards domestic travel, including short duration and drive down holidays.

在飯店與套裝行程部門，我們錄得 19.9% 的強勁年對年量增；其中單訂飯店（stand-alone hotels）在國內飯店需求強勁帶動下，年增更快，達 20.2%。我們受惠於休閒需求轉向國內旅遊，包括短天期與自駕度假。

Our expanding supply across established and emerging domestic markets allowed us to participate effectively in this shift. International hotel segment growth was impacted this quarter due to the conflict like international air. Hotels and Packages gross booking growth was at 19.6% Y-o-Y and adjusted margin growth was at 21.3% Y-o-Y in constant currency coming at $134.5 million.

我們在成熟與新興國內市場持續擴充供給，使我們能有效參與這一轉變。本季國際飯店業務的成長受到衝突影響，與國際航班情況類似。飯店與套裝行程的總訂單金額年增 19.6%，調整後毛利以固定匯率計年增 21.3%，達 1.345 億美元。

Ground transport continued to grow at a strong pace during the quarter. Elevated airfares supported increased consideration of more affordable ground transport options, while supply additions, wider route coverage and the continued development of India's highway infrastructure supported the category's structural growth.

本季地面交通仍以強勁速度成長。較高的機票價格促使消費者更多考慮更實惠的地面交通選項；同時，供給增加、更廣的路線覆蓋，以及印度公路基礎建設的持續發展，支撐了該品類的結構性成長。

Bus ticketing adjusted margin was at $51.8 million for the quarter, registering a strong growth of 32.4% in constant currency terms. Our ancillaries business, which is part of the other segment is scaling up well, helping us get a larger share of wallet of our customers by building the attach of ancillary services. As a result, adjusted margin from other segment came in at $24.9 million, witnessing a strong growth of 27.2% Y-o-Y in constant currency terms. Moving onto expense side, most expenses came in line.

本季巴士票務調整後毛利為 5,180 萬美元，以固定匯率計錄得 32.4% 的強勁成長。我們的附加服務（ancillaries）業務（屬於其他部門的一部分）擴張良好，透過提升附加服務的搭售率，協助我們取得客戶更高的錢包份額（share of wallet）。因此，其他部門的調整後毛利為 2,490 萬美元，以固定匯率計年增 27.2%，表現強勁。接著看費用端，多數費用符合預期。

Marketing and sales promotion expense for the quarter was 5.4% of gross booking compared to 5.2% in the previous quarter, which is in line with seasonality. At the same time, the initial benefits from our AI-led productivity initiatives are becoming now visible with efficiencies in personnel and general and administrative costs offsetting the higher marketing intensity and enabling us to maintain our overall profitability margins. The noncash interest cost on our zero coupon convertible bonds for the quarter in P&L was $29.3 million, and the translation-related foreign currency loss was $5.1 million.

本季行銷與銷售推廣費用占總訂單金額 5.4%，相較前一季的 5.2%，符合季節性。同時，我們以 AI 驅動的生產力提升計畫初步效益已開始顯現，人員以及一般與行政成本的效率提升，抵銷了較高的行銷強度，並使我們得以維持整體獲利率。本季損益表中，零息可轉換公司債的非現金利息成本為 2,930 萬美元，與換算相關的外幣損失為 510 萬美元。

Consequently, reported PAT for the quarter was $9.1 million. The adjusted net profit before tax came in at $52.2 million. We have a strong balance sheet and our cash flow generation continues to be robust. We ended the quarter with a cash and cash equivalent balance of $794 million. We also deployed $7.8 million in the buyback program during the quarter.

因此，本季申報的稅後淨利（PAT）為 910 萬美元。調整後稅前淨利為 5,220 萬美元。我們的資產負債表穩健，現金流產生能力持續強勁。本季末現金及約當現金餘額為 7.94 億美元。本季我們亦在庫藏股回購計畫中投入 780 萬美元。

Further to the update in the last earnings calls, our wholly owned subsidiary, MakeMyTrip India Limited, has confidentially filed a pre-filed Draft Red Herring Prospectus on 17 July, with SEBI and stock exchanges in relation to the proposed initial public offering and listing of the equity shares of MMT India.

延續上次法說會的更新，我們的全資子公司 MakeMyTrip India Limited 已於 7 月 17 日就擬議的首次公開發行（IPO）及 MMT India 股權股份上市事宜，向印度證券交易委員會（SEBI）及證券交易所秘密提交了預先申報的《紅鯡魚招股書草案》（Draft Red Herring Prospectus）。

Upon completion of the proposed initial public offering, MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip's consolidated financial statements. The net proceeds received by MakeMyTrip Mauritius from the sale of shares in MMT India will further strengthen the cash position and are expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities, including convertible securities by MakeMyTrip.

在擬議的首次公開發行完成後，MMT India 將仍為 MakeMyTrip 的子公司，並將納入 MakeMyTrip 的合併財務報表。MakeMyTrip Mauritius 因出售其於 MMT India 的股份所取得的淨募集資金，將進一步強化現金部位，並預期用於長期成長、策略性非有機（inorganic）計畫，以及由 MakeMyTrip 回購不同類別的證券（包括可轉換證券）。

We expect the proposed initial public offering and listing of MMT India to also enhance brand visibility and support our ability to incentivize and promote talent in a competitive technology recruitment landscape. Subject to regulatory approvals, both entities may evaluate alternatives in medium term to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets. We are working with our advisers and shall keep sharing periodical updates. With that, I would like to turn the call to Vipul for Q&A.

我們也預期，MMT India 擬議的首次公開發行與上市將提升品牌能見度，並在競爭激烈的科技人才招募環境中，支持我們激勵與留才的能力。在取得監管核准的前提下，兩個實體可能在中期評估替代方案，使各自股東能享有在 MMT India 層級、可互換（fungible）且同時於印度與美國資本市場上市之證券所帶來的效益。我們正與顧問合作，並將持續定期分享最新進展。接下來，我想把電話交給 Vipul 進行問答。

(Operator Instructions) We already have a couple of questions.

(接線員指示) 我們已經有幾個問題。

Sachin Salgaonkar, Bank of America

Sachin Salgaonkar，美國銀行

Congrats management for a good set of numbers. I have three questions. First question, unfortunately, this entire Iran conflict continues. In that context, I want to understand what's happening on the ground from a domestic air supply easing. And again, government has passed a bit of higher fuel prices to consumers.

恭喜管理團隊交出一組不錯的數字。我有三個問題。第一個問題，不幸的是，這場伊朗衝突仍在持續。在此背景下，我想了解國內航線供給趨於緩解的第一線情況如何。另外，政府也把較高的燃油價格部分轉嫁給消費者。

So are we seeing impact on overall travel consumption spend. So basic question out here is, obviously, the base is favorable. So should we continue to see a constant currency growth of 20% plus? Or are there other factors like a domestic air supply, which is impacting this growth?

那麼我們是否看到對整體旅遊消費支出的影響？這裡的核心問題是，顯然基期有利。因此我們是否仍可持續看到固定匯率 20% 以上的成長？或者是否還有其他因素，例如國內航線供給，正在影響這個成長？

Maybe I can respond to that, Sachin. And as far as the air industry is concerned, at least on the domestic side, see the DGCA data is kind of available on a monthly basis, and it is showing that the change in seasonality and every time between JAS and say, AMJ, JAS being a slightly flatter season on kind of leisure travel, which usually kind of see some amount of compression on the number of segments being grown. It does look like that the overall drop in segments is likely to be higher than what was kind of generally has been historically.

Sachin，也許我可以回應這個問題。就航空產業而言，至少在國內市場這一端，DGCA 的數據大致是按月提供的；數據顯示季節性有所變化，每次在 JAS 與例如 AMJ 之間切換時——JAS 在休閒旅遊方面屬於相對平緩的季節——通常會看到航段數成長出現一定程度的壓縮。看起來整體航段數的下滑幅度，可能會高於過往歷史上一般所見的情況。

So we don't know. I mean we are just kind of one month into the quarter, but we'll have to kind of take it by the week, by the month. However, like we called out in the call, kind of focusing on a variety of transport options, just not kind of banking on air transport or flights per se, trying to see how we can kind of unlock or drive demand across transport options and therefore, kind of help suit the travel options to the customers' budgets.

所以我們也不知道。我的意思是，我們才剛進入本季大概一個月，但我們必須按週、按月來觀察。不過，正如我們在電話會議中提到的，我們會著重於多元的運輸選項，而不是只押注在航空運輸或航班本身，嘗試看看如何在各種運輸選項上解鎖或帶動需求，進而讓旅遊選擇更符合客戶的預算。

But it is needless to mention that flights continues to be such a large part of the travel category, a little uncertainty or degrowth on flights does have an impact on the overall kind of growth for the industry. And therefore, it's kind of a little difficult to predict what kind of growth do we look at for every quarter.

但毋庸置疑，航班仍然是旅遊品類中非常大的一部分；航班出現一些不確定性或負成長，確實會影響整體產業的成長表現。因此，要預測每一季我們會看到什麼樣的成長，其實有點困難。

Last quarter had a similar kind of a structure and year-on-year kind of a framework, and we have come almost close to the kind of growth expectation that we had set out for ourselves -- and we are hopeful that we'll kind of remain on the trajectory even in the quarters to come. One quarter could be better or worse off. But overall, directionally, that will be the intent to kind of keep it largely in line with the trajectory.

上一季也有類似的結構與年對年框架，而我們幾乎接近自己設定的成長預期——我們也希望在接下來的季度仍能維持在這條軌跡上。某一季可能會更好或更差。但整體方向上，我們的意圖是盡量讓它大致維持在這個軌跡之內。

And we continue to focus a lot more on growth from non-flight segment. So I think the focus or narrative at least in the short term will have to be more around growth from non-flight segments, which is either holidays, hotels and packages or bus ticketing or other transport options.

而我們也持續更聚焦於非航班業務的成長。所以我認為，至少在短期內，重點或敘事會更圍繞在非航班板塊的成長，也就是度假、飯店與套裝行程、巴士票務或其他運輸選項。

Maybe if I can just build a little bit more on what Mohit just said, Sachin, we tried to sort of highlight some of that dramatic shift on our call as well. See, the good news is that it is not necessarily entire which used to be the case perhaps some time back that everything is sort of dependent on only air travel.

Sachin，如果我可以在 Mohit 剛才說的基礎上再補充一點，我們在電話會議上也試著強調了這種顯著的轉變。你看，好消息是，情況不再像可能在一段時間前那樣，所有事情都只依賴航空旅行。

And I think for the last couple of quarters where the disruption has been continuing off and on, we've seen sort of that shift developing into some kind of a pattern with our customers on our platform as well, where people are happily making alternative choices.

而且我認為，在過去幾個季度中，干擾時有時無地持續發生，我們也看到這種轉變在我們平台的客戶身上逐漸形成某種模式：人們很樂意做出替代性的選擇。

If the air travel is expensive, then internationally expensive, then you end up picking up domestic destination or short-haul destination where relatively it is cheaper or you just take an alternative mode of transport and maybe just go for a nearby staycation and all, but not necessarily completely abandoned travel as far as leisure is concerned.

如果航空旅行很貴，尤其是國際航班很貴，那你最後可能會選擇國內目的地或短程目的地，因為相對更便宜；或者你就改用其他交通方式，可能去附近來個 staycation（在地度假）之類，但就休閒旅遊而言，並不一定會完全放棄旅行。

And we saw that sort of playing out even in this quarter. That is point number one. Point number two, also, I think it's worth mentioning that while the disruption cycle would disturb the sentiment initially, and we saw in a couple of weeks, there was a relief on when the MOU was signed and the oil prices dropped significantly, like significantly and very quickly, we saw the recovery also happening swiftly as well.

所以，這些都是一些明顯的趨勢，指向一個事實：人們內在的旅行慾望或意圖並沒有必然改變。這是一個已經發生的結構性轉變；再加上我們是一個全面的平台，能夠提供所有可能的旅遊服務，這也在提供助力。

So these are some of the noticeable trends that are sort of pointing to the fact that the underlying desire or intent to travel is not necessarily changing. That is a bit of a structural shift that has happened, and that, coupled with the fact that we are a comprehensive platform able to service every possible travel service is kind of helping.

而且呼應 Mohit 的觀點，方向上，我們會持續在短期逆風中前行，並且至少從執行層面確保我們保持在既定路線上，朝我們先前分享的方向性目標成長推進。唯一的例外可能是偶爾某一季會有偏離。但總體而言，我們應該會持續推動這件事。

And that to Mohit's point, that directionally, we continue to keep sort of navigating these short-term headwinds and keep at least from an execution standpoint, make sure that we stay on course on whatever is our directional targeted growth that we had shared. The only exception could be one quarter here and there. But in general, we should be sort of continue to keep driving that.

My second question is on the disruptions what we are seeing. And clearly, on the back of it, your inducements are high. So when we think about marketing spend as a percentage of GMV, should we actually now expect slightly higher than the guided range or at the higher end? Or as Dipak mentioned in his opening remarks, should we see some AI-led benefits, which keeps marketing spends under control?

我的第二個問題是關於我們看到的這些干擾。而且很明顯，在此背景下，你們的促銷激勵（inducements）很高。所以當我們把行銷費用占 GMV 的比例來看時，我們是否應該預期會略高於你們指引區間，或落在區間的高端？或者如 Dipak 在開場致詞提到的，我們是否會看到一些 AI 帶來的效益，讓行銷支出受到控制？

On the marketing side, Sachin, no significant change from what the trending has been over the last few quarters. And there will be small kind of changes coming in from the shift in mix, particularly as the airline mix goes down, as you know, the spending is slightly higher on the higher margin categories.

在行銷方面，Sachin，與過去幾個季度的趨勢相比，沒有重大變化。會有一些小幅變動，主要來自組合（mix）的轉移，特別是當航空占比下降時——如你所知，在高毛利品類上的投入會稍微高一些。

And therefore, this is largely in line with the mix of the business. Therefore, as you see the overall the bottom line also the 1.8% kind of continues to be delivered as a percentage of gross bookings in terms of AOP. So largely in line.

因此，這基本上與業務組合相一致。所以你也會看到整體底線表現——以 AOP 來看，約 1.8% 仍持續以占總預訂額（gross bookings）的比例交付。因此大致一致。

And when it comes to AI, I think the larger focus is more on driving much better personalization or much better curation of options or discovery for our customers and also kind of impacting the post-sales experiences, not necessarily kind of looking at sharply bringing any specific reduction in the customer action cost through that.

至於 AI，我認為更大的重點在於推動更好的個人化、更好的選項策展或探索體驗，並且也影響售後體驗；不一定是要透過它來大幅降低某個特定的獲客成本（customer acquisition cost）。

Clear. And last question on your India listing and congrats on filing -- upon filing so fast. One of the comments what your press release also had was you may evaluate alternatives in medium term to enable shareholders to enjoy fungibility between the two names. Can you give more color in terms of what kind of fungibility are we thinking about? And by medium term, what are some of the key events that need to happen for that fungibility to come?

了解。最後一個問題關於你們在印度上市，恭喜你們這麼快就完成申報。你們新聞稿中的一段話提到，你們可能會在中期評估替代方案，讓股東能在兩個名稱之間享有可互換性（fungibility）。你能否更具體說明一下，我們所說的可互換性是指哪一種？以及所謂中期，為了讓這種可互換性實現，需要發生哪些關鍵事件？

Sure. I think the first important event is for the IPO to go through and then we kind of start looking at it post that. Clearly, a few options that are kind of available. One of the options is to kind of look at a potential kind of an ADR or say there are also options inverting of the structure or a merger of the structure is possible, whether with the NCLT route with the RBI route. In fact, actually, today's articles also carry that the parliamentary committee is also looking at inverting of the structure and they would kind of come up with very specific recommendations around this.

當然。我認為第一個重要事件是 IPO 順利完成，之後我們才會在其後開始評估。很明顯，有幾個可行的選項。其中一個選項是考慮潛在的 ADR（美國存託憑證）；另外也有選項是進行架構反轉（inverting of the structure），或是透過合併來調整架構——不論是走 NCLT 路徑或 RBI 路徑。事實上，今天的報導也提到，國會委員會也在研究架構反轉，並可能提出非常具體的建議。

So like we've been saying in the past, we have been evaluating a variety of such options and also been kind of passing on our recommendations wherever possible. So we'll keep an open eye to it. The whole intent is ISP kind of -- while India does not have a dual listing kind of structure currently in place, we want to kind of keep pressing for that or kind of want to get to a structure which is as close to it as possible in line with what the regulatory environment is. So that's what it is.

所以如同我們過去所說，我們一直在評估多種此類選項，也在可能的情況下提出我們的建議。我們會持續關注。整體意圖是——由於印度目前並沒有雙重上市的架構，我們希望持續推動這件事，或在符合監管環境的前提下，達到一個盡可能接近雙重上市的架構。大概就是這樣。

Also, most of these efforts we have to start once the -- once the India listing kind of happens and it settles down and then we can start working on some of these parts. It's just that we're kind of keeping an early eye also kind of trying to see if any regulatory kind of changes can help us in this matter.

另外，這些工作大多需要在——在印度上市完成並且穩定下來之後才開始推進，然後我們才能著手處理其中一些部分。只是我們也提早關注，並嘗試看看是否有任何監管層面的變化能在這件事上幫到我們。

Manisha Adukia, Goldman Sachs.

Manisha Adukia，高盛。

My first question is a follow-on from the previous question response, Mohit. So when you talk about fungibility, is it safe to say that you would start the process for that fungibility soon after the IPO happens? Or would there be a few other consideration factors before you will take a call on whether you want to enable fungibility or not?

我的第一個問題是延續前一題的回覆，Mohit。所以當你談到可互換性時，是否可以理解為：你們會在 IPO 完成後不久就啟動實現可互換性的流程？還是說，在你們決定是否要啟用可互換性之前，還會有其他一些需要考量的因素？

And my second question on the same topic is from the convertible bond standpoint, which combined is about $1.6 billion that you have at the Make Mauritius level, in the event where you talked about potentially inverting or merger of the structure, what would happen to those convertible bonds?

我第二個同樣主題的問題是，從可轉換公司債的角度來看，你們在 Make Mauritius 層級合計大約有 16 億美元；在你們提到可能進行架構倒置或合併的情況下，那些可轉換公司債會怎麼處理？

Yes. Sure, Manish. Like I said in my previous response, this is something that we can only kind of undertake or kind of think about in real terms once the India listing goes through, right? And therefore, we need to understand. And again, what we have done currently is only a confidential filing. There will be an opportunity to do an updated filing or a public filing. And therefore, there is kind of get involved in kind of taking this process through.

是的。當然，Manish。如同我在前一個回覆裡說的，這件事只有在印度上市完成之後，我們才能在實務上真正著手或更具體地思考，對吧？因此，我們需要先釐清。而且，我們目前所做的也只是保密申報。之後會有機會做更新申報或公開申報。因此，屆時才會更進一步推動並完成這個流程。

And like I also mentioned, there are kind of looking like there are moving parts to this piece and the regulatory kind of environment may not necessarily remain what it is today. So we'll keep an eye open on all possibilities, including the ones that I called out. Now could there be variables which would kind of impact this? Depending upon the time line involved, there could be multiple variables which could be impacting this.

另外如我也提到的，這一塊看起來有一些變動因素，而監管環境也未必會維持在今天的狀態。所以我們會持續關注所有可能性，包括我剛剛點出的那些。那是否會有一些變數會影響這件事？取決於所涉及的時間軸，可能會有多個變數影響。

But the overall objective largely remains the same. The underneath objective remains the same. If we can facilitate our investors to kind of participate between the two listed options, right, in a much more seamless manner without having to exit from one to get to the other. So that's the broader thought process.

但整體目標大致上仍然相同。底層的目標仍然相同。如果我們能讓投資人能在兩個上市選項之間，以更無縫的方式參與，對吧？而不需要先退出其中一個才能轉到另一個。這就是更宏觀的思考方向。

With respect to your question on the convertible bonds, the first round of bonds, which is in 2028 kind of maturing bonds, that $200 million, that's kind of reasonably well into the money. So that should not kind of really kind of have any impact as such. But the second round of bonds which we have issued last year, which is close to about $1.4 billion, that is still not in the money, right?

關於你對可轉換公司債的問題，第一批債券是 2028 年到期的那批 2 億美元，基本上已經相當程度處於價內。所以那個應該不會真正造成什麼影響。但我們去年發行的第二批債券，規模接近 14 億美元，目前仍然不是價內，對吧？

And potential India listing, which also means that for the group as a whole, it would mean a strong addition to the cash that we have on the balance sheet, which keeps us well prepared to handle both a redemption or conversion as might kind of happen on the bond issue in the previous year.

而潛在的印度上市，也意味著就整個集團而言，資產負債表上的現金會有顯著增加，使我們能更充分地準備好，去因應前一年那筆債券可能發生的贖回或轉換。

So I think from that point of view, this listing kind of only helps in remaining even more prepared, although the cash on the balance sheet currently also is reasonably strong at over $800 million. So overall, good situation to be in with or without the kind of IPO proceeds.

所以我認為從這個角度來看，這次上市只會讓我們準備得更充分；即便如此，目前資產負債表上的現金也相當充裕，超過 8 億美元。因此，整體而言，不論是否有 IPO 募資款，都是一個不錯的狀態。

Very clear. Maybe just a quick follow-on. I mean, again, I'm just trying to push my luck here. In terms of just the fungibility and completely appreciate that the process can only start once the India IPO actually goes through. But from a timeline perspective, is there like a realistic timeline that how long that could take like six months, one year, two years after the IPO or it's very hard to call that out given just the number of variables involved?

非常清楚。我可能再快速追問一下。我的意思是，我只是想再多問一點。就可互換性（fungibility）而言，我完全理解流程只能在印度 IPO 真正完成後才可能開始。但從時間軸角度，有沒有一個較現實的時間預期：例如 IPO 後六個月、一年、兩年？還是因為變數太多，很難現在就說？

I think the regulatory changes that we have proposed come through, it could happen in a very short span, right? That's the least I can say. But we'll have to keep in mind how the regulatory environment is at that point in time. And therefore, like I said, since it's quite a few quarters away, it will be more relevant to speak of it on a periodical basis as we have more color around it.

我認為如果我們所提議的監管變更能夠落地，可能在很短的時間內就能發生，對吧？這是我至少能說的。但我們也必須考量到那個時間點的監管環境會是什麼樣子。因此，如我所說，因為距離現在還有好幾個季度，等我們掌握更多資訊後，再按期、定期地談會更有意義。

No, I appreciate that color, Mohit. My second question is on just the EBITDA or operating profit growth in dollar terms, it's in the single-digit range, not too dissimilar from the revenue growth profile in dollar terms, right?

了解，我很感謝這些補充說明，Mohit。我第二個問題是關於 EBITDA 或營業利益以美元計的成長，落在個位數區間，和以美元計的營收成長曲線其實差不多，對吧？

So like at least for the quarter, we are not seeing any operating leverage play out. Why should that be the case? I mean when the business in underlying constant basis is growing at 20% in rupee terms, why should cost grow at the same pace and there should be no operating leverage in the business?

所以至少就這一季來看，我們沒有看到營運槓桿的展現。為什麼會是這樣？我的意思是，當業務在固定基礎（constant basis）下以盧比計成長 20% 時，為什麼成本也要以同樣速度成長，導致看不到營運槓桿？

No, interesting observation, Manish. And like I think Dipak pointed out, it is important to kind of look at the growth in constant currency, not in USD, right? Like you called out, it is more single digit in constant currency. And like yourself called out in the subsequent part of your question, it's close to kind of the 20% mark when you look at it in constant currency terms.

不錯的觀察，Manish。而且如 Dipak 指出的，重點是要看固定匯率（constant currency）的成長，而不是看美元，對吧？如你所說，以固定匯率看是個位數。而如你在問題後半段提到的，以固定匯率口徑看接近 20%。

Now you also need to kind of keep it in mind that the profitability is not necessarily a key challenge for us right now in the current environment where the industry growth is muted. In fact, if you look at it, the largest segment, which is flights is actually seeing a degrowth in the market, right, almost minus 2%, which is almost -- it has been unprecedented, right? And while you're riding through such a rough environment, one is to kind of try and optimize on the profitability.

另外你也需要記住，在目前產業成長偏疲弱的環境下，獲利能力不一定是我們當下的核心挑戰。事實上，如果你看最大的分部——機票——市場其實是在衰退，對吧？大約是負 2%，這幾乎是——前所未見的。在這麼艱困的環境中，一個方向是嘗試優化獲利。

The other is to try and make most of the market conditions and actually increase your lead in terms of market share. As a market leader as an aggressive kind of in the segment, is very clear that we want to kind of press on building market share during these turbulent times rather than kind of focus on building profitability.

另一個方向是把握市場狀況，實際上提升我們在市占率上的領先。作為市場領導者、且在該分部相對積極的玩家，我們很清楚：在這些動盪時期，我們更希望加碼建立市占，而不是把重心放在提升獲利能力。

It will be a decent range on the profitability side at about 1.8%. We'll be happy to kind of remain there or gradually increase this, but we want to make the most of these uncertain times in terms of increasing our lead or increasing our market share across segments. And as you know, most of the other domestic OTAs are heavily skewed on the ticketing side.

在獲利方面，大概會維持在約 1.8% 的合理區間。我們會很樂意維持在這個水準或逐步提高，但我們更想在不確定的時期把握機會，擴大我們的領先或提升各分部的市占。而且如你所知，多數其他國內 OTA 的業務結構都高度偏向票務。

And therefore, this provides us a much better opportunity to kind of invest behind customer acquisition, invest behind growth opportunities or tech capabilities in terms of handling such growth and make the most of it. And therefore, we're kind of gearing towards that rather than trying to drive more operating leverage. This also comes with the fact that we are doing a sizable investment on the AI side to kind of continuously keep building on the tech capabilities to drive future growth.

因此，這也讓我們有更好的機會去投資於客戶獲取、投資於成長機會，或投資於能支撐這類成長的技術能力，並把握這個機會。所以我們的方向更偏向這些，而不是試圖去拉高更多營運槓桿。此外，我們也在 AI 方面進行相當規模的投資，持續強化技術能力以驅動未來成長。

And there are some newer segments as well, Manish. There are new segments as well as like attractions. At any point in time, we will have at least a couple of new segments that we would have invested behind. And it's important to sort of keep investing in for future growth as well and not necessarily sort of every penny try to sort of add to the profitability, given the overall market condition because there's significant headroom still across the board on overall sort of many segments being online, low penetrated.

另外也有一些較新的分部，Manish。也有像景點（attractions）這類新分部。在任何時間點，我們至少都會有一兩個新分部是我們正在投入資源的。為了未來成長，持續投資是重要的；在整體市場環境下，並不一定要把每一分錢都拿去堆高獲利，因為整體而言仍有很大的成長空間，許多分部的線上化滲透率仍然偏低。

And therefore, I think it's from our point of view, a very balanced strategy. Wherever we see an opportunity, we end up redeploying it. Wherever then the opportunity -- I mean, there will be time and phase where the headroom will keep reducing and then you will see that it is sort of more flowing through the bottom line rather than relatively just incrementally lower addition to the bottom line right now.

因此，我認為從我們的角度來看，這是一個非常平衡的策略。只要我們看到機會，就會把資源重新部署到那裡。而當機會——我的意思是，未來會有一個階段，成長空間會逐步縮小，屆時你就會看到更多會流向最終盈餘，而不是像現在這樣，對最終盈餘的增量貢獻相對較低。

Aditya Suresh, Macquarie.

Aditya Suresh，Macquarie。

So two questions. First is on cash from operations, that was down due to some working capital impacts this quarter. Can you just help us understand why that was the case? That's one. Second is your volume trends are strong, right? Like hotels at 20%, bus at 24%, 25%. Can you speak about the market share you're seeing in volume terms in these categories?

我有兩個問題。第一個是關於營運活動現金流，本季因為一些營運資金的影響而下降。你們能否協助我們理解為什麼會這樣？這是第一個。第二個是你們的量的趨勢很強，對吧？像飯店 20%，巴士 24%、25%。你們能否談談在這些類別中，以量來看你們看到的市占率情況？

So let me -- maybe, Dipak, you can take?

那我先——也許 Dipak，你可以回答？

Yes, I'll take the first question, Mohit. So if you see -- you're right, your observation, the working capital deployment has taken up cash. And this is because if you see we have a corporate business, which we do the B2B corporate business and myBiz-based business, that has been growing relatively quite fast. Over the last 12 months, the growth has been very high.

好的，我來回答第一個問題，Mohit。如果你看——你觀察得沒錯，營運資金的投入佔用了現金。這是因為如果你看，我們有企業業務，也就是我們做 B2B 企業業務以及基於 myBiz 的業務，這部分成長相對非常快。在過去 12 個月，成長非常高。

And the expansion in the working capital has happened because in line with the growth we have achieved in the business, with a normal DSO terms, which remains in that business as a multiplier of that, that has expanded the working capital.

而營運資金的擴張之所以發生，是因為隨著我們在業務上達成的成長，在正常的 DSO 條款下（該業務一直維持如此），作為其倍數效應，帶動了營運資金的擴大。

And some working capital gets expanded because of seasonality in this quarter because you tend to receive advances from customers for bookings for the next quarter. Now you know July, August and September is a low seasonality, and you receive lesser advances, so it shows up in lesser advances from customers. So that has impacted the working capital, but it's a seasonality feature and in line with the growth of our corporate business.

另外，本季也因季節性因素使部分營運資金擴張，因為你們通常會收到客戶針對下一季預訂的預付款。你也知道 7、8、9 月是淡季，收到的預付款較少，所以會反映為來自客戶的預收款較少。因此這影響了營運資金，但這是季節性特徵，也與我們企業業務的成長一致。

Yes. Coming to your second one, Aditya, on the strong growth on the volumetric side, yes, absolutely like we called out, we're trying to drive market share gains across non-flight segment, right, whether it is hotels, whether it is alternative accommodations represented in our stand-alone hotels growth number, which kind of includes both. And similarly, on ground transport, whether it is our bus segment or our intercity or outstation cabs business, all are reporting kind of very strong growth numbers.

是的。回到你第二個問題，Aditya，關於量的強勁成長，是的，完全正如我們提到的，我們正試圖在非機票業務上推動市占率提升，對吧？不論是飯店，或是替代型住宿（在我們單體飯店成長數字中呈現，某種程度上包含兩者）。同樣地，在地面交通方面，不論是巴士業務，或是城際／外站包車業務，都呈現非常強勁的成長數字。

Unfortunately, unlike in the air ticketing business where DGCA kind of comes out with a market report, the size of the market and the moving market share is a little difficult to kind of calculate in the accommodation or in the ground transport category.

不幸的是，不像機票業務有 DGCA 會發布市場報告，在住宿或地面交通類別中，市場規模以及變動中的市占率相對較難計算。

And -- but I think I would just say the growth that we've called out over here compared to what we expect the growth in the respective segments to be, which is likely to be more in like potentially single digit to maybe like double digit overall in the respective segments. Clearly, is that our market shares would have improved significantly through the quarter as well.

但是——我想我只能說，我們在這裡提到的成長，相較於我們預期各細分市場本身的成長（可能大致是個位數到也許雙位數），很明顯，我們的市占率在本季也應該顯著提升。

Parash Jain, HSBC

Parash Jain，HSBC

I have two questions, and one of that has partially been answered. First, with respect to Indian subsidiary raising capital, is there any tax implication involved in taking that money out for repayment of convertibles? Or I mean, I just wanted to understand how that mechanism will work?

我有兩個問題，其中一個已部分被回答。第一，關於印度子公司募資，把那筆錢匯出用於償還可轉換債是否會有任何稅務影響？或者說，我只是想了解這個機制會如何運作？

And secondly, with respect to the different businesses growth, with the capacity cut by the Indian airlines, when you talked about 30% market share, maybe if you can share some color in the international business, how much is it with the Indian carriers versus the non-Indian carriers? And are you seeing a shift in market share in those segments?

第二，關於不同業務的成長，在印度航空公司削減運能的情況下，當你提到 30% 的市占率時，也許你可以分享一些國際業務的細節：其中有多少是印度籍航空公司、多少是非印度籍航空公司？你們是否看到這些區隔的市占率出現變化？

Maybe I'll start on that and Rajesh or Dipak can add. But when it comes to the filing that we have done, it's a confidential filing, it will be difficult for us to share more color right now in terms of likely addition of funds and at which entity level, et cetera. But suffice to say -- sorry.

也許我先回答，Rajesh 或 Dipak 可以補充。但就我們已提交的申報而言，這是一份保密申報，因此目前我們很難分享更多細節，例如可能新增資金的規模、會在何種實體層級等。但總之——抱歉。

Yes, please go ahead.

是的，請繼續。

Suffice to say it will be addition for the group as a whole, right? And therefore, I don't see too much of a concern over there in terms of using it for a variety of requirements, whether it is organic or inorganic growth or whether it is for repurchase or redemption of the convertible notes. So in either of these cases, it should kind of pretty easily be usable irrespective of how it is raised. So that was the first part.

總之，這會是對整個集團的增資，對吧？因此，我不認為在用於各種需求方面會有太大疑慮，不論是有機或無機成長，或是用於回購或贖回可轉換票據。所以在上述任何情況下，不論資金是如何募集的，應該都能相當容易地使用。這是第一部分。

Now when it comes to good growth, like I said, on the ground transport side, I've already called out the strong growth both in bus ticketing in the 30s and kind of travel market in the 40s. Now when it comes to the international air travel, if that was the other part of your question, we kind of work equally well across airlines, whether it is domestic airlines or whether it is international airlines. Two things which are impacting over there.

至於良好的成長，如我所說，在地面交通方面，我已提到巴士售票在 30% 多、整體旅遊市場在 40% 多的強勁成長。至於國際航空旅行（如果那是你問題的另一部分），我們在各家航空公司上都運作得同樣好，不論是國內航空公司或國際航空公司。那邊有兩個因素正在影響。

One, like Rajesh had called out in his part of the earnings script that initially, there was a significant impact coming in from the availability of flights or kind of the flight scheduling. And secondly, due to the significant increase in crude oil pricing situation overall, the prices or fares in these sectors, international sectors have gone up very significantly.

第一，正如 Rajesh 在財報講稿中提到的，一開始航班供給或航班排班的可用性帶來了顯著影響。第二，由於整體原油價格大幅上升，這些航線、國際航線的價格或票價已非常顯著地上漲。

Both of these are kind of impacting. In fact, if you also would have picked up some of the Indian carriers are kind of trying to prune down their kind of services, particularly the wide-bodied kind of aircraft. So that is also likely to kind of have an impact going forward. So some of these are like ongoing challenges, which we'll have to keep navigating around. But we kind of keep -- remain focused on driving growth as per kind of market trends, whether it is on the international side or on the domestic side.

這兩者都在造成影響。事實上，如果你也有注意到，一些印度籍航空公司正試圖縮減其服務，特別是廣體機的服務。因此，這也可能在未來帶來影響。所以其中一些是持續性的挑戰，我們必須持續因應與調整。但我們仍會專注於依循市場趨勢推動成長，不論是在國際端或國內端。

Prateek Kumar, Jefferies.

Prateek Kumar，Jefferies。

My first question is on your AI initiatives. So you said Myra is handling 8 million conversations, and AI is now resolving around 50% of the customer calls. But how do you think is this translating into business outcomes, particularly from conversion customer acquisition cost or customer satisfaction? And are these investments heating up certain bps of operating leverage, which you mentioned earlier?

我的第一個問題是關於你們的 AI 計畫。你們說 Myra 正在處理 800 萬次對話，而 AI 現在大約能解決 50% 的客戶來電。但你們認為這如何轉化為業務成果，特別是在轉換率、獲客成本或客戶滿意度方面？以及這些投資是否正在帶來你們先前提到的某些營運槓桿（以 bps 計）？

Yes, Prateek, maybe I can take that. As far as the booking, end-to-end booking is concerned on Myra, I mean, there are two separate cases that you mentioned, right? One is, of course, customer service that we had shared as part of the script as well. And the other one is just the booking conversational interface where now the new version of Myra, which we launched recently also takes care of end-to-end discovery till the payments to actually closing the booking in the single interface as well.

好的，Prateek，也許我可以回答。就 Myra 的端到端預訂而言，我的意思是，你提到的是兩種不同情境，對吧？其中一個當然是我們在講稿中也分享過的客戶服務。另一個則是預訂的對話式介面；我們最近推出的新版 Myra，也能在單一介面中完成從端到端的探索到付款，並實際完成訂單。

Now Myra has two sort of avatars, if you will. One part of which is the heavy use right now and growing actually quite -- scaling up quite well from a consumer adoption standpoint is when customers invoke Myra for taking assistance when they are already in the funnel, which is the current booking interface.

如果你願意的話，Myra 大致有兩種「分身」。其中一部分目前使用最重，而且從消費者採用的角度來看也在快速成長、擴張得很好：也就是當客戶已經在漏斗中時，會呼叫 Myra 來取得協助，也就是目前的預訂介面。

That part is sort of helping improve the conversion. on the funnel side incrementally because you are able to sort of answer all the open questions that the customer might have, which is then helpful for the customer to quickly close the booking.

這一部分正在逐步幫助提升漏斗端的轉換率，因為你能回答客戶可能有的所有未解問題，進而幫助客戶更快完成預訂。

So that part is from a consumer adoption standpoint, scaling well as well as improving conversion. As far as end-to-end booking, which is just a very recent launch, it's early days on that, and that is going to be largely start with Myra and don't really go to the existing funnel and complete the transaction completely on Myra in the same interface, either using text chat or voice complete voice interaction or voice come text chat. That part is early. So there, the traction has started to just about started to come.

因此，這一部分是從消費者採用的角度來看，既能良好擴展，也能提升轉換率。至於端到端訂房，這其實是非常近期才上線的功能，目前仍在早期階段；它將主要從 Myra 開始，而不是走既有漏斗流程，並在同一介面中完全在 Myra 上完成交易，無論是透過文字聊天、完整語音互動，或語音搭配文字聊天。這部分還很早期。所以，目前的牽引力才剛開始出現。

We will have to see, I think one quarter, two quarters down the line, we should be able to give you more color on that. So this one is more on the customer-facing side, which is basically helping the consumer experience overall, making it smoother, convenient, personalized, which effectively improves conversion.

我們還需要再觀察；我想在接下來一季、兩季之後，我們應該能提供你更多細節。所以這一項更偏向客戶端（面向消費者）這一側，基本上是在幫助整體消費者體驗，讓流程更順暢、更便利、更個人化，從而有效提升轉換率。

On the other side, which is the customer service, where our voice bot is handling almost about 50% of the total calls now frictionless completely on its own, no human intervention. That is the one which is sort of helping on reducing the outsourcing cost quite significantly. And that's sort of reflecting in our overall SG&A improvement, if you really see, while the business keeps growing, our SG&A and a significant portion of the SG&A is the outsourcing cost is not growing at all.

另一方面是客服端，我們的語音機器人現在幾乎能處理約 50% 的總來電，完全無摩擦地自行完成，不需要人工介入。這一項在大幅降低外包成本方面很有幫助。而這也反映在我們整體 SG&A 的改善上；如果你仔細看，雖然業務持續成長，但我們的 SG&A（其中相當大一部分是外包成本）完全沒有成長。

In fact, we've had some goodness that has come in, in there and likely to come in more because we do think this whole 50% can go to about 65%, 70% without just too much of additional work on the development side, while the balance being the complexity of the use cases might still remain hybrid or sort of with human interaction.

事實上，我們在那裡已經看到一些正面效益，而且未來可能還會更多，因為我們認為這個 50% 在不需要在開發端投入太多額外工作下，可以提升到約 65%、70%；而剩餘部分因為使用情境更複雜，可能仍會維持混合模式或需要人工互動。

So I think on an overall basis, it will be fair to say that the journey of seeing some of the productivity gains have started to reflect slowly and gradually in the overall performance, overall financial performance of the company. While on the booking interface, we will see how it's sort of especially the end-to-end booking scale up along with the consumer adoption over the next few quarters. And once we have more sort of data around it, we will continue to keep sharing with you.

所以我認為，整體而言，可以公平地說，我們看到的一些生產力提升，已經開始緩慢且逐步地反映在公司的整體表現、整體財務表現上。至於訂房介面，我們會觀察它在未來幾季如何擴大規模，特別是端到端訂房如何隨著消費者採用而放大。一旦我們有更多相關數據，我們會持續與各位分享。

Yes. The third question was a related question was like are these investments also eating into the operating leverage you mentioned earlier in the call?

是的。第三個問題是相關的：你問的是，這些投資是否也在侵蝕你在電話會議前面提到的營運槓桿？

Actually, not really. But again, if you really see the overall and I think Dipak was trying to make that point as part of his commentary, we've been able to -- of course, there has been investments. And over the last several quarters, we've been able to optimize on two counts.

其實不太會。不過，如果你看整體情況，我想 Dipak 在他的評論中也想表達這一點：我們確實有投資。而在過去幾個季度，我們在兩個方面做了優化。

One, using the hybrid of open source and frontier models to optimize the cost per se of the token because AI, our focus is, like I was saying as part of my commentary, is the core focus area where we are trying to become absolutely AI first or AI native across the organization. And so we've worked quite a lot on sort of optimizing our cost, just sort of balancing the usage of the models.

第一，透過開源模型與前沿模型的混合使用，來優化每個 token 的成本；因為 AI 是我們的核心聚焦領域，正如我在評論中提到的，我們希望在整個組織中真正做到 AI first 或 AI native。因此，我們在成本優化上做了很多工作，透過平衡各類模型的使用來達成。

And on the other side, the productivity gains has started to show. So right now, it's sort of whatever is the incremental cost on the AI front is almost offsetting -- the gains are almost offsetting the increase in cost, both from a cost optimization, both from acting on the cost optimization side of it itself as well as some of the productivity gains put together. And we think that we should be able to sort of keep that under control with this strategy of ours even in future.

另一方面，生產力提升也開始顯現。所以目前在 AI 方面的增量成本，幾乎被這些收益所抵銷——無論是來自成本優化本身，或是一些生產力提升，兩者加總後幾乎抵銷了成本上升。我們也認為，憑藉這項策略，即使未來也能把它控制在可管理的範圍內。

I have one other question on -- is there any change in booking patterns or like booking curve change versus pre-conflict levels.

我還有一個問題：相較於衝突前的水準，訂房模式是否有任何變化，或例如訂房曲線是否有變化？

This consumer spending -- yes, pre-Middle East conflict, I would have thought. Yes, Prateek?

這個消費者支出——是的，我想你指的是中東衝突之前。是的，Prateek？

Yes, of course. Yes.

是的，當然。是的。

yes. So some behavioral shifts that we have noticed. One of them, I was again mentioning earlier, these short-term getaways have picked up significantly. because of the fact -- some part of it is because of the fact that overall air travel cost is becoming expensive. So therefore, why not look for an alternative because they still want to travel out. That behavior is not sort of changing.

是的。我們確實注意到一些行為上的轉變。其中之一，我之前也提到過，短期度假顯著增加。原因之一——部分原因——是整體航空旅行成本變得更昂貴。因此，既然他們仍想外出旅行，為何不尋找替代方案。這種行為並沒有改變。

And therefore, a lot more short-term weekend getaways, whether it is just a weekend or a long-ish kind of weekend when there is some festival holiday or some other holiday that gets combined with the weekend and drivable distance holiday patterns. And that we've seen significantly going up using ground transport, any mode of ground transport, including self-driving, taking intercity cab or taking a luxury bus, et cetera. So that is one pattern that has changed.

因此，更多短期的週末小旅行，不論只是週末，或是遇到節慶假期或其他假期與週末連在一起而形成較長的週末，以及可自駕距離內的度假型態。我們看到這類型態顯著上升，更多使用地面交通，任何形式的地面交通都包括在內，例如自駕、搭乘城際計程車或豪華巴士等等。所以這是其中一個改變的模式。

The second, not specific to this conflict, but post-COVID, the significant sort of new segment that has emerged even more specifically focusing specifically from Gen Z cohorts is they're traveling in groups, and the use case could be celebration use case, whether it is birthday or any festival celebration, just getting together and traveling and the choice of the accommodation will be more homestays than hotel for that particular specific use case.

第二個（不特別是因為這次衝突），但在 COVID 之後，出現了一個顯著的新客群區隔，尤其更聚焦在 Z 世代族群：他們以團體形式旅行；使用情境可能是慶祝類情境，不論是生日或任何節慶慶祝，就是聚在一起出遊，而在這個特定使用情境下，住宿選擇會更偏向民宿（homestays）而非飯店。

So some of these sort of new segments, particularly post-COVID have emerged, and they continue to sort of keep growing. And because of which, as we've been sort of highlighting in the past that our Homestay supply has also been significantly growing. The market is also growing, and we have also been acquiring and growing our homestays sort of overall inventory on our platform.

因此，這些新的區隔，特別是在 COVID 之後出現，並且持續成長。也因此，正如我們過去一直強調的，我們的民宿供給也在顯著成長。市場也在成長，而我們也在平台上持續獲取並擴大民宿的整體庫存。

Thanks, Prateek. We are almost out of time. This was our last question. Over to you, Rajesh, for the closing comments.

謝謝你，Prateek。我們時間差不多到了。這是我們最後一個問題。接下來交給你，Rajesh，做結語。

Thanks, Vipul, and thank you for all the relevant questions. Thanks for your patience listening in quietly and look forward to stay in touch with you. We'll come back to you in the next quarter. Thanks.

謝謝你，Vipul，也謝謝大家提出所有相關的問題。也謝謝各位耐心安靜地聆聽，期待與各位保持聯繫。我們會在下一季再回來與各位更新。謝謝。

Thank you, Rajesh. Thank you, everyone. We are now at the end of the hour. You may please disconnect the call. Thank you.

謝謝你，Rajesh。謝謝大家。我們現在已到整點結束。請各位可以斷線。謝謝。