MakeMyTrip Limited

Good day and thank you for standing by. Welcome to the Make My Trip Limited Fiscal 2021 Fourth Quarter and Full Year Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star 1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jonathan Wong, Vice President of Investor Relations at MakeMyTrip.com. Please go ahead.

Thanks, Catherine. Welcome, everybody, to Make My Trip Limited's fiscal 2021 fourth quarter and full year earnings call. I'd like to remind everyone that certain statements made on today's call are considered forward-looking statements within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information related on this call speaks only as of this date. The company undertakes no obligations to update information to reflect changed circumstances. Additional information concerning these statements are contained in the risk factors and forward-looking statements section of the company's annual report on Form 20F, filed with the SEC on August 17, 2020. Copies of these filings are available from the SEC or from the company's Investor Relations Department. I'm joined today by Deep Kalra, our company's founder and group executive chairman, Rajesh Mago, co-founder and group chief executive officer, and Mohit Chhabra, group chief financial officer. Now, let me turn the call over to Deep to begin our call today.

Thank you, John. Welcome, everyone, to our fiscal fourth quarter and full-year earnings call. I sincerely hope all our listeners are staying safe and healthy, especially those residing in India today. Since our last earnings call in late January, the pandemic situation in India went from cautiously hopeful to catastrophic in a very short period of time, resulting in the rise of a second wave of new infections beginning in late March. Sadly, the second wave impacted a lot more people in the country, including many of our colleagues and their loved ones, than the first COVID wave in March 2020. In these times of crisis, the company, through the Make My Trip Foundation, moved very rapidly to provide support wherever possible. As just one of many examples, our team worked tirelessly to secure staff medical facilities for our afflicted employees and their loved ones. We also secured vaccine access for employees and their families and created a round-the-clock COVID task force to help them find medical support and assistance when needed. The leadership within the company, through healthcare experts, have constantly engaged with employees to assess their mental well-being and offer positive vibes to boost morale during these highly challenging times. In addition, the foundation procured oxygen concentrators and ventilators to donate to nearby hospitals and other welfare associations to help the local community and dedicated resources to help local government agencies with relief work where necessary. Recently, we also launched COVID Ride, an open peer-to-peer community platform to help individuals and organizations seek and provide transport-related assistance. The program is aimed to help provide emergency commutes, ambulance services for COVID-19, rides to vaccination or oxygen centers, to and from the hospital, and for medical equipment and medicines transfer. As the country and the company continues to endure through the current realities of pandemic life and the resulting state of business, we are proud of the highly resilient culture that we built as an organization. I'm even more proud and grateful for our employees' generous efforts and dedication during this challenging period of our lives. We all look forward towards the end of the pandemic, which can be accelerated with more vaccinations in the coming quarters. Recent forecasts by a leading global investment house predicts that 60% of the country could be fully vaccinated by the end of this calendar year, as more domestic and imported vaccines become available in the coming months. More encouragingly, I'm hopeful that we may have seen a peak of new daily infections forming sometime in early May, as various state-level restrictions and lockdowns have helped reduce the number of daily infections. In the meantime, I implore everyone to take great care and be safe. I'm highly confident that this crisis will pass in due course and that our company will emerge far stronger than the recent past as the industry inevitably recovers with the help of pent-up travel demand and the human need to connect in person with others. What inspires this confidence is that we have witnessed a very strong recovery and long market share gains in the quarters immediately following the end of last year's nationwide lockdown. Furthermore, as a company, we are financially better yesterday than before the pandemic hit last year. As shared in the previous calls, we implemented multiple fixed cost structural rationalizations last summer and developed a solid playbook on how to leverage variable costs as needed. In addition, the opportunistic convertible note issuance in early February of 2021 had significantly strengthened our financial position, allowing us to weather through this current volatility even better than before. The fundraise at attractive terms also demonstrated the investment market's confidence in the company's long-term growth story. Further fueling my confidence is the rapid e-commerce adoption driven by the pandemic across India. Recent data indicates that more than 250 million people engage with an e-commerce platform in India, up from roughly 110 million users pre-pandemic, and that number is expected to grow to at least 300 million by 2025, according to a recent Bain & Company forecast. Once it's safe to travel, I firmly believe that the Make My Trip group will be a key beneficiary of this rapid and permanent online buying behavior. Now I'd like to ask Rajesh to share some more color on the fiscal fourth quarter.