MakeMyTrip Limited

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. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of the U.S. Private Securities Litigation Reform Act 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 change circumstances. Additional information concerning these statements are contained in the Risk Factors and Forward-Looking Statements section of Companies Annual Report on Form 20F filed with SEC on July 25, 2023. 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. Thank you.

Thank you Vipul. Welcome everyone to our fourth quarter and full year call for fiscal 2024. Fiscal year 24 started on a positive note and only got better over the year. We are very pleased to end the year delivering a strong QPRO performance despite it being a low seasonality quarter for leisure travel. Fiscal year 24 has been a year of many record milestones For the full year, we crossed an all-time high gross booking value of $8 billion and we posted a record adjusted operating profit of $124 million compared to an adjusted operating profit of $70 million in fiscal year 23. Our strategy of targeting various demand segments to serve millions of our customers and first-time travelers with a comprehensive portfolio of travel and ancillary products with personalized experiences yielding results. Gross booking value for Q4 was more than $2 billion, growing at 23% year on year in constant currency terms. And the adjusted operating profit was $32.4 million, registering a growth of over 70% year on year. There are several macro factors that are contributing to the growth of travel and tourism in India. Robust GDP per capita growth is leading to growth in disposable income, fueling more frequent leisure breaks by people. Ongoing investments in transport infrastructure, including airports, roads, railways, and public transportation have improved accessibility and travel experience to various tourist destinations within the country. Spiritual tourism is also emerging as a crowd puller recently in the domestic travel and tourism market. In the last two years, we have witnessed over 97% growth in searches for spiritual destinations on our platform. With further improvement in connectivity and infrastructure, we expect this category to be a long-term growth driver. According to the Ministry of Tourism, religious tourism in India has been on an upward trajectory and can potentially grow at a figure of over 16% between 2023 and 2030. According to WTTC, the overall travel and tourism sector will grow its contribution to the GDP to INR 36.8 trillion by 2033, approximately 7% of the Indian economy and will employ over 58.2 million people across the country, with 1 in 10 working in this sector. As a leading travel services company in India, we continue to seek collaborative opportunities to work closely with various government agencies as we strive to nurture the growth of the tourism ecosystem in the country. We recently signed MOUs with state governments of Goa and Madhya Pradesh, aiming to foster sustainable tourism development in both states. The collaborative effort with Goa aims to propel tourism in the region into a vibrant year-round destination moving beyond its iconic sun, sand and beaches. The MOU with Madhya Pradesh focused on various dimensions of tourism, including promoting homestays and intensifying the focus on pilgrimage and wildlife-led travel experiences that the state has to offer through its platform. While the domestic travel and tourism sector is showing a promising outlook, outbound travel is likely to continue in the growth phase this year as well. According to UN World Tourism Organization, India is one of the top three fastest growing outbound tourism markets and is expected to become the fourth largest global spender on travel by 2030. With India's emergence as a key source market in major tourism destinations, foreign tourism boards are targeting the Indian population with incentives, campaigns, simplified visa requirements and new initiatives to attract more Indian outbound travelers. Let me now turn to the business segments, starting with our air ticketing business. Our international air ticketing business registered a strong growth of 33% year on year in this quarter. While we continue to maintain our market share of 30% plus in the domestic air business. During Q4, the total number of departures was similar to Q3. As we mentioned last quarter, we expect the domestic supply situation to gradually start improving from the second half of the upcoming financial year. Keeping aside the short-term headwinds, the long-term outlook for the Indian aviation sector is robust, driven by the expansion of aviation infrastructure, as well as record planes ordered by the Indian carriers. On the customer experience side, we continue to innovate and enhance our product proposition. We have expanded our flexibility offerings on domestic flights by offering consumers a new add-on called FlexiFly, which enables the customers to have a choice of exercising either zero cancellation or free date change option at a nominal incremental cost. We also revamped our value-added bundles to support more inclusions such as seats, meals, cabs, priority check-in, etc., along with our existing products like zero cancellation and free date change. This has helped make these bundles more accessible to our customers. To further strengthen our international outbound proposition, we launched a new initiative called Visa Guarantee, which ensures a full refund of the flight fare to the customer in case the visa gets rejected by the embassy by some reason. Our accommodation business that includes hotels, homestays and packages witnessed strong 41% year-on-year growth in adjusted margin in constant currency terms. The outlook for hospitality in India continues to be strong with most global and local chains have shared ambitious targets of signing more properties, especially in tier 2, tier 3 cities. In the last couple of quarters, large domestic and international chains have announced plans to add over 650 properties in India. on a current base of over 1000 properties. We expect strong additions in the hotel inventory across categories in the future. We continue to increase our supply. We now have 84,000 plus sellable properties on our platform with an unmatched penetration covering over 2000 plus cities in India. Our international outbound business Continues to scale during the quarter, we sold room night spread across over about 25,000 hotels in over 156 countries outside India. We will continue to dial up direct contracting in international geographies frequented by Indians in the new financial year as well. During the year, we successfully launched our hotel products on the ICTC website with an encouraging initial response. Through platforms such as iCTC, Amazon Pay, HDFC Smart Buy and My Partner platform, we continue to attract new users from smaller cities. On the customer experience side, we made significant strides in the integration of AI within our accommodation business. Now we offer condensed reviews, empowering our customers with crisp summaries. This enhancement enables swift property selection and furnishes instant insights into each property's offerings. On our international hotel platform, we continue to improve the experience for Indian travelers by making the discovery and selection easier for them by scoring properties that are high on parameters like proximity to public transport, Indian food, and tourist attractions. Our homestay business continues to grow with increasing coverage of destinations and increasing customer awareness via our category building marketing efforts. During the quarter, we sold over 16,500 plus unique properties across 800 plus unique destinations with strong growth across business and leisure destinations. While Mi'kmaq Trip brand has been leading the way in the homestay and villas category, we have now kick-started the journey on Goi Bebo as well and have rolled out multiple features for homestays enabling richer information on food and dining, host discovery, etc. Our holiday packages business continues to scale driven by our innovating offerings, such as launching charter services to Bhutan from Mumbai, which is a key source market. Customer service is an important aspect of the holiday business and we have been making continuous efforts to improve the post sales experience. Our NPS on holidays is steadily increasing, which will improve our repeat rate in the business. Our business continues to grow well-driven by strong demand and expansion of supply with the total number of average daily bus services on the platform, reaching 35,100 from 27,800 a year earlier, an increase of over 26%. keeping up and cutting diesel prices, aiding the profitability of the sector. The momentum to add new buses and supply has improved and we hope it will continue in the new financial year as well. By providing database intelligence to bus operators for deployment of this additional supply to routes that have a high demand but fewer services, we are playing our part in their network planning. International bus markets witnessed healthy growth in Q4-24 on the back of Ramadan bookings in Southeast Asian markets and Good Friday Easter holiday bookings in Latin America. We launched RedBus in two new international markets this quarter. We went live in Vietnam on all channels with both English and Vietnamese booking funnels. We also launched our services in Cambodia with inventory from 30-plus bus operators flying on routes within Cambodia, as well as to cities in Thailand and Vietnam. Our rail business continues to grow. We continue to innovate, add product features, and strengthen our value proposition. As a result, we continue to gain market share in train bookings, leveraging all our brands, including MMTGINRB. On intercity cabs, we continued strengthening the supply side coverage during the quarter. We have progressed well on our integration with Savari post the investment announced last quarter. Working together, we are confident of unlocking the growth potential in this segment. Our corporate travel business via both our platforms, MyBiz and Quest2Travel, is witnessing strong growth. Our active corporate customer count on MyBiz is now over 56,300+. And for Quest to Travel, the active customer count has reached 351 large corporates compared to 249 customers in March 23. We have further bolstered our service offerings by incorporating train bookings into our MyBiz platform as well. To tailor the booking experience even more closely to individual preferences, we have introduced personalized hotel recommendations, streamlining the discovery process for our corporate bookers. Our My Partner B2B2C platform for small travel agents now has 44,000 plus travel agents compared to 36,000 agents during the same period last year and is helping us reach out to customers who are largely buying their travel offline. This is particularly meaningful in the case of segments with low online penetration such as international outbound travel. And lastly, from my side, at MakeMyTrip, We believe that focus on sustainability is essential for the long-term success and resilience of travel companies, as it not only protects the environment and supports local communities, but also enhances brand reputation, meets customer expectations, and ensures regulatory compliance. Our social development arm, Make My Trip Foundation, is dedicated to climate action and community empowerment and has helped us make a substantial impact across 13 Indian states, positively affecting the lives of over a million individuals. The details of our initiatives are available on Make My Trip Foundation's website. With this, let me now hand over the call to Mohit for the financial highlights of the quarter.

Thanks Rajesh and hello everyone. During the last few years, we have invested in three strategic areas such as building wider and deeper offerings of travel and travel-related services for our customers with improved personalization while scaling up multiple B2C and non-B2C platforms so that we can target differentiated demand segments. We have also been investing in technology to build efficiencies and increase our value proposition to our customers. As a result, our business has bounced back strongly post the pandemic and has also delivered better on profitability metrics. FinancialGate24 has been a true testament to this long-term strategy as we have delivered our best of our financial performance during the year across key metrics. With respect to the full year financial year FY24, our gross bookings grew 24.9% year-on-year in constant currency terms to about $8 billion. Revenue as per IFRS grew by 35.7% year-on-year in constant currency to $782 million from about $593 million in the previous fiscal year. Profit for the year was 216.7 million compared to a loss of 11.2 million in the previous financial year. This includes certain one-off items which I will talk about subsequently. Keeping the one-off aside, the Existed Operating Profit registered a very strong growth of 76.7% year-on-year and reached $124.2 million compared to $70.3 million in the previous financial year. As to the quarterly results for the reported fourth quarter of this fiscal year, gross bookings grew by 23% year-on-year in constant currency to about $2 billion compared to $1.7 billion in the same quarter last year. Revenue as per AFRS grew by 38.1% year-on-year in constant currency terms to $202.9 million from $148.5 million in the same quarter last year. Adjusted operating profit has registered a growth of 70.4% year-on-year and reached to a number of $32.4 million during the quarter compared to about $19 million in the same quarter last year. Moving on to our segment results, our A-ticketing gross bookings for the quarter came in at $1.3 billion, witnessing an year-on-year growth of about 20.9% in constant currency terms. Adjusted margin stood at $83.7 million, registering a growth of 13.7% year-on-year in constant currency. The take rates for the A-ticketing business continue to be in line at about 6.5%. For domestic air ticketing, we delivered performance in line with the market and have continued to hold on to our market share of about 30%. The highlight of the quarter and the year has been the growth in the international air ticketing businesses, which has posted segment growth of over 50% compared to the last full fiscal year. The mix of international air ticketing businesses also grown by about 50% during this year to about one-third of the air ticketing segment, We believe that the international ticketing business will continue to lead the growth in this segment. Crossbookings for the quarter in the hotels and packages segment were at $495.6 million, witnessing a strong growth of 28.8% year-on-year in constant currency. Adjusted margin growth was much stronger at 41.3% year-on-year in constant currency, resulting in an adjusted margin of $88.9 million during the quarter. The take rates in this business continue to be in line at about 7.9% during the quarter. We continue to drive supply expansion by going deeper and wider in the Indian market and growing directly contracted hotels in key international markets which are of interest to Indian overseas travellers. Our coverage and penetration in India has expanded meaningfully and we now sell accommodation room nights in over 1800 cities across the country. Our directly contracted international hotel count has been increasing in line with the launch of direct flights to new international destinations this year apart from offering wider options across existing cities we have also initiated direct contracting in about eight cities globally In our bus ticketing business, gross bookings for the quarter were $260.6 million, growing at 23.3% year-on-year in constant currency. Adjusted margin stood at $26.1 million, there is still a strong year-on-year growth of over 36.6% in constant currency terms. The take rates for the bus business continue to come in line at about 10% for the quarter. A large part of the growth has been driven by supply expansion, whereby our private bus operators' count has increased by over 20% year-on-year. Given the short-term headwinds on the domestic air supply side, we witnessed travelers preferring other modes of transport, which was reflected in the strong growth in our ground transport segments. We continue to remain focused on operating cost efficiencies. Our marketing and sales promotion expenses or our customer exchange costs for the year came in at about 4.7 percentage points of gross booking compared to 5.1 percentage points in the previous year. Apart from this, continued operating leverage coming in from the significant fixed cost optimizations through the COVID impacted years has helped us expand our operating margins over the last few years. As the business is scaling, our cash generation continues to be robust. During full year of financial year 24, our registered operating profit was about $124.2 million and we added net cash of about $121 million. As a result, our year-end cash position stands at over $600 million. Besides maintaining a healthy watch list, we will continue to leverage this strong cash position to invest in potential organic and inorganic niche growth opportunities as demonstrated in the recent past. Apart from domestic air ticketing, online penetration across travel services in India is still very low. As a result, we believe there can be meaningful growth opportunities for us to pursue in the coming years. In view of the improving cash generation in the business, we may also pursue opportunistic share repurchases or buybacks. As reported in the past, we have been and will continue to leverage our employee stock option plans to be an important part of our people strategy. We could start with opportunistic buybacks to mitigate the dilution from our share risk compensation programs. Before we get into Q&A, I would like to call out two exceptional items or one-off items impacting the current quarter as well as the full fiscal year being reported. Firstly, in view of the established trend of profitability over the last couple years, the company has recognized net deferred tax assets to the tune of $126.1 million based on an estimated utilization of carried forward losses and other deductible temporary differences against future taxable income. The other one-off gain is due to change in the carrying value of our 2028 zero-coupon convertible notes. We had issued these notes in February 21 with a life of 7 years and the put options in the note were at end of year 3 and year 5. Initial accounting treatment at the time of issuance was to throw up the potential redemption value by the end of the third year which was the first put option time. However, none of the notes were put in for redemption during the first put option which came up in Feb 24. With the next put option being due two years later, at the end of year five of the notes, the redemption value on the notes has been discounted to arrive at the current carrying value, resulting in a gain to the tune of about $30.6 million, which will be expensed over the next two years or before the next put date. With that, I'd like to turn the call to Vipul for Q&A.