MakeMyTrip Limited

and investor relations at MakeMyTrip Limited to our fiscal 2025 fourth quarter and full year earnings webinar. It will be hosted by the company's leadership team, comprising Rajesh Mago, our co-founder and group chief executive officer, and Mohit Kabra, our group chief financial officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session. 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 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 relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concerning these statements is contained in the Risk Factors and Forward-Looking Statements section of the company's Annual Report on Form 20-F, filed with SEC on July 2, 2024. Copies of these filings are available from SEC or from the company's investor relations department. I would like to now turn over the call to Rajesh for his remarks. Over to you, Rajesh.

Thank you, Vipul. And welcome everyone to our fourth quarter and full year call for fiscal 2025. Fiscal 2025 has been a milestone year for us in more ways than one. We not only delivered record performance, but we also celebrated our 25th anniversary. As we mark the 25th anniversary of our company team at MMYT is filled with a deep sense of pride and gratitude. This milestone is more than a measure of time. It reflects the dedication, innovation, and resilience that have defined our journey. 25 years ago, we began with a simple mission of making travel accessible, convenient, and transparent for Indians. Since then, we have grown into a one-stop shop that continues to evolve and push boundaries. I would like to take this opportunity to offer huge gratitude to our long-standing industry and non-industry partners for their support over this action-packed journey. Coming to the year and quarter key highlights, happy to share that we delivered a record performance during fiscal year 2025 with a robust growth rate. We recorded a gross booking value of $9.8 billion for the year with a year-on-year growth rate of 25.9% in constant currency terms. Alongside strong gross booking value growth, we continue to drive operating leverage. And as a result, the adjusted operating profit, which is at an all-time high of $167.3 million, has adjusted a year-on-year growth of 34.7%. For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms on the back of strong travel demand and demand. and adjusted operating profit for Q4 grew at growth rate of 37.9% year on year. Our high growth rate has come from the new users as well as from the existing customers. During the year, we added more than 9 million customers, taking the lifetime transacted user base to 82 million now. A lot of the new users have come from tier two and tier three towns, signifying our brand's penetration into deeper India. On the other hand, our repeat rate in a quarter continues to be very healthy at 70% plus rate. On our GenAI journey, we are excited to share that Myra.ai, our trip planning chatbot, has evolved into a powerful interface on a genetic framework capable of orchestrating seamless interactions across other specifically built AI boards for our products like flights, hotels, ground transport, and destination discovery. With this, Myra is now a unified interface where users can plan their trip taking the help of intelligent and personalized prompts, as well as resolve post sales queries or do amendments to the bookings, et cetera. This is part of our long-term commitment to make trip discovery and booking simpler, smarter, and more enjoyable for our users using GenAI. With the increasing number of users adopting this new interface, our bots will continue to evolve and become more intelligent and intuitive. In parallel, we have rolled out several generative AI-powered features across key business lines. These include review summary for faster, more informed decision-making, Gen AI search that understands and responds to natural language trip queries, smart collections that curate travel options based on user themes and preferences, assist mode in flights to answer common questions about baggage cancellations and refunds, AI-driven support for booking changes such as date modifications and other post-booking queries. Together, these advancements reflect our continued investment in next-gen AI-led experiences that will enhance every step of our of the travel journey. Besides, as part of executing our connected trip strategy, we introduced multiple integrated touchpoints across our app, desktop and WhatsApp to drive seamless end-to-end planning for a particular trip. Under-penetrated international outbound market was also identified as a growth opportunity for us this fiscal year. We've been strengthening our product proposition to better serve the needs of this market and we saw the desired results coming through. For fiscal year 25, our international air ticketing revenue grew by over 33% year on year, far outpacing industry growth. Similarly, our international hotels revenue grew by over 65% year on year, making this one of our fastest growing business segments. Our international business now contributes 25% to the overall revenue, up from 22% during fiscal year 24. Let me now turn to the business segments, starting with our air ticketing business. While the airlines are trying to navigate the near-term supply challenges, particularly in the domestic air market, the good news is that domestic departures crossed the pre-pandemic levels this completed year. While supply growth in the domestic market continues to be slower than expected at about 9.5% year-on-year, international departures grew by 18.5% year-on-year, And the online penetration in international air ticketing is increasing steadily as well, which helped our gross booking value of air business grow by 24.3% year on year in constant currency terms in Q4 fiscal year 25. In our endeavor to keep improving customer experience, we revamped MyTrip section to enhance The post-sales experience enabling customers to easily discover and adopt digital solutions like cancellations and date changes without the need to call customer care. Since its launch, customer interactions with self-serve MyTrips options have increased meaningfully and calls to customer care have reduced considerably. For our international travelers, we launched the initiative of offering bite-sized customized travel insurance plans during international flight booking to offer greater value and choice to customers. Our accommodation business, which includes hotels, homestays, and packages, continues to witness strong growth. The fiscal year concluded on a strong note with positive momentum and a sense of optimism for the future. Gross booking value of the hotels and packages business grew by 27.7% year-on-year, in constant currency terms for Q4 fiscal year 25. The last two quarters also delivered record performance for most of the hotel chains, reflecting robust demand. As a result, there is strong commentary around new signings across the hospitality industry. Most major players signaled an acceleration in development activity, particularly in tier 2, 3 and 4 cities. Notably, global hotel chains are also deepening their India focus by partnering with local operators to accelerate market penetration. In the last five years, about 42,000 plus rooms have been added by the chains with 60% of them in tier two cities and beyond. We continue to strengthen our supply mode. We now offer 89,000 plus accommodation options in 2,000 plus cities across the country. We aim to further accelerate the supply aggregation in future. During last fiscal, we added over 120,000 rooms to our supply with tier 2 cities and beyond witnessing 30% plus year-on-year growth. As mentioned earlier, our international hotel segment continues to grow much faster than the market on the back of enhanced product proposition. We scaled our ratings footprint to over 600,000 plus international properties, building greater trust and aiding smarter travel decisions. We have further enhanced our content to better resonate with Indian customers, thereby increasing the Indian-ness quotient and making hotel bookings more convenient and relevant to the Indian preferences. Our homestay business continues to scale. We sold over 33,000 plus unique properties across 1,100 plus unique destinations during the year. with strong growth across business, leisure and pilgrimage destinations. We also ramped up our homestay supply during last fiscal by adding over 42,000 plus rooms, translating to a growth of 33% year-on-year. Spiritual tourism is emerging as a significant growth driver within India's domestic travel landscape. We saw strong demand from both first-time and repeat travelers seeking culturally rich and spiritually meaningful experiences. Pilgrimage cities volume growth, this fiscal was over 95% year on year, which included windfall gains from once in 144 years mega Mahakumbh at Vriyagaraj, leading to 147% year on year growth in Q4. Our focused planning and strong execution around the Mahakumbh delivered an upside in January and February. We stood out as the only player with accommodation inventory during the peak period, particularly on the alternative accommodation side. and the tent offerings, which were fully bookable online, driving both visibility and conversion. We intend to continue building on this trend by expanding our offerings in key pilgrimage circuits, enhancing accessibility and creating curated travel experiences that cater to this fast-growing segment. Our holiday packages business continues to deliver robust performance, driven by growth in destinations like Thailand, Singapore, and Maldives, During the quarter, we launched our standalone tours and attractions funnel. One more additional product to follow our vision of being a one-stop shop for Indian travelers. With this new offering, travelers can now seamlessly discover and book experiences across 1100 plus international cities spread across 139 countries. covering an extensive catalogue of 215,000 plus tours and attractions, including sightseeing tours, tickets and passes, performances and shows, boat and bus tours, day trips, unique local experience and much more. In our bus business, growth has further improved in Q4 on the back of strong demand, increasing supply and one-time tailwinds of Khumbu. Our growth continues to be broad-based, with all regions growing in double digits, with north and east outpacing south and west in Q4. The supply in the private bus operator segment has grown approximately 15% year-on-year, reflecting a buoyant operating environment. Bus operators remain optimistic, with increased interest in opening new routes, which bode well for future growth. During the quarter, we launched connecting bus services, allowing bus operators to connect to their existing services, leading to an improvement in occupancy. This also increases choice for the users, especially in longer distance routes. With thin inventory size, they can book two buses with a reasonable layover time in between. Our international bus business also continues to grow well in all the countries with a growing contribution to the overall pie. For our rail business, we continue to bring in new users to the platform besides growth in ancillary revenues, primarily from seat guarantee product. Food on trains ecosystem is expanding rapidly, with ISCTC reporting a 200% increase in orders over the past two fiscals. We have tested the market through partnership with Relfood, which has delivered promising results with healthy conversion rates and a 99% plus fulfillment rate. We are looking to enhance the offering in future. For our cabs business, we continue to scale both airport transfers and intercity cabs. We expanded our outstation cab offerings with value added services like route selection and local sightseeing and source, aligning with our strategy to bridge offline and online gaps. We also introduced express pickup for airport to city cabs, a new program that tracks flights arrival time and ensures the cab is ready upon arrival. Our corporate travel business via both our platforms, that is MyBiz and Quest2Travel, is witnessing strong growth as well. Our active corporate customer count on MyBiz is now over 64,000 plus compared to 56,600 customers during the same quarter last year. And for Q2T, the active customer count has reached 507 large corporates compared to 357 customers in the same quarter last year. As we look ahead, we remain focused on scaling our recently launched products while targeting higher than industry growth rates across all other key business segments. Our next generation customer experience will be driven by GenAI-led innovations and supported by deep, scalable supply seamlessly integrated through our robust technology platforms. Before I conclude, I want to briefly address the recent developments. We had a good start to the season in April, but post the unfortunate incident at Palgaon, a popular summer tourist destination, and subsequent escalation between India and Pakistan resulted in a travel disruption leading to a noticeable dip in bookings, particularly in the northern region of India. This negative sentiment impacted bookings for a couple of weeks, affecting both leisure and corporate travel. Throughout this time, our endeavor has been to closely collaborate with our airline and hotel partners to offer cancellation and rebooking options for our customers. With the ceasefire now in place and the situation stabilizing, we are optimistic about recovering some of the lost momentum in the weeks ahead. We continue to monitor the broader geopolitical and macroeconomic landscape to respond with agility as per emerging situations. With this, let me now hand over the call to Mohit for the financial highlights of the quarter.

Thanks, Rajesh.