Group 1 - MakeMyTrip's stock decreased by 1.27% to $93.36, underperforming the S&P 500's gain of 0.61% and the Nasdaq's increase of 0.95% [1] - Over the past month, MakeMyTrip shares have declined by 4.26%, while the Computer and Technology sector gained 5.6% and the S&P 500 increased by 3.85% [1] Group 2 - The upcoming earnings report for MakeMyTrip is anticipated, with projected earnings per share (EPS) of $0.45, reflecting a 15.38% increase year-over-year [2] - Revenue is expected to reach $277.12 million, indicating an 8.88% growth compared to the same quarter last year [2] Group 3 - For the entire fiscal year, earnings are projected at $1.98 per share and revenue at $1.16 billion, representing increases of 26.92% and 18.78% respectively from the previous year [3] - Recent analyst estimate revisions are seen as positive indicators for MakeMyTrip's business outlook [3] Group 4 - The Zacks Rank system, which evaluates estimate changes, indicates that MakeMyTrip currently holds a Zacks Rank of 5 (Strong Sell) [5] - The Zacks Rank has a historical track record of outperforming, with stocks rated 1 yielding an average annual return of +25% since 1988 [5] Group 5 - MakeMyTrip is trading at a Forward P/E ratio of 47.88, significantly higher than the industry average Forward P/E of 15.37 [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 90, placing it in the top 37% of over 250 industries [6] Group 6 - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

Company Performance - MakeMyTrip's stock closed at $99.82, with a daily increase of +1.86%, outperforming the S&P 500's gain of 0.52% [1] - The stock has decreased by 3.93% over the past month, underperforming the Computer and Technology sector's gain of 9.55% and the S&P 500's gain of 5.95% [1] Earnings Forecast - The upcoming earnings report projects earnings per share (EPS) of $0.46, representing a 17.95% increase year-over-year [2] - Revenue is estimated to be $277.12 million, indicating an 8.88% increase compared to the same quarter last year [2] Annual Estimates - For the entire year, earnings are forecasted at $1.98 per share and revenue at $1.16 billion, reflecting increases of +26.92% and +18.78% respectively compared to the previous year [3] Analyst Sentiment - Recent modifications to analyst estimates for MakeMyTrip are being monitored, as they indicate changing near-term business trends [4] - Positive estimate revisions suggest analyst optimism regarding the company's business and profitability [4] Zacks Rank and Valuation - MakeMyTrip currently holds a Zacks Rank of 4 (Sell), with the Zacks Consensus EPS estimate remaining unchanged over the last 30 days [6] - The company has a Forward P/E ratio of 49.62, which is a premium compared to its industry's Forward P/E of 17.47 [6] Industry Context - MakeMyTrip operates within the Internet - Delivery Services industry, which is part of the Computer and Technology sector [7] - This industry has a Zacks Industry Rank of 53, placing it in the top 22% of over 250 industries [7]

Group 1 - Trip.com Group Limited has entered into a share repurchase agreement with MakeMyTrip Limited to sell a portion of its Class B ordinary shares for cancellation, aiming to optimize its investment portfolio and enhance shareholder returns [1] - After the proposed repurchase, Trip.com Group will remain the largest minority shareholder of MakeMyTrip and continue to support its growth [1] - To fund the repurchase, MakeMyTrip has launched an offering of convertible senior notes and a concurrent underwritten public offering of ordinary shares, with Trip.com Group agreeing to a 180-day lock-up period [1] Group 2 - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services [2] - The company operates under various brands, including Ctrip, Qunar, Trip.com, and Skyscanner, and aims to provide travelers with cost-effective booking options and support [2] - Founded in 1999, Trip.com Group was listed on Nasdaq in 2003 and on HKEX in 2021, with a mission to pursue the perfect trip for a better world [2]

PART I [Key Information](index=10&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section outlines the company's principal risks, including industry disruptions, intense competition, regulatory changes, and significant shareholder influence [Risk Factors](index=10&type=section&id=D.%20Risk%20Factors) The company's business is subject to numerous risks including industry disruptions, intense competition, evolving laws, and significant shareholder influence - The business is highly sensitive to disruptions in the travel industry, such as the liquidation of **Go First**, which reduced ticket supply and disrupted customer travel[45](index=45&type=chunk) - The company faces **intense competition** from other online travel agencies (OTAs), traditional agencies, and direct booking channels, which may increase marketing expenses and pressure commissions[57](index=57&type=chunk)[58](index=58&type=chunk) - Evolving regulations in India, particularly the **Digital Personal Data Protection Act (DPDP Act)**, could impose significant compliance costs and affect business operations[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - Major shareholder **Trip.com holds 45.34% of total voting power**, giving it significant influence over corporate matters[134](index=134&type=chunk) - The company is subject to ongoing tax proceedings in India with **aggregate claims amounting to millions of dollars**, which could adversely affect financial performance[123](index=123&type=chunk)[695](index=695&type=chunk) [Information on the Company](index=48&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section details the company's history, business model through its primary brands, and strategy focused on high-margin segments and technology [History and Development of the Company](index=48&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Founded in 2000, the company has grown through key acquisitions like ibibo Group, with its stated capital reaching approximately $2.04 billion by March 2025 - The company was founded in 2000, initially serving non-resident Indians in the US, and launched its Indian business in September 2005[199](index=199&type=chunk) Key Acquisitions | Acquisition | Year | Business Description | | :--- | :--- | :--- | | **ibibo Group** | 2017 | Online travel services including Goibibo and redBus brands | | **Bitla** | 2018 | Technology support for bus operators | | **Quest 2 Travel** | 2019 | Corporate travel solutions | | **Book My Forex** | 2022 | Currency exchange and cross-border remittances | | **Simplotel** | 2022 | Website and booking technology for hotels | | **Savaari** | 2023 | Car rental services in India | | **HAPPAY** | 2025 | Corporate travel and expense management business | - In February 2021, the company issued **$230.0 million in 0.00% convertible senior notes** due 2028[209](index=209&type=chunk) [Business Overview](index=50&type=section&id=B.%20Business%20Overview) The company is a leading Indian travel provider whose strategy emphasizes growing its high-margin hotels and packages segment through technology and acquisitions Key Business Metrics (Fiscal Years 2023-2025) | Metric | FY 2023 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | | **Gross Bookings** | $6.6 billion | $8.0 billion | $9.8 billion | | **Flight Segments** | 43.9 million | 51.1 million | 58.7 million | | **Hotel & Package Room Nights** | 26.1 million | 31.1 million | 37.0 million | | **Bus Tickets Booked** | 73.0 million | 86.8 million | 106.5 million | - The company's strategy is to expand its **higher-margin Hotels and Packages business**, which it aims to achieve through technology investment, automation, and strategic partnerships[241](index=241&type=chunk)[242](index=242&type=chunk) - As of March 31, 2025, the platform offered approximately **87,000 properties in India** and over **1.2 million properties outside India**[220](index=220&type=chunk) - The company faces strong competition from other OTAs (Agoda, Booking.com, Expedia), traditional agencies, and direct supplier channels[356](index=356&type=chunk) Employee Headcount as of March 31, 2025 | Function | Number of Employees | | :--- | :--- | | Sales and marketing | 1,569 | | Technology | 1,649 | | Product development | 303 | | Operations, business dev. & supply | 991 | | Management & Others | 610 | | **Total** | **5,122** | [Operating and Financial Review and Prospects](index=82&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, highlighting 25.0% revenue growth to $978.3 million in FY2025, strong liquidity, and key accounting policies [Operating Results](index=82&type=section&id=A.%20Operating%20Results) FY2025 revenue reached **$978.3 million**, a 25.0% increase, with Adjusted Operating Profit growing to **$167.3 million** driven by strong travel demand Consolidated Statement of Profit or Loss Summary (FY2024 vs FY2025) | Metric (in millions) | FY 2024 | FY 2025 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | $782.5 | $978.3 | 25.0% | | **Results from operating activities** | $65.2 | $119.9 | 83.9% | | **Profit for the year** | $216.7 | $95.3 | (56.0)% | | **Adjusted Operating Profit** | $124.2 | $167.3 | 34.7% | | **Adjusted Net Profit** | $137.2 | $178.2 | 29.9% | Adjusted Margin by Segment (FY2024 vs FY2025) | Segment (in millions) | FY 2024 | FY 2025 | Change (%) | | :--- | :--- | :--- | :--- | | **Air Ticketing** | $317.7 | $373.1 | 17.4% | | **Hotels and Packages** | $348.9 | $429.5 | 23.1% | | **Bus Ticketing** | $102.1 | $131.0 | 28.2% | | **Others** | $48.8 | $72.0 | 47.7% | - The increase in revenue and adjusted margin across all segments in FY2025 was primarily attributed to **robust travel demand in India** for both domestic and international outbound travel[492](index=492&type=chunk) - Marketing and sales promotion expenses **increased by 34.1% to $165.3 million** in FY2025, driven by variable costs and brand-building initiatives in response to strong travel demand[499](index=499&type=chunk) - FY2024 profit was significantly impacted by a **one-time income tax benefit of $123.8 million** from the recognition of deferred tax assets, which was not repeated in FY2025[503](index=503&type=chunk)[518](index=518&type=chunk) [Liquidity and Capital Resources](index=116&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$763.3 million in cash and term deposits** and an active share repurchase program Cash and Liquidity Position (as of March 31, 2025) | Item (in millions) | Amount | | :--- | :--- | | Cash and cash equivalents | $508.9 | | Term deposits | $254.4 | | **Total Cash & Term Deposits** | **$763.3** | Summary of Cash Flows (FY2025, in millions) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash from Operating Activities | $185.3 | | Net cash from Investing Activities | $26.4 | | Net cash used in Financing Activities | ($22.9) | - The company has **$230.0 million in convertible notes due 2028**, with the next potential repurchase date for holders on February 15, 2026[534](index=534&type=chunk)[562](index=562&type=chunk) - The company has an authorized share repurchase program for up to $136.0 million, with **$114.2 million remaining** available for repurchasing ordinary shares and the 2028 Notes as of March 31, 2025[560](index=560&type=chunk)[561](index=561&type=chunk) [Directors, Senior Management, and Employees](index=125&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, compensation structure, and board practices, including the influence of shareholder Trip.com - The board comprises ten directors, with key figures being Founder **Deep Kalra** (Group Chairman) and **Rajesh Magow** (Group CEO)[568](index=568&type=chunk)[571](index=571&type=chunk)[572](index=572&type=chunk) - Major shareholder **Trip.com has the right to nominate five directors** to the board[618](index=618&type=chunk) - Aggregate compensation for directors and executive officers in fiscal year 2025 was **$2.0 million**, consisting of $1.4 million in base salary and $0.6 million in other payments, excluding equity grants[583](index=583&type=chunk) - The company has a **Share Incentive Plan**, last amended to extend its expiration to March 31, 2032, under which it grants RSUs and ESOPs to employees, consultants, and directors[584](index=584&type=chunk)[604](index=604&type=chunk) - As a foreign private issuer, the company follows certain **Mauritian home country governance practices**, such as not having a majority of independent directors, which differs from Nasdaq requirements[180](index=180&type=chunk)[636](index=636&type=chunk) [Major Shareholders and Related Party Transactions](index=141&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section identifies major shareholders, led by **Trip.com with 45.34% voting power**, and details significant related party transactions Major Shareholders (as of March 31, 2025) | Shareholder | Ordinary Shares (%) | Class B Shares (%) | Total Voting Power (%) | | :--- | :--- | :--- | :--- | | **Trip.com** | 15.05% | 100.0% | 45.34% | | **Schroder Investment Management** | 5.75% | 0% | 3.70% | | **FMR LLC** | 6.43% | 0% | 4.14% | | **Baillie Gifford & Co.** | 7.20% | 0% | 4.63% | | **Deep Kalra** | 5.07% | 0% | 3.28% | - The company procured air tickets and hotel room nights valued at **$109.8 million from Trip.com subsidiaries** in fiscal year 2025[652](index=652&type=chunk) - The company sold air tickets and hotel room nights with a value of **$19.7 million to Trip.com subsidiaries** in fiscal year 2025[652](index=652&type=chunk) [Financial Information](index=144&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section references the consolidated financial statements and details significant legal proceedings, including numerous tax disputes in India [Consolidated Statements and Other Financial Information](index=144&type=section&id=A.%20Consolidated%20Statements%20and%20Other%20Financial%20Information) The company is contesting multiple tax demands from Indian authorities and a significant penalty from the Competition Commission of India (CCI) - The company is contesting numerous income tax assessment orders from Indian tax authorities for assessment years 2009-10 through 2023-24, with disputes over issues like **transfer pricing and depreciation**[663](index=663&type=chunk)[664](index=664&type=chunk)[694](index=694&type=chunk) - Multiple **service tax and GST demands are outstanding** from Indian authorities for periods from 2006 to 2021, with many of these cases under appeal[695](index=695&type=chunk)[704](index=704&type=chunk)[733](index=733&type=chunk) - The Competition Commission of India (CCI) imposed a **penalty of Rs. 2,234.8 million ($26.1 million)** for alleged anti-competitive practices, which the company has appealed[749](index=749&type=chunk)[750](index=750&type=chunk) - The company is involved in a writ petition regarding the applicability of the **Motor Vehicles Act** to its redBus business, with an interim order preventing adverse action[746](index=746&type=chunk)[748](index=748&type=chunk) [Additional Information](index=161&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details the company's dual-class share structure, which grants significant control rights to Trip.com, and discusses potential PFIC status [Memorandum and Articles of Association](index=161&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) The company's governance is defined by its Mauritian incorporation and a **dual-class share structure granting Trip.com significant control rights** - The company has two classes of shares: ordinary shares and **Class B shares**, with the latter possessing special control rights[762](index=762&type=chunk) - As long as Permitted Holders (currently Trip.com) own 10% or more of voting securities, they are entitled to **nominate directors in proportion to their ownership**[808](index=808&type=chunk)[815](index=815&type=chunk) - Certain **'Reserved Matters' require approval from a majority of Class B directors**, including major asset sales and changes to key executive positions[820](index=820&type=chunk) - Trip.com holds **pre-emptive rights** to purchase additional Class B Shares to maintain its voting percentage in the event of new voting security issuances[812](index=812&type=chunk)[867](index=867&type=chunk) [Taxation](index=187&type=section&id=E.%20Taxation) This sub-section describes the company's 15% Mauritian tax rate and the potential US tax implications for shareholders, including PFIC risk - As a Mauritius Global Business Company (GBC), the company is subject to a **15% income tax rate** and may receive an 80% partial exemption on certain foreign income[172](index=172&type=chunk)[173](index=173&type=chunk) - For US Holders, distributions are generally treated as dividends, with tax rates dependent on the company not being classified as a **Passive Foreign Investment Company (PFIC)**[896](index=896&type=chunk)[897](index=897&type=chunk) - The company **does not believe it will be a PFIC** for the current taxable year, but this status is subject to annual testing and could have adverse tax consequences for US Holders[903](index=903&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=196&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is foreign currency exposure, particularly between the INR and USD, while it reports no interest rate risk - The company is exposed to **foreign currency risk**, primarily from mismatches between the Indian Rupee (functional currency) and the US Dollar (presentation currency)[927](index=927&type=chunk) Foreign Currency Risk Sensitivity (FY2025) | Scenario | Impact on Profit (in millions) | | :--- | :--- | | 10% appreciation of USD vs INR | ($19.7) | | 10% depreciation of USD vs INR | $19.7 | - The company **does not currently use any hedging agreements** to cover its foreign exchange exposure[930](index=930&type=chunk) - The company reports **no interest rate risk** as it does not have any variable rate interest-bearing financial instruments[930](index=930&type=chunk) [Controls and Procedures](index=198&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[941](index=941&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of March 31, 2025, based on the COSO framework (2013)[944](index=944&type=chunk) - The independent auditor, KPMG, issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of March 31, 2025[948](index=948&type=chunk)[949](index=949&type=chunk) - **No material changes** in internal control over financial reporting were identified during the period covered by the annual report[954](index=954&type=chunk) [Other Information](index=202&type=section&id=ITEM%2016.%20%5BVARIOUS%20SUB-ITEMS%5D) This section covers governance topics including the audit committee financial expert, accountant fees, share repurchases, and cybersecurity risk management - The board has determined that **Ms. May Yihong Wu** qualifies as an audit committee financial expert[955](index=955&type=chunk) Principal Accountant Fees (FY2025) | Fee Category | Amount | | :--- | :--- | | Audit Fees | $681,371 | | Tax Fees | $190,768 | | All Other Fees | $0 | | **Total** | **$872,139** | - The company has a share repurchase plan with **$114.2 million remaining** for future purchases as of March 31, 2025[964](index=964&type=chunk) - The company follows **home country (Mauritius) practices** in lieu of certain Nasdaq rules, such as not having a majority-independent board[970](index=970&type=chunk) - The company has a **cybersecurity risk management program** overseen by the board and has not identified any cybersecurity threats that have materially affected the company[973](index=973&type=chunk)[977](index=977&type=chunk)[978](index=978&type=chunk) PART II PART III [Financial Statements](index=209&type=section&id=ITEM%2017.%20FINANCIAL%20STATEMENTS) This section indicates that the company's audited consolidated financial statements are provided under Item 18 [Financial Statements](index=209&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section contains the company's audited consolidated financial statements for fiscal years 2023-2025, prepared in accordance with IFRS Consolidated Financial Position (as of March 31) | (in thousands) | 2024 | 2025 | | :--- | :--- | :--- | | **Total Assets** | $1,660,077 | $1,828,288 | | **Total Liabilities** | $543,659 | $620,311 | | **Total Equity** | $1,116,418 | $1,207,977 | Consolidated Profit or Loss (for the year ended March 31) | (in thousands) | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $593,036 | $782,524 | $978,336 | | **Results from operating activities** | $23,604 | $65,214 | $119,889 | | **Profit (loss) for the year** | ($11,168) | $216,743 | $95,274 | - The independent auditor's report identified two critical audit matters: the evaluation of **revenue recognition** due to high transaction volume and the recoverability of **deferred tax assets**[1001](index=1001&type=chunk)[1002](index=1002&type=chunk)[1006](index=1006&type=chunk) [Exhibits](index=210&type=section&id=ITEM%2019.%20EXHIBITS) This section lists all exhibits filed with the Form 20-F, including governing documents, material agreements, and required certifications - Key exhibits include the company's Constitution, the **Amended and Restated Investor Rights Agreement with Trip.com**, and the Indenture for the 2028 Convertible Notes[986](index=986&type=chunk)

Group 1 - MakeMyTrip's stock closed at $100.42, with a +1.67% change, outperforming the S&P 500's gain of 0.38% [1] - The stock has decreased by 6.01% over the past month, underperforming the Computer and Technology sector's gain of 11.61% and the S&P 500's gain of 6.6% [1] Group 2 - The upcoming earnings report is expected to show an EPS of $0.46, a 17.95% increase year-over-year, with revenue forecasted at $277.12 million, reflecting an 8.88% growth [2] - For the full year, earnings are projected at $1.98 per share and revenue at $1.16 billion, indicating increases of +26.92% and +18.78% respectively from the previous year [3] Group 3 - Recent analyst estimate revisions indicate optimism about MakeMyTrip's business and profitability [3] - The Zacks Rank system, which correlates estimate changes with stock prices, currently ranks MakeMyTrip at 4 (Sell) [5] Group 4 - MakeMyTrip's Forward P/E ratio is 50.01, significantly higher than the industry average of 17.82 [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, ranks in the top 22% of over 250 industries according to the Zacks Industry Rank [6]

28 May 2025 | 7:23PM IST MakeMyTrip Ltd. (MMYT): TechNet India 2025 - Key Takeaways: Robust growth and FCF outlook; more clarity on capital allocation; Buy We hosted MakeMyTrip at our GS TechNet India in Singapore, where the company shared incremental details in demand outlook, outbound travel, economics and capital allocation. Key takeaways include: (i) MMYT expects to grow more than 2x of the underlying travel market (20% YoY) for the foreseeable future, largely led by volume growth; (ii) MMYT has seen li ...

Core Viewpoint - MakeMyTrip Ltd. (MMYT) continues to be the market leader, with strong support from its 3Q25 results, reinforcing a bullish outlook on the company [1]. Group 1: Company Performance - The 3Q25 results of MMYT were highlighted as very supportive of a positive investment view, indicating the company's strong market position [1]. Group 2: Investment Strategy - The investment approach discussed includes fundamental investing, technical investing, and momentum investing, suggesting a comprehensive strategy that leverages various methodologies [1].

India's Growth and Digital Landscape - India's GDP is expected to surpass Japan and Germany by 2030[6] - India's GDP grew by 6.2% in Q3 FY25[5] - Internet users in India are expected to reach 1 billion by 2025, with a current penetration of 55% (~821 million users)[11] - E-commerce shoppers in India are projected to reach 500 million by 2030, up from ~330 million with a current penetration of 23%[11] - The online travel market in India is expected to grow from $12 billion in 2022 to $60 billion in 2030, a 5x growth[11] MakeMyTrip's Market Position and Reach - MakeMyTrip is among the largest travel platforms in India[12] - The platform has over 82 million lifetime transacted customers and over 505 million app downloads[13] - MakeMyTrip has 4.4 million+ loyalty program members[13] - MakeMyTrip has leading market share of online air ticketing[24] - redBus has sold 327 million+ bus tickets since FY18[41] Financial Performance - MakeMyTrip achieved its highest ever annual gross booking of $9.798 billion in FY25[72] - The company's highest ever adjusted operating profit was $166.8 million in FY25[72] - In Q4FY25, Air Ticketing adjusted margin was $94.2 million, Hotels & Packages was $109.6 million, Bus Ticketing was $36.5 million and Others was $20.9 million[72]

Financial Data and Key Metrics Changes - The company 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 [6] - Adjusted operating profit reached an all-time high of $167.3 million, reflecting a year-on-year growth of 34.7% [6][25] - For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms, while adjusted operating profit grew at a rate of 37.9% year-on-year [6][27] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 33% year-on-year, significantly outpacing industry growth [9] - The international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing segments [9] - The accommodation business, including hotels and packages, saw a gross booking value growth of 27.7% year-on-year in Q4 [11] Market Data and Key Metrics Changes - The international business now contributes 25% to overall revenue, up from 22% in the previous fiscal year [10] - Domestic departures crossed pre-pandemic levels, while international departures grew by 18.5% year-on-year [10] - The online penetration in international air ticketing is steadily increasing, aiding gross booking value growth [10] Company Strategy and Development Direction - The company is focused on enhancing user experience through generative AI, with features like trip planning chatbots and AI-driven support for booking changes [8][9] - The strategy includes expanding into underpenetrated international outbound markets and strengthening product propositions [9] - The company aims to maintain a marketing spend around 5% of gross booking value while investing in ancillary travel services and geographic expansion [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering lost momentum following recent geopolitical disruptions, emphasizing collaboration with airline and hotel partners [22] - The company remains focused on driving growth in the twenties and does not foresee a slowdown in growth trajectory [39][40] - Management highlighted the importance of agility in responding to macroeconomic changes and maintaining a strong execution strategy [21][22] Other Important Information - The company has a capital allocation strategy focused on growth initiatives, exploring niche opportunities, and returning value to shareholders through buybacks [30] - The company has deployed approximately $21.7 million in its share repurchase program [31] Q&A Session Summary Question: On selling and marketing expenses - Management plans to maintain marketing expenses around 5% of gross booking value, focusing on driving growth rather than reducing spend [35][36] Question: Industry growth rate outlook - Management aims for growth in the twenties and believes the current trajectory will continue despite temporary challenges [39][40] Question: Competition from generative AI - Management is confident in leveraging their data and technology to stay ahead of potential competition in the AI space [42][44] Question: Competition in the Indian market - Management views the Indian travel market as underpenetrated and believes there is significant room for growth despite current competition [55][59] Question: Margin guidance and buyback strategy - Management aims to stabilize margins in the 1.8% to 2% range and will continue to be opportunistic with buybacks based on market conditions [70][74]

Financial Data and Key Metrics Changes - The company recorded a gross booking value of $9.8 billion for fiscal year 2025, representing a year-on-year growth rate of 25.9% in constant currency terms [6] - Adjusted operating profit reached an all-time high of $167.3 million, with a year-on-year growth of 34.7% [6][27] - For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms, while adjusted operating profit grew at a rate of 37.9% year-on-year [6][29] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 33% year-on-year, significantly outpacing industry growth [10] - The international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing segments [10] - The air ticketing business gross booking value grew by 24.3% year-on-year in constant currency terms for Q4 [11] - The hotels and packages business gross booking value grew by 27.7% year-on-year in constant currency terms for Q4 [12] Market Data and Key Metrics Changes - International air ticketing revenue now contributes 25% to overall revenue, up from 22% in fiscal year 2024 [10] - Domestic departures crossed pre-pandemic levels, while international departures grew by 18.5% year-on-year [11] - The online penetration in international air ticketing is steadily increasing, aiding gross booking value growth [11] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through generative AI innovations and a connected trip strategy [8][10] - The introduction of Myra.ai, a trip planning chatbot, aims to simplify trip discovery and booking [7] - The company is targeting the underpenetrated international outbound market as a growth opportunity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering lost momentum following recent geopolitical disruptions [23] - The company remains focused on driving growth in the twenties and does not foresee a slowdown in growth trajectory [40][41] - Management emphasized the importance of agility in responding to macroeconomic changes [24] Other Important Information - The company added over 9 million customers during the year, bringing the lifetime transacted user base to 82 million [6] - The corporate travel business is witnessing strong growth, with active corporate customer counts increasing significantly [22] - The company has deployed approximately $21.7 million in a share repurchase program [33] Q&A Session Summary Question: Selling and marketing expenses strategy - Management plans to maintain marketing expenses around 5% of GMV while investing in ancillary travel services and geographic expansion [36][38] Question: Industry growth rate outlook - The company aims to continue growing faster than the industry, targeting a similar growth trajectory in the coming years despite temporary macro-related impacts [40][41] Question: Competition from generative AI - Management is confident in leveraging their rich data and speed to stay ahead of potential competition in the AI space [44][45] Question: Competition landscape in India - The company views the overall travel market as large with significant headroom for growth, and does not see direct bookings as competition [62][63] Question: Margin guidance and buyback strategy - The company aims to stabilize margins in the 1.8% to 2% range and will continue to be opportunistic with buybacks based on market conditions [72][78]