印度互联网行业：印度在线旅游代理（OTA）最新趋势

Summary of the Conference Call Transcript Company and Industry Overview - Company: MakeMyTrip (MMYT) - Industry: Online Travel Agency (OTA) in India Key Points and Arguments Passenger Traffic Trends - Domestic passenger traffic increased by 2% month-over-month (MoM) in April 2025, following a 6% decrease in March 2025 and a 5% increase in February 2025, indicating seasonal fluctuations [2] - Year-over-year (YoY) growth for domestic traffic normalized to approximately 10% in April 2025, compared to 15-16% in the previous months [2] - International passenger traffic rose by 6% MoM in April 2025, with a healthy YoY growth of 12%, up from 6% in March 2025 [2] Impact of Military Conflict - Both domestic and international passenger traffic were negatively affected by military conflict starting April 22, 2025, with domestic traffic down 20% and international traffic down 3% [2] - Management noted improvements in bookings following a ceasefire announcement on May 10, 2025, suggesting a potential recovery in traffic [2] Competitive Landscape - MMYT maintained a dominant position in app downloads, with a 9 percentage point (pp) increase in share to 45% in April 2025, while competitors IRCTC and OYO saw declines of 2pp each [4] - Monthly Active Users (MAU) for MMYT increased by 1pp to 49%, while IRCTC's share decreased by 70 basis points (bps) to 26% [22] Web Traffic and Search Interest - MMYT led web traffic with 72 million visits in March 2025, a 15% YoY increase, significantly surpassing competitors [5] - Google search interest trends indicated continued dominance for MMYT, reflecting strong brand recognition and consumer interest [30] International Travel Demand - Recent news highlighted increasing demand for international travel, with new flight routes being established, such as Indigo's new service from Visakhapatnam to Abu Dhabi starting June 13, 2025 [6][33] - The resumption of operations from previously closed airports due to military conflicts was also noted, indicating a recovery in travel infrastructure [6] Company Outlook and Ratings - UBS maintains a positive outlook on the OTA sector, with a "Buy" rating on MMYT and a price target of US$135 [6] - Risks to MMYT's long-term estimates include potential economic slowdowns, increased competition, and the impact of COVID-19 on travel recovery [38][39] Additional Important Information - The report utilized data from UBS Evidence Lab, which provides insights into app usage and competitive analysis within the OTA sector [36] - The analysis indicates that while MMYT faces competition, it continues to outperform in key metrics such as downloads, MAU, and web traffic [4][5][28] This summary encapsulates the critical insights from the conference call, focusing on MMYT's performance, competitive positioning, and market dynamics within the Indian OTA industry.