Hello everyone. I'm Vipul Garg, Vice President Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2024 fourth quarter and full-year earnings webinar. Today's event is hosted by the company's leadership team comprising Rajesh Magow, 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 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 a 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 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 the 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 2024 started on a positive note and only got better over the year. We are very pleased to end the year delivering a strong Q4 performance, despite it being a low seasonality quarter for leisure travel. Fiscal year 2024 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 2023. 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 CAGR 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 will employ over 58.2 million people across the country, with one 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%+ 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 sharing ambitious targets of signing more properties, especially in Tier two, Tier three 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 1,000 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+ sellable properties on our platform, with an unmatched penetration covering over 2,000+ cities in India. Our international outbound business continues to scale during the quarter. We sold room nights 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 IRCTC website with an encouraging initial response. Through platforms such as IRCTC, Amazon Pay, HDFC SmartBuy, and myPartner 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 homestays 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+ unique properties across 800+ unique destinations, with strong growth across business and leisure destinations. While MakeMyTrip brand has been leading the way in the homestay and villa category, we have now kickstarted the journey on Goibibo 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've 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, and an increase of over 26%. With demand 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 high demand but fewer services, we are playing our part in their network planning. International bus markets witnessed healthy growth in Q4 2024 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 MMT, GI and RB. On inter-city cabs, we continued strengthening the supply side coverage during the quarter. We have progressed well on our integration with Savaari, 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 Quest2Travel, the active customer count has reached 351 large corporates compared to 249 customers in March 2023. 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 myPartner B2B2C platform for small travel agents now has 44,000+ 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. 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, MakeMyTrip 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 MakeMyTrip 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 key 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-pandemic and has also delivered better on profitability metrics. Financial year 2024 has been a true testament to this long-term strategy, as we have delivered our best-ever financial performance during the year across key metrics. With respect to the full-year financial year FY 2024, 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'll talk about subsequently. Keeping the one-off aside, the adjusted 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 IFRS, 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 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 air ticketing gross bookings for the quarter came in at $1.3 billion, witnessing a year-on-year growth of about 20.9% in constant currency terms. Adjusted margin is toward $83.7 million, registering a growth of 13.7% year-on-year in constant currency. The take rates for the air 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 has 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. Gross bookings 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 travelers. Our coverage and penetration in India have expanded meaningfully, and we now sell accommodation room nights in over 1,800 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 is toward $26.1 million, registering 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 moving, 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 acquisition costs for the year, came in at about 4.7 percentage points of gross bookings 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 the full year of financial year 2024, our adjusted 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 sale 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-based 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 of years, the company has recognized net deferred tax assets to the tune of $126.1 million based on an estimated utilization of carryforward 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 2021, with a life of seven years, and the put options in the note were at the end of year three and year five. Initial accounting treatment at the time of issuance was to true up the potential redemption value by the end of the 3rd year, which was the first put option timing. However, none of the notes were put in for redemption during the first put option, which came up in February 2024, 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. Thanks, Mohit. Any participant wishing to ask a question can raise their hand now, and we will take questions one by one. The first question is from the line of Sachin Salgaonkar of Bank of America. Sachin, your line has been unmuted. You may please ask your question now. Thanks, Vipul. I have three questions. First question, you know, wanted to understand a bit on domestic air supply. Rajesh, I hear your comment that in the second half we should see an improvement in supply. But the question out here is, with now Air India pilots as well after the Vistara pilots going on strike, and you know, we saw obviously the impact of that. How bad could we see the impact in the near term? And an extension of that question is, should we see some impact of that as we go into the summer holidays? That's question number one. Let me pause here. Rajesh, you're on mute. You're still on mute. Yeah, yeah. Sorry, sorry, sorry. Thanks for the question, Sachin. Observation is right. You know, as we've sort of called it out as well, if you look at, like, full-year data, you know, fiscal year 2024 over 2023, and you look at the departures data, and you would notice that, you know, all things considered, it has still improved 5% year-on-year. So, you know, despite all the issues and the noise that we hear, it has still managed to overall improve. And you know, and you know that the Go First has been sort of grounded, and there's no sort of hope of that coming back, etc. So it seems like that despite all those issues that we see and hear, both IndiGo and Air India and also SpiceJet have been able to sort of also get alternatives in place in terms of just replacing some of the planes where there were engine issues earlier or, you know, the new planes coming in as part of their expansion plans, etc. So my view is, obviously, the potential of the growth is higher. We all know that, and that's the reason why, from the long-term outlook standpoint, they placed record orders, etc. And therefore, you know, so I'm not necessarily overtly worried about mid-term to long-term outlook on domestic air supply expansion. I think that will fall in place. This recent issue of strikes, you know, thankfully on Air India Express got controlled very, very quickly. You know, we didn't really see, obviously, there will be an impact on a day or two, but we didn't really see significant sort of impact beyond the couple of days that we saw. And the other thing, I think, in Mohit's script that he was also trying to highlight, we noticed a very interesting sort of trend as well, that if there is temporary disruption that happens on the air side, we see all the other modes of transport sort of gaining share as well. So I don't know if you noticed that, you know, we highlighted that the bus volumes growth at about 17% on our platform, rail growing at about 30%, and intercity cab also growing at a very healthy percentage. So my sense is the demand momentum is because there is momentum in demand, and if there is, and the fact that the overall experience on the other modes of transports have also improved significantly, and for any reason, whether it is supply disruption or, let's say, fares going up because, and the year-on-year fares have been up, if you look at this quarter compared to the last year, same quarter, about 15%-17%, and then the demand moves on to the other channels. And we do have alternatives today. So overall, I would say that there will be a balancing act and should not even have, even from a short-term standpoint, or, you know, sort of big impact on the general demand momentum that is there in the market. Thanks, Rajesh. Very clear and articulate. Second and third questions are to Mohit. Mohit just wanted to understand personnel expense and ESOPs increase in this quarter. Are there any one-offs or any specific reason which led to that? And third question is, you know, any thoughts on potential share buyback? Sure, sure. Thanks, Sachin. You know, when it comes to the share-based compensation programs, like we have been mentioning, our overall full-year number on this count is likely to remain in the same range. So if you look at it over the last three years, this has remained around the range of about $36 million-$37 million, and the current year has also come in at about $36.9 million. Generally, what happens is the truing up at the end of the year for a variety of variables such as, you know, attrition rates, etc., leads to a scenario where historically we've seen that the initial three quarters the charge out is higher, and in the fourth quarter, the charge out tends to be lower. In a manner of sorts, this has been a reversal of trend whereby, because of, you know, improving attrition rates, you know, and much better retention rates, the actual charge out in the fourth quarter has been higher compared to the first three quarters. But if you look at it overall for the full fiscal year, the trend remains, you know, intact and the absolute dollar amounts remain the same. Got it. So that's on share-based compensation. I presume same logic for personal expense or anything more to look into that? Not really. Largely in line because, you know, no significant kind of, you know, additions on the other personal expenses as well. Got it. Thoughts on buyback? On the buyback side, like I've just called out, you know, we do have, you know, good cash surpluses now, and therefore we would be open to kind of pursuing opportunistic buyback. And the initial intent is that we do have the share-based compensation plans, you know, the one we just discussed close to about $36-$37 million of kind of, you know, expense that comes in or the issuance that comes in every year. So if nothing else, we should be able to start with trying to mitigate the dilution coming in from the share-based compensation programs going forward. So that could be the initial start in terms of our foray on the share repurchases side. Any timeline in mind, next six months or more? Not really. I mean, we'll keep an open mind. There is no kind of, you know, urgency around it. And therefore, we'll keep an open mind. And like I said, this will be more opportunistic in nature rather than kind of steady-state buyback programs. Got it. Thank you. I'll return back to the queue. Thanks, Sachin. Next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now. Thanks, Vipul. Hi, good afternoon, team. Good to chat with you. So first question on demand. Now, it's been quite strong in this quarter, like you called out, Rajesh, despite it being a seasonally weak quarter. And like you said, maybe second half of this year, supply situation should further improve. International's quite strong. Hotel momentum has been great. So I mean, trying to understand what kind of, let's say, visibility do you have on medium-term demand outlook for MakeMyTrip? I mean, in the past, you've said you can grow at, you know, 1.5x-2x of the underlying market, given online penetration is low. But I'm just trying to understand, can this 25% kind of growth sustain for the next 2-3 years? What are maybe the upside or downside risks? Just maybe your thoughts on that. That's my first question. Yeah. Thanks for asking this question, Manish. You know, I haven't really changed from what we had shared earlier, and you called that out as well. We do believe that if the market is able to hold on to the projected numbers of double-digit growth overall, this I'm talking about travel and tourism market, and some of the reports I've spoken about, anywhere between 10%-13% growth. And we, like in the past, we should be able to grow higher than the overall travel and tourism market growth rate, you know, by 1.5x or thereabouts. So I don't think there is, at this point in time, there is anything pointing towards changing the view on that from a mid-term standpoint. Because, like I was just saying it earlier also, even in this quarter, it's supposed to be a low-season leisure quarter, you know, and that we were able to, if you look at the overall adjusted margin on absolute terms, you know, very close to the season quarter absolute number. And that's partly also because that we've been, you know, our investments into various other segments have also sort of yielding results. But it also points to the fact that there is momentum in travel in every particular use case now, whether it is, you know, VFR or leisure or, you know, business travel or spiritual travel and so on. So at this point in time, I would say, Manish, you know, our view remains the same. There's nothing that I can see, at least at this point in time, that points towards just, you know, forming a different point of view. Thank you, Rajesh. That's very helpful. Maybe a follow-up on that, right? Like your marketing and promotion spend obviously has remained below 5% for some time. Competitive environment seems really good. So that 1.5x-2x, which is the growth of the underlying market, is great from the shift to online. But do you think there is opportunity over the next two, three, four years to actually grow even faster because you may win more market share given how benign competition is? Or do you think your current market share is steady state or stable market share you don't foresee? And I'm talking about specifically the online cohort. Within the online, do you think your market share now has stabilized? Or do you think there's more room for that to, you know, move higher? You know, I would, Manish, put it slightly differently. I mean, rather than just, you know, going with any kind of a preconceived thing or notions, I would say, and this is how we operate, by the way, or have been operating in the past as well, that we would not necessarily miss any opportunity that we see. Wherever, in whichever segment we see an opportunity, and we are not holding on our investments. You know, the overall brands have become more and more reliable and popular, and our repeat rates have been very, very robust. But wherever we see, and you know, you've seen some of the recent investments where we have been powering different, different platforms to be able to get to the, you know, expand our reach for the new user acquisition, etc. So I don't think we are saying that we will hold on to any potential investment that will be required. Obviously, trying, you know, need to do that intelligently, need to do that, you know, data-backed and more sort of looking at, you know, what kind of return on investment that you could potentially get, etc. So doing it more intelligently, but definitely not going to leave any opportunity that might be out there staring on our face and saying, you know, in this particular segment that we could grow more. For example, like international segments, you've seen there is more headroom and we are growing at a faster rate. You know, our homestay segment has been growing at a faster growth rate. Potentially, we've called out that there is a potential unlock that we can do for the intercity cab as well. Now, all of these areas are where there is more headroom, more potential, and we will continue to keep investing behind those. Thank you, Rajesh. That makes sense. My last question maybe to Mohit. So Mohit, on the cash initiative, maybe a follow-up to the question that Sachin asked earlier. When you think about, you've called out some of the numbers that, okay, maximum buyback of, let's say, $60 million. But you also talked about in your opening remarks that you would also or you could look at organic and inorganic opportunities. So specifically on the inorganic opportunity, is there like a threshold cap number that you have in mind that you will not, let's say, buy assets that are larger than a certain number, given, of course, the cash balance is really large and you could, you know, potentially invest a lot? So just trying to get some sense as to could inorganic be like a large investment area or would it not? And maybe another follow-up was on ESOP also. Just to clarify, this $35-$40 million will also be the run rate for the next year? Or is the $13 million for the quarter annualized the new run rate for ESOP? Wanted to just confirm that. Sure. Maybe I'll take the second one first. So you know, the $35 million-$40 million full-year number is the run rate that I was talking of. So it's best to look at it in the full-year terms and not necessarily by the quarter because you could have, you know, slight variations across quarters based on, you know, vesting schedules, etc. So it's more the full-year run rate. And you know, coming to the inorganic growth opportunities, you know, fortunately, I don't think there is any cap in mind. And we don't necessarily need to kind of put in a cap in mind right now with the kind of, you know, cash reserves that we have on the balance sheet and even otherwise the appetite to be able to raise, you know, cash if need be for any inorganic growth. I think the realistic thought over there is that we don't necessarily see any large consolidation opportunities per se. Like we have been saying, the large consolidation opportunity has already played out in our case wherein we have kind of already, you know, seen brands like Goibibo and redBus coming into the platforms or coming into the group. And therefore, going forward, the inorganic investments are likely to be more in niche spaces, which can help us, you know, drive faster growth or kind of, you know, accelerate our plans in some of these segments now, whether it could be, you know, like, say, for instance, the last few examples have been in the intercity cab market or, say, for instance, in the corporate, you know, kind of, you know, demand segment or, say, for instance, on the hotel SaaS side or on the Forex side. So we would be open to kind of looking at investment opportunities pretty much across the board, except for the fact that we have historically never, you know, made any inorganic investments on the ticketing side or on the e-ticketing side. So most of the other segments is where we kind of, you know, keep looking for opportunities to augment our growth or accelerate our plans. So that is where I would leave it. Thank you. Thanks, Mohit. Rajesh, thanks for taking my questions. Thank you, Manish. Thank you, Manish. The next question is from the line of Aditya Suresh of Macquarie. Aditya, you may please ask your question now. Thanks, Vipul. Good afternoon, Mohit and Rajesh. Rajesh, for you, in terms of your cash position and the international ambitions, maybe if you can just clarify on what the international ambitions are for MakeMyTrip, please? What's the ambition on? Sorry? On the international side, there was some news flow in the quarter. So if you can just clarify on the international aspirations? Yeah, yeah, no, of course. No, I was just trying to. I think the audio was not that clear. See, international, Aditya, what I was trying to highlight was there are two types of international use cases here in our business, right? So one is outbound travel. And the one that you see the numbers that, you know, we particularly highlighted, actually both for flights and hotels, it's the international outbound travel for flights and the hotels and even the packages, which is part of the hotel and packages reporting segment. There we see a lot of headroom, both from an online penetration standpoint, but also, you know, rising income and, you know, people are looking to sort of get back to their foreign travel as well as the supply situation improves. And again, that has been improving, you know, over the last year significantly. Also, the fact that the visa operations, you know, for many, many countries, and they're trying to five hours, six hour flying distance, Southeast Asia, Middle East, many countries, new countries, even some parts of Europe, they have opened up the visa operation trying to sort of woo Indian tourists and travelers into their countries. And we've seen tremendous amount of inbound sort of interest coming in from all the tourism ministries of various countries as well. So that is something that we were trying to say that, you know, there is good potential opportunity of growth there. And, you know, our ambition there is clearly, see, our overall vision is for the Indian travelers, you know, whether traveling within India or traveling outside of India, we would like to provide all kinds of travel services and the travel-related services. And that's really, you know, our focus has been. We'll continue to sort of keep driving that. Then the other part of international business that we have is for the different markets. The GCC launch, for example, for MakeMyTrip brand, starting with the UAE market, is for that source market. Now, that has been steadily growing as well, starting with there. Then, you know, we want to also grow hotel business, sort of organically growing that as well. Now, that travel might be, you know, coming to India and back and forth between India from that region. But that travel could also be the expats from that market going to various, you know, sort of other leisure destinations for their break or for their holidays. That is the other sort of aspect of our international business growth, if you will. Last but not the least, I would also mention, I think it's there in the script, which we called out as well, is our redBus trying to go to various international destinations. You know, in this quarter, we launched in Vietnam and Cambodia as well. Wherever we see there is a large bus market, we already have a playbook that has worked very well in India. We are taking it to those markets as well, which is, again, a mid-term to long-term play. But that is another sort of aspect of our international business growth, if you will. Thanks, Rajesh. And the second piece was on margins, right, or commissions in the air business, which has kind of steadily improved and has remained healthy. So any trends here for us to think about in terms of how commission rates in the air business could kind of shake up for this year? Aditya, our kind of, you know, medium-term kind of, you know, estimate is, you know, this could kind of, you know, slip. The overall e-ticketing rates could go southwards, but not in a very large manner. So this should largely remain around the, you know, the 6% mark. It could be small plus or minus, you know, over that number. But we do believe that most of the, you know, margins, you know, across segments are likely to remain stable. So whether it is e-ticketing around the 6% level, whether it is hotels and packages around the, you know, 16%-17% levels, or whether it is bus ticketing around the 9.5%-10%, you know, levels, we do believe that margins should largely remain stable in the coming years. Thanks, Mohit. The final piece was on other expenses, right? Obviously, that's increased strongly and as a reclassification of your distribution costs into other expenses. This has been an ongoing theme, Mohit. If you can just like shed more color here on this, and should we expect, for example, sales marketing to remain within that 5%, but perhaps other expenses are going to grow stronger? Any thoughts on this? Yeah, I think, you know, this is a, you know, better view, better presentation, which has kind of, you know, been started from this year onwards. And therefore, we had started calling it out from the last few quarters. And this is a continuation. So no real change over there, but it is more an appropriate representation. And, you know, these aren't really kind of, you know, marketing or promotional expenses. These are actually in the nature of distribution costs and therefore being kind of, you know, reported accordingly. You may not have a very, you know, a good comparable in this year compared to the previous year, but going forward, we'll have a, you know, a clear-cut comparable because already the first full year of kind of, you know, this reclassification has gone through. So I think we'll have good comparables over there. I think we'll continue to keep looking at, you know, these expenses very differently because they're, you know, kind of not necessarily interchangeable per se. Thanks, Mohit. If I can, may I squeeze in one more question? Sure. Just so thinking about the operating leverage for the platform and thinking about kind of sales, sorry, staff expenses, should our expectation be that the staff expenses, employee expenses, that line grows in tandem with revenue? Or do you see that as a potential area for operating leverage as your cross-bookings grow? So a small amount of operating leverage should keep coming in, you know, on the personnel cost side because, you know, we don't really kind of expect to add any significant number of headcount. It will predominantly be more, you know, inflationary increases, which will come through on an ongoing basis in the next few years. Hopefully, the growth kind of, you know, in the business should be, you know, should be higher than that. Thanks, Mohit. Thanks, Rajesh. All the best. Thank you. Thanks, Aditya. The next question is from the line of Vijit Jain of Citi. Vijit, you may please ask your question now. Thank you, Vipul. Hi, everyone. Congratulations. Great set of numbers again. My first question is, you know, just looking at the other component, right? Now, this quarter, if I look at just comparing it with the last quarter, generally, this is seasonally weaker quarter. So all GBVs are lower versus last quarter. But there's a pretty decent jump here. And it's been a story for a while. So just trying to understand what is the most sensitive travel segment, which seems to affect the other businesses, is that related to the air side where the pricing has been slightly higher. So some of the products you have, like lock-in, etc., is doing very well. Just trying to get a sense of what the key drivers for that piece is. Really, Vijit, the others, you know, have been increasing in terms of the number of offerings that we kind of, you know, report in out there, right? And, you know, historically, if you would recollect, it used to be predominantly, you know, the insurance-related income, which used to be kind of, you know, coming in over there. We have added a variety of, you know, travel-related services, including some travel services. So, say, for instance, I was talking about, you know, other ground transport kind of, you know, improving very meaningfully, you know, through the year. So things like income from rail ticketing, income from intercity cabs, etc., right now is all kind of reported in the other segment. You would recollect we had launched a full TripMoney platform, which is more a fintech platform wherein we have also kind of, you know, built in a variety of, you know, options for offering various other ancillary services such as Forex, etc. All of that is also kind of, you know, part of the other services. So I think, one, it is kind of, you know, natural growth coming in the existing kind of, you know, offerings in that particular segment. And also, you know, the increase in the breadth of services that are now being kind of, you know, captured under that segment. So that's what is driving it. Thanks, Mohit. My second question is just sticking to the air side of the business and the international outbound part. Did that do much better this quarter versus, you know, last quarter? And how much of, you know, the air business that you see this quarter is, you know, advanced booking for the upcoming holiday season? If you can relate it to that, just share what your market share in domestic aviation is now. Sure. I think the market share in domestic aviation, like Rajesh called out, continues to be around the 30% level. You know, if I talk about the mix of international versus domestic, I think the much faster growth in international has been the kind of highlight that I had called out, not only for this quarter, but across the year. For the full year as well. You know, just to give you some color, our mix coming in on the adjusted margin side in the e-ticketing business from international used to be hovering around about 24%-25%. It's already kind of gone up to about 33% plus. So it's seen a significant improvement through the fiscal year. And therefore, that's been a story for the year across quarters, not just for Q4. And secondly, it is also to some extent coming in from the fact, like Rajesh had called out, that the growth in the domestic aviation, you know, industry has been muted, you know, from the last year in view of a variety of kind of, you know, one-offs that the industry is facing. And as a result of that also, you know, the mix has been moving, you know, more in favor of, you know, international e-ticketing. So those are the two large reasons. Thanks, Mohit. And last question. On the bus side, you know, I heard when you mentioned the launches in Cambodia and Vietnam, in general, overall for the bus business specifically, what would be the share of international versus domestic right now? And which one is growing better? We did ballpark about 10%. And, you know, the expansion or kind of, you know, the foray into Cambodia and Vietnam is pretty much in line with our overall strategy where we've been calling out that, you know, we do see an opportunity of getting into multiple markets in Southeast Asia on the bus ticketing side. And, you know, you would recollect we had started with Singapore, Malaysia. Then, you know, we've kind of, you know, added more countries to it, launched it in Indonesia, and now we're kind of launching it in Vietnam and Cambodia. So we do believe overall Southeast Asia offers a good opportunity for expanding the redBus brand. Thanks, Mohit. Sorry, Vijit, I was just going to add one additional comment on that, you know, our sort of aim is to double that contribution from 10%-20% in the mid-term as well. Great. Thanks, Rajesh. Just the last question then from my side. In the budget hotels segment, right, any change, any new momentum that you see there? I know you've said before that the super budget continues to lag, but the cheaper part of the market has done relatively better. And I'm just wondering, with all these price increases in the premium category, have you seen any change in activity in, you know, lower price tier points as well on the hotel side? Do you think that is going to happen eventually, or do you think that part will remain a little bit lackadaisical? You know what, Vijit, what has happened is, and as we realize over the quarters, you know, analyzing the data very, very deeply, any hotel with a price point of around INR 1,000 or beyond, there is no problem. It has come back. The growth has come back. And that segment is also growing. And you see the growth in line with, let's say, the other segments as well. Maybe premium is growing relatively higher than maybe mid-segment and budget, just about, you know, with a small gap relatively. But all of the segments are growing now. The trend that we had seen in the past on the ultra budget, which we have been speaking about, less than INR 1,000, was unfortunately artificially less than INR 1,000. You know, they were operating or they were getting sold at some INR 400, INR 500 or INR 600, you know, at ridiculously low levels was only because of the investments being made in the marketplace in that segment, right? And those investments have stopped. And those price points for those hotels have also come back. So, you know, if you really see effectively the same set of hotels which were just artificially being sold at the ridiculously low price are now, that correction on the price has already taken place, which means that they are getting or inching towards or moving beyond INR 1,000 a night as well. And that segment is definitely growing, you know, like I mentioned, in line with the other segments as well. So I don't think, I think that is the thing of the past. Maybe there was a little bit of a fraud because of just very, very aggressive, you know, sort of price points in the market. That is now behind us. That part, you know, which artificially came in has gone away. But otherwise, all other segments are now smooth. My last question, if I can squeeze that in. On the international outbound travel from India, right, apart from, you know, maybe you adding supply on the hotel side across new cities and new geographies, is there anything else that is kind of missing from your product bouquet you think that you need to still invest into kind of, you know, accelerate share shift to online or to kind of, you know, support your international outbound business? Just trying to think of whether there are any major investment areas that you still have to look into. You know, the online product on B2C is a continuous improvement. We'll continue to keep doing that. We obviously will use, you know, the latest technologies to enhance the front-end experience. That's an ongoing innovation that will continue to happen. I would actually say on the platform side, we are ready. On the channel side also, we are ready. We actually have myPartner channel that is sort of helping getting the B2C growth, especially for outbound international segments as well, both for flights and hotels. Because of the ticket price, there is that market that is sort of offline, sitting out there. We've been able to sort of reach out to that market as well. I think the area of investment from, you know, for future sort of fueling the international growth, both for flights and hotels, is going to be continuously going to be on the supply side. You know, like we called out in some of the international markets on hotels, you know, we are adding new destinations where Indians are going to do the direct contracting, you know, more and more. Like every quarter, we will add a couple of destinations and so on. And similarly, on the flight side, we continue to keep working with, you know, sort of the different or multiple sources of supply and then see what are the kind of, you know, sort of permutations and combinations, including virtual interlining, for example, that we can offer to our customers, which will help them, you know, sort of get value for their money, if you will. So those are the kind of areas. But the large area of investment there is going to be more on the supply side. On the product side, the continuous innovation will continue. But on the channel side, I think overall, we are in good shape there. All right. Great. Thanks, Rajesh. Those are my questions. Thank you. Thank you, Vijit. We're almost out of time. We'll take the last question from Dennis O'Kane of GGHC. Dennis, you may ask your question now. Dennis, you'll have to unmute yourself. Not sure, Dennis is still on. In that case, we'll end the call now. There are a few questions in the queue. We can take them separately offline. And Rajesh, over to you for your closing remarks. Thank you, Vipul. And thank you, everyone, for your time. And thank you so much for your patience as well. Thanks, everyone. Thank you, everyone.