Okay. Hello everyone, I'm Vipul Garg, Senior Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2027 first quarter earnings webinar. Today's event will be hosted by company's leadership team comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer, Mohit Kabra, our Group Chief Operating Officer, and Dipak Bohra, 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 the 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 27, 2026. 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 for his remarks. Over to you, Rajesh. Thank you, Vipul. Welcome everyone to our first quarter call for fiscal 2027. Before we go into the financial and operating details, I would like to put the quarter in context. This was a quarter in which external events continued to influence where and how customers traveled. The quarter began with the continuing impact of the West Asia conflict. In the initial phase, the impact was broad-based. Flight operations were disrupted, and customers became more cautious about international travel, particularly on westbound routes. As flight operations gradually resumed, the nature of the challenge also evolved. Higher fuel cost and ATF prices translated into elevated airfares, affecting westbound international travel, as well as price-sensitive domestic air demand to an extent. Higher ATF cost also affected the profitability of airlines, leading to short-term capacity cuts. However, as we moved into the peak summer holiday period, we saw seasonality began to support the underlying resilient travel intent for leisure travel. Whereas essential travel and business travel largely continued as uninterrupted, except for long-haul westbound business travel. International leisure travel saw some shift from westbound to east and Far East destinations, and domestic leisure travel was a combination of popular leisure destinations and nearby short distance getaways by road. Thanks to our comprehensive product offerings, we were well-positioned to offer our customers alternative transport and accommodation options per their choice across both established and emerging leisure destinations during the quarter. As a result, we delivered a strong performance during Q1 despite significant macro and geopolitical headwinds, reflecting both the resilience of travel demand and the strength of our diversified platform. Growth in hotels and packages and ground transport helped offset softness in air ticketing to deliver targeted adjusted margin growth and profitability. Both our bus ticketing and intercity cabs continued to grow at a strong pace, driven by sustained supply additions, wider route coverage, and the continued expansion of India's highway infrastructure. We continue to curate pilgrimage plus leisure itineraries, short duration holidays, and drive down breaks. These formats are increasingly becoming popular for customers looking for convenient, affordable, and experience-led travel closer to home. The broader conclusion from this quarter is consistent with what we have observed post-COVID. Travel in India is gradually moving from an occasional purchase to becoming a recurring consumption category. Customers are taking more frequent trips across leisure, family visits, pilgrimage, short breaks, and extended weekends. We have seen external events impacting the demand sentiment initially. When macroeconomic or geopolitical environment starts to show some improvement, demand recovers quickly. This quarter was another validation of this behavior among Indian travelers. The long-term structural growth drivers also remain unchanged. Growth in the aspirational middle class, increasing participation from Tier 2 and Tier 3 cities, expanding physical infrastructure, great digital penetration on the payment's ecosystem continue to support the long-term positive outlook of the travel market in India. Let me now give an update on the progress we are making on our AI-first transformation. We view AI as a foundational layer across travel discovery, planning, booking, payments, servicing, and loyalty. During the quarter, we launched Myra 2.0, the next version of our AI-powered travel assistant to enable end-to-end conversational booking within the Myra interface possible now. Customers can now search, compare, ask contextual questions, upload documents, and complete bookings, including agentic payments through a single conversational interface via text chat, voice only chat, or a combination of voice or text chat across eight Indian languages. In the meantime, customer adoption of Myra being used as assistant in the existing funnel continues to scale well. Myra handled over 8 million conversations during the quarter, including more than 3 million conversations in June alone. Over 45% of usage came from Tier 2 and smaller cities. We believe conversational AI feature will continue to simplify and personalize travel planning, improve customer engagement, and serve as a key long-term differentiator for our platform. We are also expanding the use of AI and automation across customer support, content creation, supply onboarding, and operational processes. These investments are intended to reduce friction in the customer journey, improve conversion, and enhance organizational productivity. We're already seeing the productivity benefits of AI translate into our operations. AI now generates more than 75% of our code, and our AI-powered customer support bot independently resolves over 50% of customer calls, meaningfully improving both engineering velocity and customer service efficiency. During the quarter, we launched AI-powered smart filters on the flights and hotels listing page to enhance discovery, enabling users to express preferences in natural language and instantly refine results using natural language instead of relying only on predefined filters. Travelers can now search for highly specific preferences such as micro-locations, early check-in, premium room amenities for hotels, or exact baggage allowance, cancellation penalties, seat inclusions, layover preferences, et c, in case of flights, thus making discovery more intuitive and personalized for the customers. Looking ahead, higher oil prices and weakening of rupee remain important variables to keep overall travel inflation in control. We remain cautious about the near-term environment while staying positive about structural drivers for long-term growth in the sector. We will continue to navigate the near-term challenging environment by tapping into growth opportunities in our non-air ticketing segments while calibrating our marketing investments in line with market conditions. With this, let me now hand over the call to Mohit for business highlights of the quarter. Thanks, Rajesh, and hello, everyone. As explained by Rajesh, this was a quarter in which the external environment remained challenging, which impacted our outbound and air ticketing businesses. We leveraged the resilient travel sentiment by focusing on domestic travel, thrived on our short-duration holidays, and pilgrimage-led travel, supported by our widespread offering across hotels and ground transport. This has helped us deliver strong growth in our hotels and packages business, with adjusted margin growth of 21.3% year-on-year in constant currency terms. This was led by standalone hotel booking volumes growing just over 20%, or 20.2% year-on-year, despite the weakness on the international demand side. This was coupled with strong growth in our ground transport business. Our bus ticketing business delivered strong registered margin growth of 32.4% year-on-year in constant currency, supported by strong volume growth of 23.9%. Similarly, our intercity cabs business grew in the 40s, albeit on a smaller base. This strong performance in an impacted quarter demonstrates the strength of our diversified and comprehensive book new travel services, which is helping drive growth much ahead of the industry and also driving increased customer engagement. Our ability to serve multiple accommodation and transport options across price points allows us to ensure that we curate travel experiences customized to the budget options of our customers. As customers book multiple travel segments on our platforms, we also gain better understanding of their travel preferences, and this helps us get better and better at offering more relevant, connected, and personalized travel solutions. Let me share some more details on the holidays and packages segment. To drive the growth in hotels, we have significantly scaled up the breadth of stay options we offer in India to improve the coverage across destinations, price points, and travel needs. We now have over 101,000 accommodation options available on the platform, covering over 2,070 cities in the country. We continue to innovate and solve for unique requirements of the Indian traveling customer. To better serve families and group travelers, we have made it easier to discover multi-bedroom properties along with better understanding of room layout, which is resulting in higher booking confidence with more relevant room combinations being showcased during the booking process. We also launched probably an industry-first feature around guaranteed early check-in or guaranteed late check-out, a facility which is a paid feature enabling travelers to have assured room access aligned with their travel schedules right at the time of booking. This feature is helping address one of the most common pain points for travelers. This is even more relevant for Indians traveling overseas, as the landing or takeoff times for most of our international connections have a significant gap with the usual check-in or check-out times offered by hotels in those destinations. One of the long-standing pain points in the accommodation segment has been inability to optimize hotel reward programs, both for travelers as well as for accommodation service providers. As we entered the new fiscal year 2027, we're trying to address this with the launch of One Circle. One Circle is our cross-network hotel rewards program. Initially spanning over 13,000 properties across Indian international destinations, One Circle will enable travelers to earn and redeem rewards seamlessly across a large network of hotels, homestays, and villas. This will help them access wider array of properties on a single reward program, driving loyalty and repeat of stays across our accommodation's ecosystem. Equally importantly, for our hotel partners One Circle provides access to a broader base of loyal travelers, which can help drive both new as well as repeat demand to their properties. We believe this will allow our domestic hotel partners to showcase their properties as well as drive demand, particularly from India's fast-growing Tier 2 and Tier 3 markets. For our international hotel partners, this will be of great relevance in cities which see high travel demand from India. In homestays, we continue to invest and build the category and are enhancing our product proposition to improve customer experience as well as drive the appeal of such properties. We launched our Star Host program to recognize and reward hosts who consistently deliver outstanding guest experiences. Hosts meeting defined quality benchmarks across guest ratings, responsiveness, booking performance, and content quality are awarded the Star Host badge, which is prominently surfaced across search results, property pages, and host profiles to improve trust and discovery. The Star Host badge also helps customers spot properties from these hosts and book with confidence, particularly in case of new properties. Our holiday packages business continues to scale well. We are witnessing a shift towards shorter duration and nearby gateways in line with the current market trends. On the outbound side, destinations across Southeast Asia and Far East are driving the growth charter. Leveraging on the opportunity, we scaled up our group tours to over 15 destinations and generated about 90 departures, or operated about 90 departures across Vietnam, Singapore, Georgia, Almaty, etc. During the quarter, we continued to build our tours and attractions business by strengthening customer acquisition, expanding our experiences portfolio, and investing in platform-led differentiation. Our international experiences portfolio now expands across 1,100 cities, spanning 139 countries with a catalog of over 250,000 tours and attractions, covering sightseeing, tickets, buses, performances, day trips, food experiences, and unique local activities. Building on this portfolio, we have launched domestic experiences as well, spanning across 50+ Indian cities, offering 3,000+ products and strengthening our presence in a segment where we see significant growth potential in the future. This will help broaden our addressable market while strengthening our position as a one-stop platform for relevant travel experiences across both domestic and international destinations. A fourth of our tours and activities are currently being bought while the customers are on trip. This highlights the strong relevance being built with the platform for our customers while they are on the ground and looking for last-minute things to do. As mentioned, we delivered strong growth in our bus ticketing business, driven by robust growth in the private bus inventory in line with the summer holiday demand. During the quarter, we reinitiated our partnership with PhonePe, which is helping us expand our distribution footprint and reach a larger base of high-intent digital customers, which bodes well for our new customer acquisition initiatives in the Indian travel market. We introduced several product enhancements to further strengthen the customer proposition. We introduced Comfort Score, a customer-generated rating based on seat and sleep comfort over the previous six months. As the market continues to move towards premium experiences with an increasing shift towards sleeper buses, Comfort Score provides customers with a clear signal of expected seat quality, helping position the bus travel more of a comfort and hospitality-led experience rather than a purely transportation choice. Coming to our bus air ticketing business segment. During the quarter, domestic departures were flat year-over-year, but international flight departures witnessed a degrowth of 13%. In line with our call-out strategy, we continue to maintain a leading 30% share of the market of the domestic air ticketing industry. We also continue to enhance the product features or offerings in this segment. We recently launched a new addition to our flexibility suite of products called Price Drop Protection, which eases the fare anxiety of the customers and gives them confidence to book early without having to guess if they should wait for a better fare in the future. We also launched Visa Guide on the listing page to help users understand destination-specific visa policies and processes. During the quarter, after a hiatus of about two years, we reintroduced seamless native flight booking experience on PhonePe, powered by our Goibibo brand. This enables PhonePe customers to search, book, and manage flights directly within the PhonePe app. This partnership strengthens our distribution strategy by expanding our reach among high-intent customer base and driving incremental demand beyond our own homegrown channels. Let me now share some color on our non-B2C corporate demand platforms, that is myBiz and Quest2Travel. Both of which saw growth coming in not only from existing accounts, but as well as from acquisitions. Our active SME and MSME corporate customer count on myBiz has grown by almost 19% year-over-year to over 79,000 customers. The count for our large corporates on our Quest2Travel platform has now increased to over 550 accounts. Overall, this was a strong operating quarter despite the challenging external environment, and we'll continue to develop our ability to serve the traveling customers across the entire travel ecosystem to capture demand Linked with market trends. With this, let me now hand over the call to Dipak for sharing the financial highlights of the quarter. Thanks, Mohit, and hello everyone. Before I begin the financial highlights, I want to call out the significant YoY currency movements during the quarter, which has impacted our reported numbers. Our functional and operating currency is in INR, but we report in USD. As USD and INR significantly depreciated during the quarter compared to same quarter last year, due to this, our reported YoY growth numbers look much lower than the actual growth. This is largely due to translation related and has no bearing on the operations of the company. In quarter one, there was an impact of around 10% due to currency movement, and accordingly, our constant currency growth numbers are the best representation of our financial and operating health of the company. Gross booking value for the quarter grew 19.9% YoY in constant currency terms, and the IFRS revenue grew 16.1% YoY in constant currency, coming at $285.6 million. The quarter performance was supported by strong growth in hotels and packages and bus ticketing business, which helped offset the softer operating environment in air ticketing. Adjusted operating profit for the quarter was $51.4 million, with profitability margins maintained at 1.8% of gross booking. Moving on to our segment results. Our air ticketing adjusted margin stood at $98.5 million, registering a growth of 10.8% YoY in constant currency terms. While the volume declined marginally due to macro headwinds, we achieved robust growth in adjusted margin on the back of a strong ancillary attach and better unit economics. For the hotels and packages segment, we recorded strong volume growth of 19.9% YoY, with standalone hotels growing faster at 20.2% YoY on the back of strong demand in domestic hotels segment. We benefited from the shift in leisure demand towards domestic travel, including short duration and drive down holidays. Our expanding supply across established and emerging domestic markets allowed us to participate effectively in this shift. International hotel segment growth was impacted this quarter due to the conflict like international air. Hotels and packages gross booking growth was at 19.6% YoY, and adjusted margin growth was at 21.3% YoY in constant currency, coming at $134.5 million. Ground transport continued to grow at a strong pace during the quarter. Elevated airfares supported increased consideration of more affordable ground transport options, while supply additions, wider route coverage, and the continued development of India's highway infrastructure supported the category's structural growth. Bus ticketing adjusted margin was at $51.8 million for the quarter, registering a strong growth of 32.4% in constant currency terms. Our ancillaries business, which is part of the other segment, is scaling up well, helping us get a larger share of wallet of our customers by building the attach of ancillary services. As a result, adjusted margin from other segment came in at $24.9 million, witnessing a strong growth of 27.2% YoY in constant currency terms. Moving on the expense side, most expenses came in line. Marketing and sales promotion expense for the quarter was 5.4% of gross booking compared to 5.2% in the previous quarter, which is in line with seasonality. At the same time, the initial benefits from our AI-led productivity initiatives are becoming now visible with efficiencies in personnel and general and administrative cost offsetting the higher marketing intensity and enabling us to maintain our overall profitability margins. The non-cash interest cost on our zero-coupon convertible bonds for the quarter in P&L was $29.3 million, and the translation-related foreign currency loss was $5.1 million. Consequently, reported PAT for the quarter was $9.1 million. The adjusted net profit before tax came in at $52.2 million. We have a strong balance sheet, and our cash flow generation continues to be robust. We ended the quarter with a cash and cash equivalent balance of $794 million. We also deployed $7.8 million in the buyback program during the quarter. Further to the update in the last earnings calls, our wholly owned subsidiary, MakeMyTrip India Limited, has confidentially filed a pre-filed draft red herring prospectus on 17th July with SEBI and stock exchanges in relation to the proposed initial public offering and listing of the equity shares of MMT India. Upon completion of the proposed initial public offering, MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip's consolidated financial statements. The net proceeds received by MakeMyTrip Mauritius from the sale of shares in MMT India will further strengthen the cash position and are expected to be utilized for long-term growth, strategic inorganic initiatives, and repurchases of different classes of securities, including convertible securities by MakeMyTrip. We expect the proposed initial public offering and listing of MMT India to also enhance brand visibility and support our ability to incentivize and promote talent in a competitive technology recruitment landscape. Subj`ect to regulatory approvals, both entities may evaluate alternatives in medium term to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and U.S. capital markets. We are working with our advisors and shall keep sharing periodical updates. With that, I would like to turn the call to Vipul for Q&A. Thanks, Dipak. Any participant who wishes to ask a question can click on the Raise Hand option on their screen, and we will take questions one by one. We already have two questions. The first question is from the line of Sachin Salgaonkar of Bank of America. Sachin, you may please ask your question now. Thanks, Vipul. Congrats management for a good set of numbers. I have three questions. First question, unfortunately, this entire Iran conflict continues. In that context, I want to understand what's happening on the ground from a domestic air supply easing. Again, government has passed a bit of higher fuel prices to consumers. Are we seeing impact on overall travel consumption spend? Basic question out here is, obviously the base is favorable, so should we continue to see a constant currency growth of 20% plus, or are there other factors like a domestic air supply which is impacting this growth? Maybe I can respond to that, Sachin. As far as the air industry is concerned, at least on the domestic side, see the DGCA data is available on a monthly basis, and it is showing that while there is change in seasonality and every time between JAS and say AMJ, JAS being a slightly slacker season on leisure travel, which usually sees some amount of compression on the number of segments being flown. It does look like that the overall drop in segments is likely to be higher than what generally has been the trend historically. We don't know. We're just one month into the quarter, but we'll have to take it by the week, by the month. However, like we called out in the call, we're focusing on a variety of transport options, just not banking on air transport or flights per se. Trying to see how we can unlock or drive demand across transport options and therefore help suit the travel options to the customers' budgets. It is needless to mention that flights continue to be such a large part of the travel category and a little uncertainty or degrowth on flights does have an impact on the overall growth for the industry. Therefore it's a little difficult to predict what kind of growth we look at for every quarter. Last quarter had a similar kind of a structure and year-on-year framework, and we have come almost close to the kind of growth expectation that we had set out for ourselves. We are hopeful that we'll remain on that trajectory even in the quarters to come. One quarter could be better or worse off, overall, directionally, that will be the intent to keep it largely in line with the trajectory, and we'll continue to focus a lot more on growth from non-flight segments. I think the focus or narrative, at least in the short term, will have to be more around growth from non-flight segments, which is either holidays, hotels and packages or, say for instance, bus ticketing or other transport options. Maybe if I can just build a little bit more on what Mohit just said, Sachin. We tried to highlight some of that thematic shift on our call as well. The good news is that it is not necessarily entire, which used to be the case perhaps some time back, that everything is dependent on only air travel. I think for the last couple of quarters where the disruption has been continuing off and on, we've seen that shift developing into some kind of a pattern with our customers on our platform as well, where people are happily making alternative choices. If the air travel is expensive, internationally expensive, you end up picking up domestic destination or short-haul destination where relatively it is cheaper, you just take an alternative mode of transport and maybe just go for a nearby staycation and all, not necessarily completely abandon travel as far as leisure is concerned. We saw that playing out even in this quarter. That is point number one. Point number two also, I think it's worth mentioning that while the disruption cycle would disturb the sentiment initially, we saw when couple of weeks there was a relief when the MoU was signed, the oil prices dropped significantly and very quickly. We saw the recovery also happening swiftly as well. These are some of the noticeable trends are pointing to the fact that the underlying desire or intent to travel is not necessarily changing. That is a bit of a structural shift that has happened. That coupled with the fact that we are a comprehensive platform able to service every possible travel service is helping. That, to Mohit's point, directionally we continue to keep navigating these short-term headwinds and keep, at least from an execution standpoint, make sure that we stay on course on whatever is our directional targeted growth that we had shared. The only exception could be now one quarter here and there. In general, we should continue to keep driving that. Thank you, Rajesh. My second question is on the disruptions, what we are seeing, and clearly on the back of it, your inducements are high. When we think about marketing spend as a percentage of GMV, should we actually now expect slightly higher than the guided range or at the higher end? Or, as Dipak mentioned in his opening remarks, should we see some AI-led benefits which keeps marketing spends under control? On the marketing side, Sachin, no significant change from what the trending has been over the last few quarters. There could be small changes coming in from the shift in mix. Particularly as the airline mix goes down, as you know, the spending is slightly higher on the higher margin categories, therefore this is largely in line with the mix of the business. Therefore, as you see the overall at the bottom line also, the 1.8% continues to be delivered as a percentage of gross bookings in terms of AOP. Largely in line. When it comes to AI, I think the larger focus is more on driving much better personalization or much better curation of options or discovery for our customers, and also impacting the post-sales experiences. Not necessarily looking at sharply bringing any specific reduction in the customer acquisition cost through that. Cool, Mohit. Clear. Last question on your India listing, and congrats on filing so fast. One of the comments, what your press release also had was you may evaluate alternatives in medium term to enable shareholders to enjoy fungibility between the two names. Can you give more color in terms of what kind of fungibility are we thinking about and why medium term? What are some of the key events that need to happen for that fungibility to come? Sure. I think the first important event is for the IPO to go through, and then we start looking at it post that. Clearly, a few options that are available. One of the options is to look at a potential kind of an ADR or say there are also options where an inverting of the structure or a merger of the structure is possible, whether with the NCLT route or with the RBI route. In fact, actually today's ET articles also carry that the parliamentary committee is also looking at specifically inverting of the structure and they could come up with very specific recommendations around this. Like we've been saying in the past, we have been evaluating a variety of such options and also been passing on our recommendations wherever possible. We'll keep an open eye to it. The whole intent is while India does not have a dual listing kind of a structure currently in place, we will want to keep pressing for that or want to get to a structure which is as close to it as possible, in line with what the regulatory environment is. That's what it is. Again, most of these efforts will have to start once the India listing happens and it settles down, and then we can start working on some of these parts. It's just that we're keeping an early eye, also trying to see if any regulatory kind of changes can help us in this matter. Got it. Thank you, and all the best. Thank you. Thank you. Thank you, Sachin. The next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now. Thank you, Vipul. Hi, team. Good to chat. My first question actually is a follow-on from the previous question's response, Mohit. When you talk about fungibility, is it safe to say that you would start the process for that fungibility soon after the IPO happens? Or would there be a few other consideration factors before you will take a call on whether you want to enable fungibility or not? My second question on the same topic is, from the convertible bond standpoint, which combined is about $1.6 billion that you have at the MakeMyTrip Mauritius level. In the event where you talked about potentially inverting or merger of the structure, what would happen to those convertible bonds? Yeah, sure, Manish. Like I said in my previous response, this is something that we can only undertake or think about in real terms once the India listing goes through, right? Therefore, we'll need to understand, and again, what we have done currently is only a confidential filing. There will be an opportunity to do an updated filing or a public filing, and therefore there is time period involved in taking this process through. Like I also mentioned, there are looking like there are moving parts to this piece and the regulatory environment may not necessarily remain what it is today. We'll keep an eye open on all possibilities, including the ones that I called out. Could there be variables which would impact this? Depending upon the timeline involved, there could be multiple variables which could be impacting this, but the overall objective largely remains the same. The underlying objective remains the same. If we can facilitate our investors to participate between the two listed options in a much more seamless manner without having to exit from one to get into the other. That's the broader thought process. With respect to your question on the convertible bonds, the first round of bonds, which is the 2028 maturing bonds, that $200 million, that's reasonably well into the money. That should not really have any impact as such. The second round of bonds, which we had issued last year, which is close to about $1.4 billion, that is still not in the money. A potential India listing, which also means that for the group as a whole, it would mean a strong addition to the cash that we have on the balance sheet, which keeps us well prepared to handle both a redemption or a conversion as might happen on the bond issued in the previous year. I think from that point of view, this listing only helps in remaining even more prepared, although the cash on the balance sheet currently also is reasonably strong at over $800 million. Overall good situation to be in, with or without the IPO proceeds. Very clear. Thank you. Maybe just a quick follow on. Again, I'm just trying to push my luck here. In terms of just the fungibility, completely appreciate that the process can only start once the India IPO actually goes through. From a timeline perspective, is there a realistic timeline that how long that could take, like six months, one year, two years after the IPO, or it's very hard to call that out given just the number of variables involved? I think if the regulatory changes that we have proposed come through, it could happen in a very short span. That's the least I can say. We'll have to keep in mind how the regulatory environment is at that point in time. Therefore, like I said, since it's quite a few quarters away, it'll be more relevant to speak of it on a periodical basis as we have more color around it. Appreciate that color, Mohit. My second question is on just the EBITDA operating profit growth. In dollar terms, it's in the single-digit range, not too dissimilar from the revenue growth profile in dollar terms. At least for the quarter, we are not seeing any operating leverage play out. Why should that be the case? When the business in underlying constant effects basis is growing at 20% in INR terms, why should costs grow at the same pace and there should be no operating leverage in the business? Interesting observation, Manish. I think Dipak pointed out it is important to look at the growth in constant currency and not in USD. Like you called out, it is more single-digit in constant currency. Like you've yourself called out in the subsequent part of your question, it's close to the 20% mark when you look at it in constant currency terms. You also need to keep it in mind that the profitability is not necessarily a key challenge for us right now in the current environment where the industry growth is muted. In fact, if you look at it, the largest segment, which is flights, is actually seeing a degrowth in the market. Almost -2%, which has been unprecedented. While you're riding through such a rough environment, one is to try and optimize on the profitability. The other is to try and make most of the market conditions and actually increase your lead in terms of market share. As a market leader, as an aggressive player in the segment, I think our choice is very clear that we want to press on building market share during these turbulent times rather than focus on building profitability. We are in a decent playing on the profitability side at about 1.8%. We will be happy to remain there or gradually increase this, but we want to make the most of these uncertain times, in terms of increasing our lead or increasing our market share across segments. As you know, most of the other domestic OTAs are heavily skewed on the ticketing side. Therefore, this provides us a much better opportunity to invest behind customer acquisition, invest behind growth opportunities or tech capabilities in terms of handling such growth and make the most of it. Therefore, we are veering towards that rather than trying to drive more operating leverage. This also comes with the fact that we are doing a sizable investment on the AI side to continuously keep building on the tech capabilities to drive future growth. Very clear. There are some new segments as well, Manish. There are new segments as well, like tours and attractions. At any point in time, we will have at least a couple of new segments that we would have invested behind. It is important to keep investing in for future growth as well, and not necessarily, every penny try to add to the profitability given the overall market condition. There is significant headroom still across the board on overall many segments being online low penetrated, and therefore, I think it is from our point of view, a very balanced strategy. Wherever we see an opportunity, we end up redeploying it. There will be time and phase where the headroom will keep reducing, and then you will see that it is more flowing through the bottom line, rather than relatively just incrementally lower addition to the bottom line right now. Thanks for that color, Rajesh. Thank you, and all the best. 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. Yeah, thank you. Two questions. First is on cash from operations. That was down due to some working capital impacts this quarter. Can you just help us understand why that was the case? That's one. Second is your volume trends are strong, right? Like hotels are at 20%, bus at range 24%-25%. Can you speak about the market share which you're seeing in volume terms in these categories? Thank you. Yeah, Aditya. Let me. Maybe, Dipak, you can take the. I'll take the first question, Mohit. If you see, you're right, your observation, the working capital deployment has taken up cash. This is because if you see, we have a corporate business, which we do the B2B corporate business and myBiz business. That has been growing relatively quite fast. Over the last 12 months, the growth has been very high. The expansion in the working capital has happened because in line with the growth we have achieved in that business, with the normal DSO terms, which remains in that business as a multiplier of that has expanded the working capital. Some working capital gets expanded because of seasonality in this quarter, because you tend to receive advances from customers for bookings for the next quarter. You know July, August, and September is a low seasonality and you receive lesser advances, which shows up in lesser advances from customers. That has impacted the working capital. It's a seasonality feature and in line with the growth of our corporate business. Coming to the second one, Aditya, on the strong growth on the volumetric side. Absolutely. Like we called out, we're trying to drive market share gains across non-flight segments. Whether it is hotels, whether it is alternative accommodations, represented in our standalone hotels growth number, which kind of includes both. Similarly on ground transport, whether it is our bus segment or our intercity or outstation cabs business, all are reporting very strong growth numbers. Unfortunately, unlike in the air ticketing business where DGCA comes out with a market report, the size of the market and the moving market share is a little difficult to calculate in the accommodation or in the ground transport category. I think I would just say the growth that we've called out over here, compared to what we expect the growth in the respective segments to be, which is likely to be more in potentially single digit to maybe double digit overall in the respective segments. Clearly, our finding is that our market shares would have improved significantly through the quarter as well. Thank you. Thanks, Aditya. The next question is from the line of Parash Jain of HSBC. Parash, you may please ask your question now. Yeah. Hi, thanks Vipul. I have two questions. One of that is partially been answered. First, with respect to Indian subsidiary raising capital, is there any tax implication involved in taking that money out for repayment of convertibles? I just wanted to understand how that mechanism will work. Secondly, with respect to the different businesses growth, with capacity cut by the Indian airlines, when you talk about 30% market share, maybe if you can share some color in the international business, how much is it with the Indian carriers versus the non-Indian carriers? Are you seeing a shift in market share in those segments? Thank you. Mohit, you've gone on mute, Mohit. Mohit, you've gone on mute. Hi, Parash, sorry. I'll start on that and Rajesh or Dipak can add. When it comes to the filing that we have done now, it's a confidential filing, it'll be difficult for us to share more color right now in terms of likely addition of funds and at which entity level, et c. Suffice to say- One minute. Sorry. No, yeah. Please go ahead. Suffice to say, it will be addition for the group as a whole. Right? Therefore, I don't see too much of a concern over there in terms of using it for a variety of requirements, whether it is organic or inorganic growth or whether it is for repurchase or redemption of the convertible note. On either of these cases, it should pretty easily be usable, irrespective of how it is raised. That was the first part. When it comes to good growth, like I said, on the ground transport side, I've already called out the strong growth both in bus ticketing in the 30s and in cabs market in the 40s. When it comes to the international air travel, if that was the other part of your question. We work equally well across airlines, whether it is domestic airlines or whether it is international airlines. Two things which are impacting over there. One, like Rajesh had called out in his part of the earnings script that initially there was a significant impact coming in from the availability of flights or the flight scheduling. Secondly, due to the significant increase in crude oil pricing situation overall, the prices or fares in these international sectors have gone up very significantly. Both of these are impacting. In fact, if you also would have picked up Some of the Indian carriers are trying to prune down their services, particularly the wide-bodied aircraft. That is also likely to have an impact going forward. Some of these are ongoing challenges which we'll have to keep navigating around. We'll remain focused on driving growth as per market trends, whether it is on the international side or on the domestic side. Okay. That's very helpful. Thank you, and all the best. Thank you. Thanks. Thanks, Parash. The next question is from the line of Prateek Kumar of Jefferies. Prateek, you may please ask your question now. Yeah. Thanks, team. Thanks for the opportunity. My first question is on your AI initiatives. You said Myra is handling 8 million conversations, and AI is now resolving around 50% of the customer calls. How do you think is this translating into business outcomes, particularly from conversion, customer acquisition cost, or customer satisfaction? Are these investments eating up certain bits of operating leverage which you mentioned earlier? Yeah, Prateek, maybe I can take that. As far as the end-to-end booking is concerned on Myra, there are two separate cases that you mentioned, right? One is, of course, customer service that we had shared as part of the script as well, and the other one is just the booking conversational interface, where the new version of Myra, which we launched recently, also takes care of end-to-end discovery till the payments to actually closing the booking in the single interface as well. Myra has two sort of avatars, if you will. One part of which is the heavy use right now and growing, actually scaling up quite well from consumer adoption standpoint, is when customers invoke Myra for taking assistance when they are already in the funnel, which is the current booking interface. That part is sort of helping improve the conversion on the funnel side incrementally, because you are able to answer all the open questions that the customer might have, which is then helpful for the customer to quickly close the booking. That part is, from a consumer adoption standpoint, scaling well as well as improving conversion. As far as end-to-end booking, which is just a very recent launch, it's early days on that is going to be largely start with Myra and don't really go to the existing funnel and complete the transaction completely on Myra in the same interface. Either using text chat or complete voice interaction or voice cum text chat. That part is early. There the traction has just about started to come. We will have to see. I think one quarter, two quarters down the line, we should be able to give you more color on that. This one is more on the customer-facing side, which is basically helping the consumer experience overall, making it smoother, convenient, personalized, which effectively improves conversion. On the other side, which is the customer service, where our voice bot is handling almost about 50% of the total calls now, frictionless, completely on its own. No human intervention. That is the one which is helping on reducing the outsourcing cost quite significantly. That's reflecting in our overall SG&A improvement. If you really see, while the business keeps growing, our SG&A and the significant portion of the SG&A is outsourcing cost is not growing at all. In fact, we've had some goodness that has come in in there, and likely to come in more, because we do think this whole 50% can go to about 65%, 70% without just too much of additional work on the development side. While the balance being the complexity of the use cases might still remain hybrid or with human interaction. I think on an overall basis, it'll be fair to say that the journey of seeing some of the productivity gains have started to reflect slowly and gradually in the overall performance, overall financial performance of the company. While on the booking interface, we will see how it, especially the end-to-end booking scale up, along with the consumer adoption over the next few quarters. Once we have more data around it, we will continue to keep sharing with you. Yeah. The third question was a related question. Are these investments also eating into your operating leverage you mentioned earlier on the call? Actually, not really. Prateek, again, if you really see the overall analysis, and I think Dipak was trying to make that point as part of his commentary. Of course, there has been investment. Over the last several quarters, we've been able to optimize on two counts. One, using the hybrid of open source and frontier models to optimize the cost per se of the token. Because AI, our focus is like I was saying as part of my commentary, is the core focus area where we are trying to become absolutely AI first or AI native across the organization. We've worked quite a lot on optimizing our cost, just balancing the usage of the models. On the other side, the productivity gains have started to show. Right now, it's sort of whatever is the incremental cost on the AI front is almost offsetting. The gains are almost offsetting the increase in cost, both from acting on the cost optimization side of it itself, as well as some of the productivity gains put together. We think that we should be able to sort of keep that under control with this strategy of ours, even in future. Thank you. I have one other question on, is there any change in booking patterns or booking curve change versus pre-conflict levels? In terms of consumer spending- Pre-Middle East conflict. Pre-Middle East conflict, I would have thought. Yes, Prateek? Of course. Some behavioral shift that we have noticed. One of them I was again mentioning earlier, these short-term getaways have picked up significantly. Some part of it is because of the fact that overall air travel cost is becoming expensive, therefore why not look for an alternative? Because we still want to travel out. That behavior is not sort of changing and therefore lot more short-term weekend getaways, whether it is just a weekend or a longish kind of weekend when there is some festival holiday or some other holiday that gets combined with the weekend, and drivable distance holiday patterns. That we've seen significantly going up using ground transport, any modes of ground transport, including self-driving, taking intercity cab or taking a luxury bus, et c. That is one pattern that has changed. The second, not specific to this conflict, but post-COVID, the significant sort of new segment that has emerged even more specifically focusing, specifically from Gen Z cohorts, is the traveling in group. The use case could be celebration use case, whether it is birthday or any festival celebration, just getting together and traveling. The choice of the accommodation will be more homestays than hotel for that particular specific use case. Some of these sort of new segments, particularly post-COVID, have emerged and they continue to sort of keep growing. Because of which, as we've been sort of highlighting in the past, that our homestay supply has also been significantly growing. The market is also growing, and we have also been acquiring and growing our homestays sort of overall inventory on our platform. Yeah. Thank you, Rajesh. These are my questions. Thanks, Prateek. Thanks, Prateek. We are almost out of time. This was our last question. Over to you, Rajesh, for the closing comments. Thanks, Vipul. Thank you for all the relevant questions. Thanks for your patience listening in quietly and look forward to stay in touch with you. We come back to you in the next quarter. Thanks. Thank you, Rajesh. Thank you, everyone. We are now at the end of the hour. You may please disconnect the call. Thank you.