MakeMyTrip Limited (NASDAQ:MMYT) Q1 2024 Earnings Conference Call August 1, 2023 7:30 AM ET

Company Participants

Vipul Garg - Vice President-Investor Relations

Rajesh Magow - Co-Founder & Group Chief Executive Officer

Mohit Kabra - Group Chief Financial Officer

Conference Call Participants

Sachin Salgaonkar - Bank of America

Vijit Jain - Citi

Manish Adukia - Goldman Sachs

Aditya Suresh - Macquarie

Gaurav Rateria - Morgan Stanley

Vipul Garg

Hello everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited and welcome to our fiscal 2024 First Quarter earnings webinar. Today's event will be hosted by company's leadership team comprising of Deep Kalra, our company's Founder and Chairman, joining him is 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 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 US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance are subject to inherent uncertainties and actual results may differ materially.

Any forward-looking information relayed during this event speaks only as of this date and the company undertakes no obligation to update the information to reflect changed circumstances. Additionally, information concerning these statements are 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 25th July 2023. Copies of these filings are available from the SEC or from the company's Investor Relations department.

I would like to now turn over the call to Rajesh. Over to you Rajesh.

Rajesh Magow

Thank you, Vipul. Welcome everyone to our first quarter call of fiscal 2024. We have started this financial year on a strong footing, as evident from our Q1 results. Travel demand was robust in the leisure-heavy seasonal quarter despite high fares due to short-term supply side challenges in the aviation market. We witnessed strong traction in leisure travel during the quarter, aided by seasonality, coinciding with summer holidays, while business travel continued its recovery trajectory. All segments have now grown beyond pre-pandemic levels, as a result of which we have posted our strongest ever quarter, both in terms of gross bookings and profitability.