MakeMyTrip Limited (NASDAQ:MMYT) Q2 2023 Earnings Conference Call November 1, 2022 7:30 AM ET

Company Participants

Vipul Garg - Vice President of Investor Relations

Deep Kalra - Founder and Chairman

Rajesh Magow - Co-Founder and Chief Executive Officer

Mohit Kabra - Chief Financial Officer

Conference Call Participants

Aditya Chandrasekar - UBS

Vijit Jain - Citi

Vipul Garg

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited. And welcome to our Fiscal Year 2023 Second Quarter Earnings webinar. Today's event will be hosted by 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 U.S. 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. Additional information concerning these statements are contained in the Risk Factors in Forward-Looking Statement section of the company's annual report on Form 20-F filed with the SEC on July 12, 2022. 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 over to Rajesh for his comments. Over to you, Rajesh.

Rajesh Magow

Thank you, Vipul. Welcome everyone to our second quarter earnings call of fiscal 2023. To start with, just a couple of key performance highlights of the quarter. While the reported quarter was a seasonally weak period for leisure travel, we delivered strong results with gross bookings growing by 126.3% year-on-year on constant currency basis. EBITDA for the quarter was at $10.7 million as compared to an EBITDA loss of $0.6 million in Q2 fiscal year 2022. And adjusted EBITDA or adjusted cash operating profits stood at $18.7 million as compared to $10.5 million in the same quarter last year.