MakeMyTrip Limited (NASDAQ:MMYT) Q1 2023 Earnings Conference Call July 27, 2022 7:30 AM ET

Company Participants

Vipul Garg - VP, IR

Deep Kalra - Founder & Group Executive Chairman

Rajesh Magow - Co-Founder & Group CEO

Mohit Kabra - Group CFO

Conference Call Participants

Vijit Jain - Citi

Guarav Rateria - Morgan Stanley

Mithun - GC Ventures

Aditya Chandrashekhar - UBS Securities

Vipul Garg

Hello, everyone. I’m Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited. And welcome to our fiscal year 2023 First Quarter Earnings Webinar. Today’s event will be hosted by Deep Kalra, our company’s Group Chairman and Chief Mentor, 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 and Forward-Looking Statements 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. Over to you, Rajesh.

Rajesh Magow

Thank you, Vipul. Welcome everyone to our first quarter earnings call of fiscal 2023. We are glad to report a robust quarter-on-quarter growth of 63.3% in gross bookings on constant currency basis signaling strong recovery in travel sentiment and demand post the third wave of COVID-19 infections in India. I shared earlier we have built significant operating leverage in our business over the last few years, which has helped us deliver our highest quarterly adjusted operating profit of over $16.5 million compared to about $12 million in the last recorded quarter. It is heartening that after two years of being under the impact of COVID-19 pandemic this new fiscal year has started on a strong note with public behavior and sentiment back to pre-pandemic normal given the comfort of strong vaccination coverage in India, and the latest variants of COVID-19 reporting milder infection with minimal hospitalization and fertility rate.