MakeMyTrip Limited (NASDAQ:MMYT) Q4 2022 Earnings Conference Call May 25, 2022 7:30 AM ET

Company Participants

Vipul Garg - Vice President, Investor Relations

Deep Kalra - Founder & Group Executive Chairman

Rajesh Magow - Co-Founder & Group Chief Executive Officer

Mohit Kabra - Group Chief Financial Officer

Conference Call Participants

Gaurav Rateria - Morgan Stanley

Vijit Jain - Citi

Operator

Vipul Garg

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited. And welcome to our fiscal year '22 - and fiscal year '22 Fourth Quarter and Full Year 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 13, 2021. 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 remarks. Over to you, Rajesh.

Rajesh Magow

Thank you, Vipul. Welcome, everyone, to our fourth quarter and full year earnings call of fiscal 2022. I hope everyone joining us today is keeping safe and healthy. India went through third COVID wave with Omicron variant that started in December 2021 and continued during January and February. While the reported cases were high, severity of infection was low as compared to the delta variant, they're possibly aided by significant vaccine coverage, which has now crossed about 1.9 billion doses.

Travel slowed down with the onset of Omicron but picked up again later part of the quarter when Omicron started to recede. Demand started to come back, especially for leisure segments, albeit momentum remained under pressure due to inflationary pressure due to price increase of fuel leading to high airfares.