MakeMyTrip Limited (NASDAQ:MMYT) Q2 2024 Earnings Conference Call October 31, 2023 7:30 AM ET

Company Participants

Vipul Garg - Vice President of Investor Relations

Rajesh Magow - Co-Founder, Group CEO & Director

Mohit Kabra - Group Chief Financial Officer

Sachin Salgaonkar - Bank of America

Vijit Jain - Citi

Gaurav Rateria - Morgan Stanley

Ashwin Mehta - AMBIT Capital

Aditya Chandrasekar - UBS

Vipul Garg

Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMytrip Limited, and welcome to our fiscal '24 second quarter earnings webinar. Today's event will be hosted by company's leadership team, comprising 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 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 SEC or from the company's Investor Relations Department.

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

Rajesh Magow

Thank you, Vipul. Welcome, everyone, to our second quarter call of fiscal 2024. We are pleased to report another quarter of strong operating performance, where we maintained strong momentum, both in terms of top line and bottom line growth year-on-year. Gross bookings for the quarter reached $1.8 billion, growing at 23.8% year-on-year in constant currency terms, while our adjusted operating profit, or adjusted EBIT, grew by 87% year-on-year to $28.2 million as compared to $15.5 million in the same quarter last year.

We delivered this performance despite a short-term supply contraction, challenged during the quarter and the temporary hit on demand due to unprecedented monsoon rains in some parts of the country. As for the macro outlook, India is expected to be one of the fastest-growing large economies in the future, leading to a gradual increase in GDP per capita and a larger allocation towards discretionary spending, of which travel and experiences will garner a major share.