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    Aditya Suresh • Macquarie Group

    Aditya Suresh's questions to MakeMyTrip Ltd (MMYT) leadership

    Aditya Suresh's questions to MakeMyTrip Ltd (MMYT) leadership • Q1 2026

    Question

    Aditya Suresh of Macquarie Group questioned if there was any down-trading in hotel average daily rates (ADRs), the contribution of MICE travel to growth, the long-term growth potential for ancillary services, and recent changes to the board's composition.

    Answer

    Group CEO Rajesh Magow confirmed that hotel ADRs did not see a material drop. He also noted that corporate travel, including MICE, was a strong growth driver. Group CFO Mohit Kabra expressed confidence that the ancillary services segment could sustain high growth, possibly in the 30% range, driven by new product additions. Mr. Kabra also detailed the board changes, including a reduction in Trip.com nominees and the addition of independent directors.

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    Aditya Suresh's questions to MakeMyTrip Ltd (MMYT) leadership • Q2 2025

    Question

    Aditya Suresh requested the share of international business in gross bookings for air and hotels, clarification on ancillary service attach rates, and an explanation for the decline in hotel value per booking despite a higher international mix.

    Answer

    Group CFO Mohit Kabra provided the international mix for adjusted margin: 38% for air and nearly 18% for hotels. He noted that ancillary attach rates are stable, and the growth in the "other" segment is driven by new services like car rentals and ForEx. He explained that the value per booking reflects a moderation in hotel price increases after two years of significant catch-up, rather than a decline in demand.

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