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    Gaurav Rateria • Morgan Stanley

    Gaurav Rateria's questions to MakeMyTrip Ltd (MMYT) leadership

    Gaurav Rateria's questions to MakeMyTrip Ltd (MMYT) leadership • Q1 2026

    Question

    Gaurav Rateria of Morgan Stanley asked about the company's view on AI-led search as an opportunity versus a threat and the initiatives being taken, and questioned the reason for rising A&P spend as a percentage of gross bookings over the past three years.

    Answer

    Group CEO Rajesh Magow positioned AI as a significant opportunity, stating that MakeMyTrip's vast data repository allows it to lead innovation in customer experience and productivity. Group CFO Mohit Kabra addressed the A&P spend, explaining that the trend is a function of a changing business mix towards higher-margin segments. He suggested that viewing the spend as a percentage of adjusted margin, which has been stable at around 47%, provides a more accurate picture of efficiency.

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    Gaurav Rateria's questions to MakeMyTrip Ltd (MMYT) leadership • Q3 2025

    Question

    Gaurav Rateria from Morgan Stanley asked about the current pace of new customer additions versus last year, the reason for higher ad spend as a percentage of gross bookings, and the competitive dynamics in the hotel segment across different price points.

    Answer

    Rajesh Magow, Co-Founder and Group CEO, and Mohit Kabra, Group CFO, explained that new customer acquisition remains robust, with a repeat customer rate of ~73% and a total base of 80 million users. Kabra added that net new additions are typically 1.5-2.5 million per quarter. He clarified that marketing spend as a percentage of gross bookings has remained stable and in line with seasonality, trending below 5%. Regarding hotel competition, Kabra noted the online market is less penetrated than air, with competition including global OTAs, especially in the premium segment.

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    Gaurav Rateria's questions to MakeMyTrip Ltd (MMYT) leadership • Q2 2025

    Question

    Gaurav Rateria asked for a breakdown of growth driven by repeat versus new customers, the trajectory of margins for the second half of the year, and any available metrics on cross-selling from newer segments like trains.

    Answer

    Group CFO Mohit Kabra stated that repeat customers consistently account for about 70% of transactions, making blended acquisition cost the most appropriate metric. He expects margins to remain stable and in range, similar to H1, as seasonality is balanced across both halves of the year. For cross-sell, he pointed to the strong growth in the "other" segment's gross bookings and the high repeat transaction rate as indicators of success.

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    Gaurav Rateria's questions to Infosys Ltd (INFY) leadership

    Gaurav Rateria's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Gaurav Rateria from Morgan Stanley asked about the small deal environment and its relation to the guidance midpoint, and inquired about the levers for margin improvement in FY'26 given that slower growth could create operating deleverage.

    Answer

    CFO Jayesh Sanghrajka reiterated that the guidance range accounts for various environmental scenarios. Regarding margins, he expressed confidence in offsetting pressures through Project Maximus initiatives, highlighting the 50 bps margin improvement in FY'25 despite headwinds like salary increases and large deal ramp-ups. He stated the company's endeavor is to improve margins further in FY'26.

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    Gaurav Rateria's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Gaurav Rateria inquired about the primary reasons for the upward revision in revenue guidance, whether generative AI is triggering large-scale transformation deals, and the potential margin tailwinds in H2 to counteract wage hikes.

    Answer

    CFO Jayesh Sanghrajka explained the guidance increase was due to a strong Q2, broad-based performance, volume momentum, and a double-digit rise in the pipeline for deals under $50 million. CEO Salil Parekh clarified that while generative AI is a key productivity component in large deals, it is not yet the primary driver. Jayesh Sanghrajka noted that H2 margin tailwinds from 'Project Maximus' initiatives are expected to offset headwinds from compensation increases and seasonality.

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