Gautam Chhugani

Gautam Chhugani asked if the net take rate on air (7% this quarter, 7.2% last) is within a normal range or higher than the typical 6.5%. He also questioned the hotels and packages business's constant currency GBV growth of 15% (20% volume, -5% GST impact), asking if it implies zero net pricing growth and how the GBV growth algorithm relative to volume growth will evolve over the next 1-3 years. Lastly, he inquired if MakeMyTrip dominates the domestic hotels segment with limited competition from other listed OTAs.

Answer

Rajesh Magow, Co-Founder and Group CEO, confirmed that the air take rate generally ranges around 7%, with minor fluctuations, and is not exceptional. He clarified that the GST impact on GBV is optical and a one-year effect, and that extraordinary hotel price increases are over, with current prices being stable, influenced mainly by seasonality or inflation. Mr. Magow agreed that MakeMyTrip reasonably dominates the domestic hotels segment with limited listed OTA competition, while acknowledging significant headroom for online penetration.

Gautam Chhugani asked if the net take rate on air, currently around 7-7.2%, is within a normal range or running higher than the typical 6.5%. He also questioned the hotels and packages business's constant currency GBV growth of 15% (20% volume, -5% GST impact), asking why net pricing growth was near zero and if the 5-percentage-point gap between GBV and volume growth due to GST would reduce over the next 1-4 quarters. Finally, he asked if it's fair to conclude MakeMyTrip dominates the domestic hotels business with limited competition from other listed OTAs.

Answer

Rajesh Magow (Co-Founder and Group CEO) stated that the net take rate on air generally ranges around 7-7.2%, with minor fluctuations depending on fares and booking-to-flown lag, indicating nothing exceptional. Regarding hotels and packages, Mr. Magow clarified that the GST impact is an optical, one-year effect. He also noted that on MakeMyTrip's blended platform, including homestays, there hasn't been an extraordinary price increase across the board, only seasonality or inflationary adjustments, suggesting the era of significant price hikes is over. Mr. Magow agreed it's "reasonably fair to say" MakeMyTrip dominates the domestic hotels business but highlighted that overall online penetration in the segment is still in early stages, offering significant headroom for growth.

Gautam Chhugani of Bernstein asked about the regulatory path for equity tokenization in the U.S. and how Robinhood sees it playing out, especially in light of recent SEC commentary.

Answer

CEO Vlad Tenev noted that while tokenization in the U.S. offers benefits like 24/7 trading and on-chain capabilities, the current U.S. experience is already very advanced. He believes the bigger opportunity in the U.S. is tokenizing previously inaccessible assets like private market securities. He stated Robinhood is working with regulators on this, which requires progress on accreditation laws and securities tokenization rules.