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    Manik Taneja • Axis Capital

    Manik Taneja's questions to MakeMyTrip Ltd (MMYT) leadership

    Manik Taneja's questions to MakeMyTrip Ltd (MMYT) leadership • Q1 2026

    Question

    Manik Taneja of Axis Capital Ltd sought clarity on the forward-looking trends for ESOP charges and the effective tax rate, and asked which business segment, air or hotels, is expected to recover more quickly from recent disruptions.

    Answer

    Group CFO Mohit Kabra projected full-year ESOP charges to be in the $35-40 million range and noted the company would reach full taxability in about two years. Group CEO Rajesh Magow explained that recovery is best viewed by travel use-case, with non-leisure travel expected to be stable. Mr. Kabra added that historically, standalone bookings recover faster than holiday packages after macro disruptions.

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    Manik Taneja's questions to MakeMyTrip Ltd (MMYT) leadership • Q4 2025

    Question

    Manik Taneja of Axis Capital asked for clarification on the drivers of the bus segment's growth, specifically the impact of any accounting changes, and requested guidance on future ESOP expenses and effective tax rates.

    Answer

    Group CFO Mohit Kabra explained that the impact from the accounting policy change in the bus segment was not material. The strong growth was primarily driven by a one-time demand uplift from the Maha Kumbh event. He guided that annual ESOP expenses are expected to remain in the $35-$40 million range and that the company will benefit from its deferred tax asset through fiscal 2026 before moving to a full tax rate.

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    Manik Taneja's questions to MakeMyTrip Ltd (MMYT) leadership • Q2 2025

    Question

    Manik Taneja asked if the normalization of hotel pricing could become a near-term headwind for the international portfolio and questioned the potential impact of geopolitical instability on international travel demand.

    Answer

    Group CEO Rajesh Magow explained that pricing normalization was expected after several quarters of sharp increases and is subject to seasonality, so it's not a significant concern. Regarding geopolitics, he stated that while specific regions may be impacted, travelers tend to shift to other destinations rather than cancel travel altogether, mitigating the overall demand loss, barring major macro impacts like rising oil prices.

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    Manik Taneja's questions to Infosys Ltd (INFY) leadership

    Manik Taneja's questions to Infosys Ltd (INFY) leadership • Q4 2025

    Question

    Manik Taneja from Axis Capital questioned the rationale behind the expected decline in pass-through revenues in FY'26, especially after a steady increase in recent years, and asked about the long-term outlook for this item.

    Answer

    CFO Jayesh Sanghrajka explained that the forecast for lower third-party revenue in FY'26 is based on a direct analysis of deals already signed and those currently in the pipeline. He suggested that as the transformation phases of past mega deals conclude, these associated pass-through costs will naturally reduce over time.

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    Manik Taneja's questions to Infosys Ltd (INFY) leadership • Q2 2025

    Question

    Manik Taneja asked for the factors behind the sharp margin decline in the Energy & Utilities vertical and the improvement in Manufacturing. He also requested details on the quantum and split of the upcoming wage hikes.

    Answer

    CFO Jayesh Sanghrajka explained that quarterly segmental margin fluctuations are driven by multiple factors like utilization, onsite/offshore mix, and the ramp-up of specific deals, and should be viewed on a trend basis. Regarding wage hikes, he reiterated that they will be in two phases, with junior employees receiving them in January and the rest in April, but did not provide a specific quantum.

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