Mohit Kabra: Ashwin, actually, the take rates across segments have been reasonably stable for us. I mean there is generally a little bit of variation linked to seasonality. So slightly lower seasonality quarters, like Q2 and Q4, you would possibly find the take rates to be slightly better compared to peak seasonality quarters of Q1 and Q3. I mean it comes in both from the fact that the suppliers are trying to kind of more and more promote to build load factors. And secondly, also the ASPs tend to be slightly lower compared to peak seasonality quarters and therefore optically also, the margins look slightly better in the weaker seasonality quarters. That possibly is the only reason. Otherwise, kind of like I called out, we’re kind of seeing feasible kind of stability in the take rates by the business segment.
Ashwin Mehta: So Mohit, in terms of the stability that you are seeing on — or the recovery that you are seeing on the budget hotel side, do you think the take rates have scope to go up from here because typically budget hotels are higher take rate properties?
Mohit Kabra: Pretty marginally, if at all, Ashwin, and likely to kind of remain around this range, 0.5 percentage point, plus or minus, but no significant changes are expected on the overall take rates.
Ashwin Mehta: And the second question was in terms of fees, we saw sequentially a reduction in terms of hotel and bus ticketing transactions. Now part of it is seasonality. But were there impacts of, say, floods, which were more accentuated in hotels or bus ticketing compared to air for us or would you say it was largely in line with expectations in terms of seasonality?
Mohit Kabra: Largely seasonality.
Rajesh Magow: No, it is seasonality only, Ashwin. And if you go back in history, you will see similar trends between air and hotels. The air has all the use cases. The seasonality is only about leisure segment and which is more sort of reflected always on the hotel business than the air business.
Ashwin Mehta: Okay. Got it. Fair enough. Congratulations and all the best.
Vipul Garg: We’ll take the last question now from the line of Aditya Chandrasekar of UBS.
Aditya Chandrasekar: A couple of questions from my side. Firstly, I just wanted to understand your kind of risk assessment of SpiceJet. What are you seeing on the ground? And if it’s possible, could you quantify your overall exposure to SpiceJet also similar to the — I mean, equivalent to the $10 million provision you made for GoAir? That’s the first question. And second question on the bus side. On a Y-o-Y basis, I think we are seeing growth kind of stabilized at around 17% in the last couple of quarters. Just wanted to understand your overall kind of outlook on this segment? Is it kind of stabilizing at these levels or penetrations kind of saturated in this segment and how we should look at this going ahead?
Rajesh Magow: And maybe I can take — I can start with this and, Mohit, please feel free to add. Listen, Aditya, as far as SpiceJet is concerned, again, everything which is there, SpiceJet is a listed company, and whatever is there in the public domain is known to all of us and that we have been rating. Just from a day-to-day operations standpoint, we have only seen in the last — especially in the last few weeks or a couple of months that the immediate — the situation in terms of pressure on the cash flow, in terms of a couple of payments that they were supposed to be made, they were supposed to be doing basis the court orders and stuff like that. They have been honored actually already, a couple of them, which is a good sign.
And in terms of actual departures also, contrary to what we might be thinking or generally building a perception, they’re adding more planes, at least about 6 more planes that they are adding during this season quarter. So I guess we will have to just wait and watch how they operate. They have been so far able to sort of navigate the situation. I would say reasonably well, not to say that they’re in a very good share because they are obviously not operating at 100% capacity today. From our point of view, we are keeping a close watch and continue to keep sort of monitoring day-to-day operations, seeing the — how the schedules are being projected and then accordingly sort of operate from a day-to-day business standpoint with them. I don’t think there is any sort of — at any particular day, it will be fair for us to be able to start estimating the exposure at this point in time because from our point of view, we’re just monitoring it and keeping it business as usual based on their volume of business with them.
So I don’t think that would be fair to sort of estimate at this point in time because there’s no real indication of that sort at this point in time. I guess your second question was on the bus side. No, I don’t think that it has reached a saturation level. I don’t think the penetration has reached a saturation level yet. In fact, we’ve been talking about as part of our sort of quarterly commentary in the past as well. The next wave of growth in bus segment could — is likely to come from 2 accounts. One, there are still underpenetrated regions, where even the private sector bus market is not necessarily very well penetrated in terms of supply coming online and the adoption from the consumers are buying online. The South and the West, for example, are — have penetrated well and have grown and continue to keep growing.
But on the north side, it is still underpenetrated and that is where our focus is. We are trying to sort of add more inventory, create more awareness and trying to see if we can just get some more next level of growth from those regions, including that is the second sort of area from where we expect the growth to come in is the nonprivate sector supply. Now that is completely underpenetrated and a huge amount of opportunity, equal the size of opportunity that the private sector bus space offer. And the beginning of that journey has started already coming out of pandemic. We started to get a lot of RTC’s supply on digitized and on our platform. And we are making good progress on that. Now the question is to create more and more awareness and also expand our reach to get those consumers who have been traveling through RTC buses also buy online.
I think that is where our focus is, both these areas for — to drive the next level of growth. But I don’t think — I think it will be early to conclude to say that this 17% or 17%, 18% would be the sort of steady-state growth. I think we do see potential to get it to mid-20s at some point in time as well.
Vipul Garg: Thank you, Aditya. This was the last question. I now request Rajesh for his closing remarks.
Rajesh Magow: Yes. Thanks, Vipul, and thank you, everyone. Thanks for your patience, and I wish you all the best. See you next quarter.
Vipul Garg: Thank you, Rajesh. You may now please disconnect the call. Thank you.
Mohit Kabra: Thank you.
