Mohit Kabra: No. See, promotional expenses don’t come. I mean, look at overall adjusted margin, the promotional expenses don’t make a difference. It is purely, the overall delta, if you look at it on a quarter-on-quarter basis it’s gone down even compared to the previous quarter. So that’s what’s kind of causing the delta change on the margin side.
Rajesh Magow: And maybe if I can just add an additional point, Sachin, if you look at the numbers on as Mohit was explaining on gross bookings side and the air segments growth, it is positive. It’s not a decline. It’s like on a constant currency basis. It’s 7%, 7.5%. The only additional point that I will make to what Mohit has already said. As I was indicating it earlier as part of my script as well, that the while domestic flights have recovered or domestic traffic has recovered, actually more than recovered to the pre-pandemic levels, international is still lagging behind. So, international bookings, international, especially long-haul flight bookings have not necessarily fully recovered. And in fact, towards the end of the quarter, second half of December because of the China opening up, there was a bit of a scare on COVID as well.
Thankfully after one week, it sort of died down and things got started to get back to normal. But, all things considered because of the high fares with fuel prices going up or the overall focus, being on yield by all the airlines and the backlog of operational issues like backlog of visa clearance, et cetera. It continued to sort of play in terms of just putting international bookings under pressure. And that’s really, just one more additional factor on just overall air despite being the high season, while the consumer sentiment made positive and people want to travel. But, if you if you continue to see high fares on the international side, then sort of plans get pushed if they are not necessarily essential travel related and stuff. So, I think that’s the additional point you should keep in mind.
Sachin Salgaonkar: Thanks, Rajesh. And last question is now that you guys got the incentive approval for MakeMyTrip ibibo, looks like, the key regulatory hurdle for a potential India listing is behind. So any thoughts in terms of timeline and how you guys are thinking about it?
Mohit Kabra: So from a regularly hurdle point of view, I think, this is kind of incrementally good step to kind of taking in the direction. But, like we have been calling out, tapping into the Indian capital market and is probably there on the agenda, but not necessarily in the near future. So, we are going to remain open to it. And we’ll kind of clearly come back and update as and when we kind of are able to crystallize our plans around it.
Vipul Garg: Thanks Sachin. The next question is from the line of Gaurav Rateria of Morgan Stanley. Gaurav, you may unmute yourself and ask the question.
Gaurav Rateria: Thanks Vipul for giving me the opportunity. So, I have couple of questions. Firstly, when I look at the volumes in each of the individual segments, they haven’t reached the pre-COVID levels compared to the same quarter during the pre-COVID. So, somehow, the recovery has been a little slower than expected. So, is it largely because of international in each of the segments? Or there is other some other phenomena going on?
