That would be quite an indicative trend. I mean, I wouldn’t necessarily say, the same trend would continue, but it would be indicative in nature.
Vipul Garg: Thanks Aditya. Next question is from the line of Puneet Saraogi of Hill Fort Capital. Puneet, you can unmute yourself and ask the question now.
Unidentified Analyst: This is Hari for Hill Fort Capital. I had couple of questions. My first question is on the working capital. But can you just double click on the working capital and why it’s a higher in this quarter, seasonally? And how do we generally think about OCF in relation to EBITDA on an annual basis? My second question is whether an India listing is on the anvil at all or not?
Mohit Kabra: Puneet , Maybe I’ll take both and probably miss some of the earlier kinds of questions on this. But on the working capital side, like I said, this seasonality involved in the business and generally we do see kind of deployment happening in working capital during high season quarters and generally releases kind of coming through in the off seasonality. So, I think it’s better to kind of look at it on a more like annual basis or a four quarter basis. On an annualized basis, I would just kind of suggest that, you need to bake-in some amount of deployment on the working capital linked to volume. So, that’s on the overall kind of working capital in and the trend lines over there. And when it comes to your second questions, yes, I mean, one of the India capital markets are kind of open to e-commerce platforms, clearly, and we have seen some of the e-commerce kind of companies kind of go and tap into the Indian capital market.
From our point of view, one of the key things is that, we not necessarily looking at any fundraising in the short-term, you’re kind of sitting at a good amount of cash and cash equivalents on the balance sheet, including free cash, even if we were to kind of potentially look at setting aside certain amount for the convertible bonds that we had kind of raised two years back. Even setting, after setting that aside, we’re kind of sitting on a healthy cash balance of close to over $250 million. So from that point of view, a tapping into the capital markets on an immediate basis doesn’t seem like a requirement. But from an overall kind of investor value creation and from kind of leveraging the brand and multiple other things, we would kind of keep an eye on kind of tapping into the Indian capital market at some point in time.
But like I said, probably there is no immediacy to it, but in the longer run, from an opportunity to kind of tap into capital markets, I think India will be a more preferred market then tapping it or going into the U.S. market once again. So, that’s how I will put it.
Vipul Garg: Thanks Hari. The next question is from the line of Vijit Jain of Citi. Vijit, you may please unmute yourself and ask your question now.
Vijit Jain: Thank you, Vipul. Congrats on a great set of numbers. I have three questions. First is within the hotel segment, would you say that barring that super budget category, you called out sub $20 and at every other category perhaps with the exception of international is now back to pre-pandemic levels? That’s my first question.
Rajesh Magow: Yes Vijit.
