Aditya Suresh: Thanks. The second question I had was more on the outbound opportunity, right? Now you spoke a lot about the connections and the new routes and a few use cases. But Rajesh, should be great if you can maybe frame that opportunity for us. So in broad terms, how should we think about the scale of this opportunity, even if it’s over the next, say, 2 to 3 years compared to where our domestic businesses are, because I think a lot of our modeling, etcetera, is focused mainly on the India domestic piece. And so I’m really curious to see how you’re thinking about scale of international outbound.
Rajesh Magow: Yes. Aditya as I was alluding to earlier, it is — if you look at it from a little midterm to long-term perspective, the outlook is actually quite positive for outbound. And the fundamental sort of underneath point for that is all what you have to look at it is the airlines, all the airlines orders that have been placed bringing in new fleet into the market, given the next, say, next 3 years or 5 years, or more and then some record orders have been placed already, as you know, a significant chunk of that is also going to get deployed in the — to open up some of the foreign destinations for them or to grow the foreign destinations for them. So I think that is one data point which is important. And if you — from a demand standpoint, as I was making the point earlier, on an overall demand standpoint, I definitely see from, let’s say, a middle class to the upper middle class to HNIs, the ways of per capita income or the disposable income growing in the country, that’s definitely going to be the other driving force for sort of demand to go up for the outbound destinations.
And there are, by the way, some third-party reports, and maybe we can take this offline and you can look at some of those specific reports on outbound specifically from CAPA, for example. I don’t know if you have seen it or not. I mean, that independent research has also captured many data points to make this point, and they have tried to sort of size the overall opportunity in the next 3 years to 5 years as well. In fact, headlined it as outbound could be the new domestic for the next 3 years to 5 years as well. And it’s quite neutral and credible sort of research report, and maybe you should look at that and maybe form your own view on top of that. But in terms of just the drivers for this, these would be the two drivers, and we’ll be happy to share the report if you want offline.
Aditya Suresh: Thank you so much Rajesh. And I guess the final piece for me was, I guess, as finally, the platform is kind of reach a scale, you see that the kind of after kind of come through with the cost discipline. Industry structure is kind of a bit more favourable compared to previously discretionary rising, all those kind of demographic dynamics are playing out here. Plus, there’s cost of discipline. So a specific question for you is about — and also given the fact that you kind of cashed up, the platform is generating free cash flow. I guess specific question to you is what worries you? Like what are some of the things which you’re guarding against as you kind of plan the business in the next 6, 12 months?
Rajesh Magow: An interesting question, Aditya. I guess the worry is in this business, as we’ve seen in the past, is more the macro than the micro. So we would always sort of wish like some time back, the new variant of COVID, the murmurs had started, and that definitely causes concern as we know happened during COVID, etcetera. And so fundamental structure overall, as you rightly mentioned and articulated, seems to be well in place now, poised for a new level of growth, etcetera, both on the demand side, supply side, everyone is an investment loan, infrastructure improving, all of that is great. You don’t really want any disruptive macro event happening. It’s neither you nor I can or anyone, for that matter, can control. But if there is one disruption that we’ve seen over the last, let’s say, over two decades that we’ve been in the business, it is the macro events that sort of caused a concern over in the whole industry’s mind, if you will, than your own sort of micro issues or items.
So operationally, within the organization, we feel much better and confident, well poised. Not to say that the eyes have to be taken off from an execution standpoint relentlessly because this business is also about — a lot of it is also about consistent and relentless execution as well. But that we feel better and confident and given the track record, we’ll be at it. But if there is one thing that would — I have to call out as potential concern or worry area would only be any of the macro events. So if we have a smooth run on that, I think industry is definitely poised for better times in the coming years.
Aditya Suresh: Thanks Rajesh. All the best.
Rajesh Magow: Thank you.
Vipul Garg: Thanks, Aditya. The next question is from the line of Manish Adukia of Goldman Sachs. Manish, you may please ask your question now.
Manish Adukia: Yes. Thanks Vipul. Hi, good evening. Thank you so much for taking my question. Just picking up the concession from where Aditya left. When you think about in the last two years, right, the single biggest driver of your profitability has been the fact that marketing promotion spends have come down quite dramatically. And even from an outsider’s perspective, it seems like the market is fairly competitive with a number of players. Your numbers suggest that competition is relatively low, at least lower versus what it used to be pre-pandemic. One, in your view, why is competition low? And a related question what may need to change? Or what could potentially change for competitive intensity to go up again, let’s say, next one or two years. Your thoughts, please?
