Rajesh Magow: Right, Manish. Again, a very interesting question. You know what, the way I would address this, Manish, is not specific to, let’s say, MakeMyTrip or within travel. I think this is a very welcome change in the ecosystem overall. The competition is still there, as you ready pointed out. It’s not that competition will never stop and healthy competition is always welcome. What has changed within that competition, it is not necessarily super disruptive or just super aggressive for the sake of being aggressive. And now within competition, everybody is sort of also focused on profitability at the end of the day in the entire Internet ecosystem. To my mind, it’s a very, very welcome chain for the entire Internet industry.
Forget about travel tech industry for that matter. And that is what has happened. And the other aspect of this also, I believe, is which is, again, a fundamental ecosystem level change, is also the — just the availability of capital. And from the investor side, I think everybody is sort of more cognizant of investing behind the right assets and the right areas. And that’s the sort of guidance rather than just playing super aggressively with the sort of aggressive amount of capital push and trying to sort of win the market. And I think it’s also to do with the learnings from the past, it’s also to do with how the market has evolved and people have also become a lot more knowledgeable of what works in the market and what doesn’t really work in the market and what’s sustainable, what is not sustainable in the market.
So part of it, I will attribute it to the evolution of the market. So I think it has reached that stage where because it’s been going on now for, I think, Internet industry in India is over 2 decades definitely old, if not a little bit more. And that is a good enough time for anyone to run the amount of capital that has got invested in this market is also huge. So — and I think this response is the answer to your second question as well, that what would change for it to go back to again sort of same high-end density competition, etcetera. I actually think, given the fact this is far more and part of it could be wishful thinking as well, but bear with me for that. But I do think, given the fact that the market overall is relatively evolved and matured and the entire ecosystem has a tremendous amount of learning at every stakeholder level, for it to go back to the same super aggression in the market for the sake of being aggressive, I’m not sure.
I mean the likelihood of that, who knows for future, but likelihood of that might be, relatively speaking, much less than what I would have said maybe 10 years ago.
Manish Adukia: Thank you Rajesh. That makes a lot of sense. My second question, how should we think about the operating leverage in the business? I mean, you’re growing top line north of 20% right now. And let’s assume that your marketing promotion intensity stays in the same ballpark. Some of the other expenses, employee costs, outsourcing, etcetera, how should we think about what, let’s say, the right growth number for that could be in the next, let’s say, 2 or 3 years. Rajesh or Mohit, your thoughts there?
Mohit Kabra: Yes, sure. Kind of the way we are looking at operating leverage being continuously driven is that we have seen a good amount of improvement at the net level coming in over the last few years, and we want to kind of maintain that moment down, but we also want to kind of make sure that we are kind of more and more skewing towards growth and kind of not necessarily kind of trying to optimize only on driving profitability improvement. So I think the medium term kind of the next 2, 3 years kind of an approach would be to try and see if we can take this close to 15% on adjusted margin or, say, 1.5% of gross bookings in adjusted operating margins that we have, more closer to, say, about 1.8% to 2% of gross bookings. I think that would be a very healthy kind of adjusted operating profit margin level to kind of maintain, and that would be the endeavor to kind of see coming in as an improvement over the next 2 to 3 years.
Manish Adukia: Thank you. Last question on use of cash. So the buyback amount that you’ve carved out, $136 million, well understood and thank you again for sighting that. But when you think about the business, I mean, this quarter alone, $37 million of cash EBITDA annualized close to $115 million, and that number is only growing. So — and then you have $600 million plus of cash in the book. So like when you think about a steady return to shareholders, I mean, could buybacks become like an annual affair in the business? Because from what I recall last you mentioned that there are not too many meaningful M&A opportunities out there. So how do you think about this growing cash balance and uses of cash as you go along next 2, 3 years? Thank you.
