Mohit Kabra: Sure, Manish. Clearly, the first priority would be to kind of keep looking for inorganic as well as organic investment opportunities in the business. But beyond that, and clearly, like you called out, we have now close to $600 million in terms of cash and cash equivalents, and that is a large balance to have. And therefore, we have been calling out that we do believe that we kind of feel actively look at buybacks as an option to kind of exercise in the years to come. Like we have also kind of intimated this quarter, we have kind of put in the intimation on the 2028 note holders because there’s a put option that is kind of coming up in the next month. And as we had called out in the previous earnings call [ph.] that we would want to kind of see through this put option date.
And by then, we would also be kind of close to the end of this fiscal year. And therefore, from next fiscal year onwards, we would want to kind of possibly dip in into the into the buyback plan or the share repurchase plan in the right earnest. The quantum in size, again, would depend upon the market and the timing around it. But yes, this is one potential avenue of deployment of the cash.
Manish Adukia: Thanks so much for taking my questions. All the best.
Mohit Kabra: Thanks Manish.
Vipul Garg: Thanks, Manish. We are almost out of time, and we will take one last question for now from the line of Gaurav Rateria of Morgan Stanley. Gaurav, you may please ask your question now.
Gaurav Rateria: Hi, am I audible?
Vipul Garg: Yes, yes please go ahead. So thanks for taking my question. The first question actually is on the — if you can elaborate on the short-term impact on air business that you talked about in the near term? And also you talked about things easing out from next fiscal year. Is it likely to be more like a second half? Or you think immediately in the first half, which are things will ease out based on the plans that you see for the airlines?
Rajesh Magow: I think, Gaurav, it’s going to be every quarter some improvement. I don’t think it’s going to be second half more than first half. I think we’ll see some improvement happening first half based on the plan that we see because that is practically every month, there are more planes coming and there is wet lease sort of options being explored, etcetera. But we’ll see improvement pretty much now that the improvement could be small in the first quarter and the second quarter, it could be higher, etcetera, but that would be a matter of detailing. But we’ll see improvement pretty much every quarter.
Gaurav Rateria: So fair to say that it kind of bottoms out from the supply issues perspective in the fourth quarter of this fiscal year. And from there on, every subsequent quarter, there is an actually improvement?
Rajesh Magow: I think that will be fair to assume, yes. I mean all things being equal, right? I mean there should not be any new development. But all things being equal as of today, I think that will be a fair statement to make.
Gaurav Rateria: Got it. My second question is on the volume growth in the hotel and package segment. It’s pretty strong on the back of strong last year. But let’s say, on a steady state, given where we are in the online penetration journey, how should one think about this volume growth? Is it like going to be more like in teens? Is it something that can actually be 20s. Just trying to understand where we are in the journey of online penetration? And what is the scope headroom for growth from next 2 to 3-year perspective?
Rajesh Magow: So let me try and address, Gaurav, this one rather than just specifically calling out a number because you’ll see how it goes. But from a penetration standpoint, relative to the flights market, clearly, it is — there’s much more headroom there, especially when you add homestays category also, which is an emerging category and adding more supply by the month. It becomes even more fragmented and the online penetration for that category is also low in relative terms. So I would say all things considered, even if we assume like a 20% online penetration or thereabout as compared to 65 odd percent penetration for domestic flights, there is obviously a significant headroom. And I’m saying even if you don’t want to consider it going all the way and we look at global benchmarks, the next milestone number for online penetration for hotels and accommodation overall would be 40% at least because that has been the, in many markets, it got to about 40% world markets in the western side that I’m talking about, 40%.
It’s just that relative to the transport, it always has taken in every market, relatively speaking, a little bit more time than the transport because there are transport actually, because of the fact that it’s very unidimensional product, it moves really quickly online. Railways is a good example of that versus a good example of that and domestic rights for that matter. Wherever there is more involved purchase, experiences and fragmented market on the supply side, it just takes more time for it to move online completely. So from that perspective, I think we should probably see it, let’s say, if the overall travel and tourism market annually is going to grow at the double-digit growth rate, anywhere, if I look at some of the third-party reports, it talks about 10% to 12%, I think we should think about online growth more in terms of like, say, 1.5 to 2x kind of a range of the overall industry growth just as a thumb rule and then see how the demand patterns emerge in the quarter and basis which we can sort of form of you.
