MakeMyTrip Limited (NASDAQ:MMYT) Q4 2020 Earnings Conference Call - Final Transcript

Jun 26, 2020 • 08:30 am ET


MakeMyTrip Limited (NASDAQ:MMYT) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the MakeMyTrip Limited Fiscal 2020 Fourth Quarter and Full Year Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions].

I would now like to hand the conference over to your speaker, Jonathan Huang, Vice President of Investor Relations. Please go ahead.

Jonathan Huang

Thank you, Cindy. Welcome, everyone, to MakeMyTrip Limited's fiscal 2020 fourth quarter and full year earnings call. I would like to remind everyone that certain statements made on today's call are considered forward-looking statements within the meaning of the Safe Harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties and actual results may differ materially. Any forward-looking information relayed on this call speaks only as of this date and the company undertakes no obligation to update information to reflect changed circumstances. Additional information concerning these statements are contained in the Risk Factors and Forward-Looking Statements section of the company's Annual Report on Form 20-F filed with the SEC on July 23, 2019. Copies of these filings are available from the SEC or from the company's Investor Relations department.

I'm joined today by Deep Kalra, MakeMyTrip's Founder, Group Chairman; Rajesh Magow, Co-Founder and Group CEO; and Mohit Kabra, our Group CFO.

I would now like to turn the call over to Deep, to begin our discussion for today.

Deep Kalra

Thank you, Jon. Welcome everyone to our fourth quarter and full year earnings call for fiscal year 2020. I hope everyone listening is staying safe and healthy. I'd like to begin by sharing my thoughts on the reality we are faced with today and how we, as market leaders, are managing through this crisis.

The ongoing global COVID-19 pandemic has severely disrupted the way we live and carry about our everyday lives. Since the February 25th report, published by the WHO, which called for travel restrictions or prohibition as a measure to combat COVID-19, regulatory travel curbs have impacted most of us across the world.

India's stay-at-home orders had severely disrupted our domestic travel industry since March 25th, when the nationwide lockdown was implemented. This order had put a complete stop to all travel until the recent gradual lifting of restrictions on domestic flights, buses and hotels, which was on May 25th.

The disruptions to business have been unprecedented in our company's history. To say that these are trying times for our team would be an understatement. However, I firmly believe that these are also the times when a company's values and strengths are tested to the fullest.

To emerge stronger at the other end of the crisis, we focused on four key priorities. First and foremost, to ensure our employees' health and safety; second, to relentlessly support our customers amidst the utter chaos due to the sudden lockdown and flight cancellations; third, to reduce our fixed expenses to minimize cash burn during the short-term; and lastly, to aid the government