We were able to partially mitigate the impact of these headwinds by promoting domestic travel with a variety of transport options to suit the varying travel budgets of our customers and promoting eastbound travel within our international travel offerings.

May 19, 2026 / COO / receipt, needs a key / Mohit Kabra, COO | earnings call 2026-05-19 | transcript 8fd518ac-2d36-4f99-b5a3-12cdede12750 | chars 15397-15652 | segment 15

For customers who are finding increasing airfares as a deterrent to travel, we have dialed up our ground transport offerings to retain or spur up domestic travel demand.

May 19, 2026 / COO / receipt, needs a key / Mohit Kabra, COO | earnings call 2026-05-19 | transcript 8fd518ac-2d36-4f99-b5a3-12cdede12750 | chars 16631-16800 | segment 16

As part of our inorganic initiatives, during the year, we announced the acquisition of Happy Expense Management Platform from CRED to strengthen our corporate business proposition. Lastly, we have also deployed about $21.7 million in the share repurchase of Biotech program. During the quarter, 233,712 ordinary shares were repurchased for an aggregate amount of $21.5 million at an average price of $92.2 per share. As we celebrate the 25-year milestone, I would like to take this opportunity to thank all our stakeholders, including our customers, great partners, associates, and our investors who have supported us throughout the journey. During the 25 years, the business has seen major macro disruptions from the dot-com burst to SARS to 9-11 or the more recent COVID pandemic. But thanks to the continued support of our stakeholders, we have not only navigated through these tough times, but always emerged stronger as a business. With that, I'd like to turn the call back to Vipul for Q&A. Thanks, Mohit. Any participant who wish to ask any questions can click on the raise hand option and we will take questions one by one. The first question is from the line of Sachin Salgankar of Bank of America. Sachin, you may please ask your question now. Thanks, Vipul. Congrats, management, again, on a great set of numbers. I have three questions. First question is on your selling and marketing expense. Clearly, we've seen them in the range of 4.5% to 5% for the longest time. But with every year

May 14, 2025 / CFO / receipt, needs a key / Mohit Kabra, CFO | earnings call 2025-05-14 | transcript 4a9b0c3d-d5c2-44ef-b5e5-de337e5420c0 | chars 19435-20934 | segment 19

Keeping aside any one-off situations, which have already been called out by Rajesh, the Indian travel industry continues to experience robust growth driven by the strength of the Indian economy, rising consumer confidence, and increased discretionary spending on travel or experiential services.

May 14, 2025 / CFO / receipt, needs a key / Mohit Kabra, CFO | earnings call 2025-05-14 | transcript 4a9b0c3d-d5c2-44ef-b5e5-de337e5420c0 | chars 14961-15256 | segment 15