As you will recall, Q1 was impacted by a series of exceptional external events such as geopolitical tensions, post the unfortunate Pelgaon terrorist attack on tourists and the tragic airplane crash at Ahmedabad. These events impacted the consumer sentiment for travel, especially for leisure.

Oct 28, 2025 / CEO / receipt, needs a key / Rajesh Maghu, CEO | earnings call 2025-10-28 | transcript 59de4196-1516-4ced-ac72-83cfc5488005 | chars 1562-1854 | segment 1

I am happy to report, however, that as we entered Q2, the broader travel and tourism demand started to rebound across travel segments, despite Q2 being a seasonally slow quarter.

Oct 28, 2025 / CEO / receipt, needs a key / Rajesh Maghu, CEO | earnings call 2025-10-28 | transcript 59de4196-1516-4ced-ac72-83cfc5488005 | chars 1955-2133 | segment 1

In air segment, international outbound travel from India presents a significant growth opportunity. Being an under-penetrated segment for an online perspective, we remain focused on growing this segment.

Oct 28, 2025 / CEO / receipt, needs a key / Rajesh Maghu, CEO | earnings call 2025-10-28 | transcript 59de4196-1516-4ced-ac72-83cfc5488005 | chars 2930-3133 | segment 2