Ladies and gentlemen, thank you for standing by, and welcome to the MakeMyTrip Q1 Fiscal 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s call is being recorded. [Operator Instructions] I would now like to hand the call over to Jonathan Huang, Vice President, Investor Relations. Please go ahead.

Thank you, and welcome, everyone, to MakeMyTrip Limited fiscal 2021 first quarter 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 the information to reflect changed circumstances. Additional information concerning these statements are contained in the Risk Factors and Forward-Looking Statement section of the company's Annual Report on Form 20-F filed with the SEC on August 17, 2020. 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 and Group Executive Chairman; Rajesh Magow, Co-Founder and Group CEO; and Mohit Kabra, our Group CFO. Now, let me turn the call over to Deep to begin today's discussion.

Thank you, John. Welcome all. I hope everyone listening is staying safe and healthy during the ongoing global pandemic. Today, I'd like to share some of the actions we continue to take during these difficult times to ensure we remain in a position of strength to weather through this storm and begin our journey of recovery with a better financial trajectory than in recent past. Since our last earnings call, we have begun to see some early signs of recovery within our domestic travel business. As a reminder, while domestic flights in India were allowed to resume from May 25th, albeit to a certain amount, most other travel services was significantly impacted throughout the reported quarter. As a result, our fiscal first quarter's performance reflected the bulk of the impact that the lockdown had on our business. During the quarter, we took painful, but necessary fixed cost reductions and fully flexed our variable costs to ensure we have ample liquidity to reemerge stronger competitively. In addition, we have secured additional financings, which Mohit will discuss later to further bolster our balance sheet. We've also maintained strong cost discipline to manage our quarterly cash flow usage going forward. These actions will allow us to manage our quarterly cash burn despite a material hit to our top line numbers. Lastly, we continue to invest in our technology platform for the long-term to ensure we have the opportunity to serve customers' needs via online channels even better going forward and achieve operational cost efficiencies through greater automation. Recent developments of travel opening up gradually makes us believe that the worst of the pandemic impact might be behind us, and it should hopefully only continue to recover more gradually thereafter. Domestic air, all other modes of ground transport, that is bus, rail and cabs,…

Thank you, Deep. Hello, everyone. I sincerely hope you are all staying healthy and well during this pandemic. I would like to start by sharing a quick overview of the first fiscal quarter of 2021, which reflected the bulk of the impact that the nationwide COVID-19 lockdown had on travel and our business specifically. As we had shared on the last earnings call with the lockdown spanning all of April and most of May, our business only really resumed, albeit in a very restricted manner for the month of June. While various segments of travel had resumed in late May and early June, the travel industry was still met with a myriad of capacity limitations and travel restrictions imposed on a state-by-state level, making the resumption of travel initially challenging. As a result, while the top line was impacted, we were able to control our operating cash burn with our timely and aggressive efforts to manage the costs. The good news, however, is that we do not anticipate another prolonged and nationwide lockdown, and expect the business to continue on its path of gradual recovery, with volumes improving quarterly as demand improves. Now I would like to share color on trends. We have been seeing within each of our main lines of business. I will then share some details of the various technology projects, accomplished during the quarter, which are aimed at helping us reduce fixed costs going forward. In our domestic hotels business, more than a quarter of the 77,000 total available properties on our platform are now currently open to take bookings. While domestic hotel bookings were allowed in early June, the low availability is tied to the fact that local, regional and state-wide lockdowns were implemented, making it hard of hoteliers to smoothly ramp up their operations…

Thanks, Rajesh, and hello, everyone. I hope everyone is doing well and staying healthy. As Deep and Rajesh have both already provided a quick overview of how our first fiscal quarter transpired, I would like to share more details on cost optimization initiatives and steps being taken to ensure that we have sufficient liquidity to see us emerge stronger through this pandemic. As we begin this new fiscal year 2021, I would like to call out some changes in our segment reporting metrics or key performance indicators. The key travel services that the company offers booking of air tickets, hotels and packages and bus tickets. Income from the sale of airline tickets, hotel room nights and bus tickets is recognized as an agent on a net commission basis as the company does not assume any performance obligation relating to the service. In our packages business, the company acts as a primary obligor for such packages since the group controls these services before such services are transferred to the traveler and accordingly, the revenue for the packages business is accounted for on a gross basis. As you can see, certain parts of our revenue are recognized on a net basis and other parts of our revenue are recognized on a gross basis, therefore, to better reflect the value addition of the travel services we provide to our customers, we have historically evaluated our financial performance in each of our reportable segments based on adjusted revenue or what we used to call revenue-less service cost until fiscal year 2018. With a view to providing a more accurate representation of the margins achieved in each of our segment from our suppliers, this segment profitability measure will now be called adjusted margin. To reiterate, there is no change in the way the metric is…

Thank you, everyone, for joining our Fiscal 2021 First Quarter Earnings Call. We feel -- we look forward to speak with you very soon. And have a nice day.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.