Brand Track Study: Online Travel July 2007 Prepared by: JuxtConsult, New Delhi

Presentation flow Methodology Top lines Usage Track Usage Status User Profile Travel Behavior Online Travel Usage Behavior Media Habits Brand Track Brand Salience & Perceptions Brand Shares Brand Performance / Brand Momentux

Methodology

Top lines

Usage Track

Usage Status

User Profile

Travel Behavior

Online Travel Usage Behavior

Media Habits

Brand Track

Brand Salience & Perceptions

Brand Shares

Brand Performance / Brand Momentux

Online Survey between 17 th June to 26 th June 2007 Survey run using Google AdWords and AdSense Total Sample Collected: 2,192 Total Sample Used: 1,852 (Brand track Sample – 1,100) More recent and new India Online 2007 multipliers (April 2007) were used to make data representative of current total online urban population (multiplier on SEC, town class and region)* * See special note on the next slide Methodology

Online Survey between 17 th June to 26 th June 2007

Survey run using Google AdWords and AdSense

Total Sample Collected: 2,192

Total Sample Used: 1,852 (Brand track Sample – 1,100)

More recent and new India Online 2007 multipliers (April 2007) were used to make data representative of current total online urban population (multiplier on SEC, town class and region)*

Methodology Special Note: In the India Online study this year (2007), the width and depth of sample coverage was increased significantly by including samples from 20K – 50K population towns as well, and by sampling all SEC groups (‘A’ to ‘E’) extensively in all the 31 towns. This makes the India Online 2007 multipliers highly robust and representative of all SEC groups. As the sample collected in this quarter’s online travel brand track survey had good representation from SEC ‘D’ and ‘E’ also, these respondents have been included and analyzed in this quarter’s report. However, as SEC ‘D’ and ‘E’ were not included in the last quarter’s report (due to insufficient sample achievement), the quarter-to-quarter comparison of profile of online travel users and some of their usage behavior is likely to show noticeable variation. The variations are significant because they bring in the cumulative annual effect of changed multipliers (April 2007 against April 2006). Yet it needs to be kept in mind that the effects of these two phenomenon are likely to get manifested more noticeably in user profiles and some travel usage behavior (by making them more representative of the current situation) but not so noticeably in brand preferences and usage. This is so because a lower SEC profile ‘may’ imply lower propensity to travel and a possible lower access to internet (and hence to a travel portal) per se. But once the person is on the net there is no higher possibility of one travel portal being accessed more than the others per se (as there are no economic or technical barriers to access any specific travel portal) - the only barrier is in the mind of the person – of being aware or not aware of the brand names of these travel portals.

Special Note:

In the India Online study this year (2007), the width and depth of sample coverage was increased significantly by including samples from 20K – 50K population towns as well, and by sampling all SEC groups (‘A’ to ‘E’) extensively in all the 31 towns. This makes the India Online 2007 multipliers highly robust and representative of all SEC groups.

As the sample collected in this quarter’s online travel brand track survey had good representation from SEC ‘D’ and ‘E’ also, these respondents have been included and analyzed in this quarter’s report.

However, as SEC ‘D’ and ‘E’ were not included in the last quarter’s report (due to insufficient sample achievement), the quarter-to-quarter comparison of profile of online travel users and some of their usage behavior is likely to show noticeable variation. The variations are significant because they bring in the cumulative annual effect of changed multipliers (April 2007 against April 2006).

Yet it needs to be kept in mind that the effects of these two phenomenon are likely to get manifested more noticeably in user profiles and some travel usage behavior (by making them more representative of the current situation) but not so noticeably in brand preferences and usage.

This is so because a lower SEC profile ‘may’ imply lower propensity to travel and a possible lower access to internet (and hence to a travel portal) per se. But once the person is on the net there is no higher possibility of one travel portal being accessed more than the others per se (as there are no economic or technical barriers to access any specific travel portal) - the only barrier is in the mind of the person – of being aware or not aware of the brand names of these travel portals.

Definitions of terms used Online Travel Users: All internet users who have searched or bought a travel product online Active Users: All online travel users who have searched or bought a travel product online in last 3 months SEC: Socio Economic Classification basis education and occupation of the chief wage earner of the household Aided Brand Recall: brand recall prompted with a displayed list of brand names. All other forms of brand recall (Top of Mind, Spontaneous) are unprompted recalls Cumulative consumer share: All brands used in the last 3 months (multiple usage) Primary consumer share: The most preferred brand among all the brands used in the last 3 months (preferred usage)

Online Travel Users: All internet users who have searched or bought a travel product online

Active Users: All online travel users who have searched or bought a travel product online in last 3 months

SEC: Socio Economic Classification basis education and occupation of the chief wage earner of the household

Aided Brand Recall: brand recall prompted with a displayed list of brand names. All other forms of brand recall (Top of Mind, Spontaneous) are unprompted recalls

Cumulative consumer share: All brands used in the last 3 months (multiple usage)

Primary consumer share: The most preferred brand among all the brands used in the last 3 months (preferred usage)

Definitions of terms used Brand Sustenance: Ratio of ‘top of mind brand recall’ to ‘top of mind ad recall’ Brand Persuasion: Ratio of ‘brand likely to use next’ to ‘spontaneous brand recall’ Switch-in and Switch-out: Difference between the ‘intended buying’ of a brand and the ‘current ownership’ of the brand at individual level (likelihood of moving ‘into’ or ‘out of’ a brand) Brand Loyalty: Similarity between the ‘intended buying’ of a brand and the ‘current ownership’ of the brand at individual level (likelihood of continuing with the brand) Brand Pull: The ‘net switch’ into the brand (i.e., total switch-ins minus total switch-outs of the brand) as a ratio of its ‘current primary consumers’ Brand Momentux ™: A calculated index of a brand’s ‘current mass’ (current primary consumer share of the brand) multiplied by its ‘speed accelerators’ (arithmetic mean of mindshare factors like brand persuasion, brand pull and brand loyalty)

Brand Sustenance: Ratio of ‘top of mind brand recall’ to ‘top of mind ad recall’

Brand Persuasion: Ratio of ‘brand likely to use next’ to ‘spontaneous brand recall’

Switch-in and Switch-out: Difference between the ‘intended buying’ of a brand and the ‘current ownership’ of the brand at individual level (likelihood of moving ‘into’ or ‘out of’ a brand)

Brand Loyalty: Similarity between the ‘intended buying’ of a brand and the ‘current ownership’ of the brand at individual level (likelihood of continuing with the brand)

Brand Pull: The ‘net switch’ into the brand (i.e., total switch-ins minus total switch-outs of the brand) as a ratio of its ‘current primary consumers’

Brand Momentux ™: A calculated index of a brand’s ‘current mass’ (current primary consumer share of the brand) multiplied by its ‘speed accelerators’ (arithmetic mean of mindshare factors like brand persuasion, brand pull and brand loyalty)

Toplines

Usage Track With the inclusion of SEC ‘D’ and ‘E’ in the user base, the corrected current usage base of online travel category stands at 58% of all regular internet users 97% of these online travel users were active in the last quarter, with 71% buying a travel product online (and 26% stopping at just searching) Proportion of searchers has gone up 10% points (from 16% in last quarter) and that of bookers has gone down by 10% points (from 81%) Among bookers, 87% booked a train or air ticket, 40% booked hotels and 27% tour packages. About 1 in 5 (18%) booked all the three products Among the ‘ticket’ bookers, 69% booked train tickets and 60% booked air tickets. Almost half of the train and air ticket booker base (48%) is common Hotels bookings showed the highest growth at 31%, followed by air tickets at 20%. In the next 3 months, while usage of train tickets is expected to stay put, that of air tickets and hotels is expected to fall

With the inclusion of SEC ‘D’ and ‘E’ in the user base, the corrected current usage base of online travel category stands at 58% of all regular internet users

97% of these online travel users were active in the last quarter, with 71% buying a travel product online (and 26% stopping at just searching)

Proportion of searchers has gone up 10% points (from 16% in last quarter) and that of bookers has gone down by 10% points (from 81%)

Among bookers, 87% booked a train or air ticket, 40% booked hotels and 27% tour packages. About 1 in 5 (18%) booked all the three products

Among the ‘ticket’ bookers, 69% booked train tickets and 60% booked air tickets. Almost half of the train and air ticket booker base (48%) is common

Hotels bookings showed the highest growth at 31%, followed by air tickets at 20%. In the next 3 months, while usage of train tickets is expected to stay put, that of air tickets and hotels is expected to fall

Usage Track Shifts noticed in the online travel user profile are: (shifts higher among searchers than bookers) 14% shift towards the ‘below 24 years’ age groups 31% shift in favor of the smaller ‘others’ city-markets 10% shift in favor of the below Rs.10,000 monthly family income households 6% shift in favor 2-wheeler ownership, and 7% away from car ownership Just 4% and 3% drop in ownership of credit cards and mobile phones 6% shift away from home and 8% in favor of cyber café for accessing the net 5% shift in favor of checking online travel websites at least once a week 5% shift in favor of users who travel for work purpose only 41% of the online bookers plan to undertake a vacation in the coming 3 months

Shifts noticed in the online travel user profile are: (shifts higher among searchers than bookers)

14% shift towards the ‘below 24 years’ age groups

31% shift in favor of the smaller ‘others’ city-markets

10% shift in favor of the below Rs.10,000 monthly family income households

6% shift in favor 2-wheeler ownership, and 7% away from car ownership

Just 4% and 3% drop in ownership of credit cards and mobile phones

6% shift away from home and 8% in favor of cyber café for accessing the net

5% shift in favor of checking online travel websites at least once a week

5% shift in favor of users who travel for work purpose only

41% of the online bookers plan to undertake a vacation in the coming 3 months

Brand Track With 27% top of mind ad recall, Yatra for the first time overtakes Makemytrip which manages 26% top of mind ad recall. However, Makemytrip continues to lead the top of mind brand recall for the category at 26%, while Yatra follows at 23% Though Makemytrip also leads marginally in ‘spontaneous’ brand recall (at 43%), Yatra overtakes Makemytrip again at the ‘aided’ brand awareness level (70% against Makemytrip’s 68%) But overall, Makemytrip performs better than Yatra in terms of brand recall as 43% of its brand awareness is top of mind against only 33% for Yatra Makemytrip also continues to lead brand ‘associations’ for most of the key category attributes. But Yatra follows as a close second on most of them. Air Deccan also catches up on ‘lowest air fare’ attribute association Almost all the key travel portals get similar levels of ‘per capita’ average of number of visits to their website. Only Travelguru gains in both per capita visits and bookings compared to the last quarter Though both IRCTC and Yatra improved their ‘visit-to-book’ ratio compared to the last quarter, it is IRCTC which shows a better ‘visit-to-book’ conversion ratio of 0.38

With 27% top of mind ad recall, Yatra for the first time overtakes Makemytrip which manages 26% top of mind ad recall. However, Makemytrip continues to lead the top of mind brand recall for the category at 26%, while Yatra follows at 23%

Though Makemytrip also leads marginally in ‘spontaneous’ brand recall (at 43%), Yatra overtakes Makemytrip again at the ‘aided’ brand awareness level (70% against Makemytrip’s 68%)

But overall, Makemytrip performs better than Yatra in terms of brand recall as 43% of its brand awareness is top of mind against only 33% for Yatra

Makemytrip also continues to lead brand ‘associations’ for most of the key category attributes. But Yatra follows as a close second on most of them. Air Deccan also catches up on ‘lowest air fare’ attribute association

Almost all the key travel portals get similar levels of ‘per capita’ average of number of visits to their website. Only Travelguru gains in both per capita visits and bookings compared to the last quarter

Though both IRCTC and Yatra improved their ‘visit-to-book’ ratio compared to the last quarter, it is IRCTC which shows a better ‘visit-to-book’ conversion ratio of 0.38

Brand Track Leaving aside IRCTC, Makemytrip comes back to lead the category in terms of secondary consumer share at 36%. Yatra follows at 33% share. Yatra is the only key player to lose secondary user share noticeably (by 6% points), and thereby loses the top slot to Makemytrip In terms of primary consumer share, Makemytrip again leads the category at 28%. Yatra follows next, with 23% share. Makemytrip, Yatra and Travelguru gain primary user share compared to the last quarter Makemytrip continues to show the best ‘secondary-to-primary’ user share conversion ratio of 77%. Yatra is not far behind at 71%. Yatra shows the highest brand momentum in the current quarter. While Makemytrip, IRCTC and Air Deccan ‘decelerate’, Yatra, Travelguru and Cleartrip ‘accelerate’ in their brand momentum Makemytrip ‘decelerates’ due to drop in all the three brand speed factors (persuasion, pull and loyalty). Yatra ‘accelerates’ despite drop in brand pull, as it more than covers up for it in persuasion, loyalty and increased mass In the next quarter, Yatra, IRCTC and Travelguru are expected to gain primary share while Makemytrip likely to lose some. If the indicative trend come true, then Yatra is expected to emerge as the new ‘category leader’ for online travel by the end of the next quarter

Leaving aside IRCTC, Makemytrip comes back to lead the category in terms of secondary consumer share at 36%. Yatra follows at 33% share. Yatra is the only key player to lose secondary user share noticeably (by 6% points), and thereby loses the top slot to Makemytrip

In terms of primary consumer share, Makemytrip again leads the category at 28%. Yatra follows next, with 23% share. Makemytrip, Yatra and Travelguru gain primary user share compared to the last quarter

Makemytrip continues to show the best ‘secondary-to-primary’ user share conversion ratio of 77%. Yatra is not far behind at 71%.

Yatra shows the highest brand momentum in the current quarter. While Makemytrip, IRCTC and Air Deccan ‘decelerate’, Yatra, Travelguru and Cleartrip ‘accelerate’ in their brand momentum

Makemytrip ‘decelerates’ due to drop in all the three brand speed factors (persuasion, pull and loyalty). Yatra ‘accelerates’ despite drop in brand pull, as it more than covers up for it in persuasion, loyalty and increased mass

In the next quarter, Yatra, IRCTC and Travelguru are expected to gain primary share while Makemytrip likely to lose some. If the indicative trend come true, then Yatra is expected to emerge as the new ‘category leader’ for online travel by the end of the next quarter

Usage Status

Online Travel Usage – Current Status Online Travel Users* 100% Searched and Booked 71% Note - As per India Online 2007 study, online travel users constitute 58% of all regular urban internet users. This proportion is lower than the 76% reported in last quarter usage track. The lower number is not indicative of any decline in usage of the category but reflects only a correction due to inclusion and better representation of lower SEC groups ‘D’ and ‘E’ in the user base from this quarter. Till last quarter, the user base in the brand track study reflected only SEC ‘A’, ‘B’ and ‘C’. Active Users - last 3 months 97% Searched Only 26% * 58% of all regular internet users in urban India (Source: India Online 2007 )

Online Travel Product Usage - All Hotel and tour package bookings went up (+8% and +5%), but travel ticket bookings declined (-11%) Opposite trend among searchers – tickets went up marginally (+2%) but hotel and tours declined (-9% and -14%) Searchers 26% of all Travel users Train/Air Tickets Only 18% (+6%) Hotel Only 3% (-4%) Tour Package Only 8% (-8%) 7% (+1%) 33% (+6%) 12% (+1%) Train/Air Tickets - 70% (+2%) Hotels - 55% (-9%) Tour Packages - 65% (-14%) 12% (-13%) Bookers 71% of all Travel users Train/Air Tickets - 87% (-11%) Train/Air Tickets Only 48% (-13%) Hotel Only 4% (+3%) Tour Package Only 2% (+1%) 16% (-) 18% (+4%) 2% (+2%) 5% (-2%) Hotels - 40% (+8%) Tour Packages - 27% (+5%)

Hotel and tour package bookings went up (+8% and +5%), but travel ticket bookings declined (-11%)

Opposite trend among searchers – tickets went up marginally (+2%) but hotel and tours declined (-9% and -14%)

Online Travel Product Usage – Ticketing Among bookers, the decline is reflected almost equally in both train and air tickets (-16% and -15%) Among searchers, the decline in usage is significant mainly for air tickets (-12%) Ticket Bookers 87% of all bookers Train Tickets Only 21% (-4%) Air Tickets Only 12% (-3%) Both Train and Air Tickets 48% (-12%) Train Tickets - 69% (-16%) Air Tickets - 60% (-15%) Ticket Searchers 70% of all searchers Train Tickets Only 13% (-20%) Air Tickets Only 6% (-33%) Both Train and Air Tickets 45% (+17%) Train Tickets - 58% (-3%) Air Tickets - 51% (-12%)

Among bookers, the decline is reflected almost equally in both train and air tickets (-16% and -15%)

Among searchers, the decline in usage is significant mainly for air tickets (-12%)

Online Travel User Profile

Demographic distribution Gender As a result of new weights and inclusion of SEC ‘D’ and ‘E’, the gender equation of all travel users swings significantly towards males

As a result of new weights and inclusion of SEC ‘D’ and ‘E’, the gender equation of all travel users swings

significantly towards males

Demographic distribution Age There is an overall shift towards younger age groups (below 24 years) among the online travel user base This is largely because SEC ‘D’ and ‘E’ net users tend be noticeably younger in their age profile The shift is higher among the searchers as they usually show younger age profile compared to bookers

There is an overall shift towards younger age groups (below 24 years) among the online travel user base

This is largely because SEC ‘D’ and ‘E’ net users tend be noticeably younger in their age profile

The shift is higher among the searchers as they usually show younger age profile compared to bookers

Demographic distribution Occupation The proportion of ‘other’ occupational groups goes up noticeably, more so among the searchers

The proportion of ‘other’ occupational groups goes up noticeably, more so among the searchers

Demographic distribution Marital status In line with the age profile, proportion of online travel users who are ‘unmarried’ has increased noticeably

In line with the age profile, proportion of online travel users who are ‘unmarried’ has increased noticeably

Geographic distribution City type The proportion of online travel users from the smaller ‘other’ city-markets move up significantly Expectedly, their proportion moves up more significantly among ‘searchers’ than ‘buyers’

The proportion of online travel users from the smaller ‘other’ city-markets move up significantly

Expectedly, their proportion moves up more significantly among ‘searchers’ than ‘buyers’

Geographic distribution Top 10 Cities Among the main towns, only users from Mumbai and Hyderabad show significant decline, more so among the searchers City Searched Only Searched & Booked Only All Users Sample Base 482 1,315 1,797 Delhi 9% (-2%) 10% (+2%) 10% (0%) Mumbai 7% (-7%) 10% (-3%) 9% (-3%) Bangalore 5% (-2%) 11% (+2%) 9% (+2%) Chennai 5% (+1%) 6% (0%) 6% (0%) Hyderabad 4% (-4%) 4% (-1%) 4% (-3%) Ahmedabad 2% (+1%) 3% (0%) 2% (0%) Kolkatta 2% (+1%) 2% (-1%) 2% (0%) Secunderabad 2% ( - ) 2% ( - ) 2% ( - ) Pune 1% (-1%) 3% (-1%) 2% (-1%) Coimbatore 1% (+1%) 1% (+1%) 1% (+1%)

Among the main towns, only users from Mumbai and Hyderabad show significant decline,

more so among the searchers

Economic distribution Monthly household income (MHI) Proportion of users with MHI below Rs.10,000 increases both among searchers (+22%) as well as bookers (+10%)

Proportion of users with MHI below Rs.10,000 increases both among searchers (+22%) as well as bookers (+10%)

Economic distribution Most expensive vehicle Proportions of 2-wheeler owners goes up among both the searchers and the bookers Conversely the proportion of 4-wheeler owners goes down, more so among the searchers (-13%)

Proportions of 2-wheeler owners goes up among both the searchers and the bookers

Conversely the proportion of 4-wheeler owners goes down, more so among the searchers (-13%)

Economic distribution Credit card Proportion of credit card owners goes only down marginally (much less than 4-wheeler ownership) The proportional drop is almost the same among both the searchers and the bookers

Proportion of credit card owners goes only down marginally (much less than 4-wheeler ownership)

The proportional drop is almost the same among both the searchers and the bookers

Economic distribution Mobile Phone Proportion of mobile phone ownership goes down only marginally among the bookers The drop is more significant among the searchers at –12%

Proportion of mobile phone ownership goes down only marginally among the bookers

The drop is more significant among the searchers at –12%

Socio economic distribution SEC SEC ‘A’ users continue to show up proportionately more among the ‘bookers’ than among the ‘searchers’ SEC ‘D’ shows up more significantly among the searchers than among the buyers

SEC ‘A’ users continue to show up proportionately more among the ‘bookers’ than among the ‘searchers’

SEC ‘D’ shows up more significantly among the searchers than among the buyers

Socio economic distribution Head of the Household There is no noticeable change in terms of proportion of CWE profile in the online travel user base * CWE – Chief wage earner

There is no noticeable change in terms of proportion of CWE profile in the online travel user base

Travel Behavior

Primary purpose of travel While proportion of searchers traveling for work purpose went up (+12%), proportion of bookers traveling for both work and personal reasons came down (-8%)

While proportion of searchers traveling for work purpose went up (+12%), proportion of bookers traveling

for both work and personal reasons came down (-8%)

Regular place of travel – within India * 3% of the users do not travel in India at all 1% 1% 2% 3% 5% 8% 9% 10% 18% 18% 618 Search & Booked Only 6% 5% 3% 1% 9% 4% 15% 13% 8% 14% 174 Searched Only 2% 2% 2% 3% 6% 7% 10% 11% 16% 17% 792 All Users 1% -2% 0% -1% 3% -1% 2% 3% 6% 2% Change from PQ % 6% -5% 0% -2% 5% 4% 4% 1% -2% 6% Change from PQ % Change from PQ % Sample Base 2% Visakhapatanam -1% Ahmadabad 0% Jaipur -2% Kolkata 3% Goa -2% Hyderabad 3% Bangalore 3% Chennai 3% Mumbai 1% Delhi Place of travel within India (Top 10 cities)

Regular place of travel – internationally * 66% of the users do not travel internationally at all 1% 2% 0% -12% 7% 5% 5% 4% -30% 6% Change from PQ % 1% 2% 0% 3% 7% 5% 5% 4% 3% 6% 41 Searched Only 2% 2% 3% 3% 4% 4% 6% 7% 10% 11% 271 All Users 2% -1% 4% -3% -1% 3% 5% 0% -4% 3% Change from PQ % 1% 2% Nepal -1% 3% Malaysia 3% 4% France -3% 3% United Arab Emirates 0% 3% Thailand 4% 4% Australia 5% 6% Italy 0% 8% Singapore -6% 11% UK 2% 13% US Change from PQ % 230 Sample Base Search & Booked Only Place of travel internationally (Top 10 countries)

Plan for next vacation Though a high 41% of bookers intend to take a vacation in next 3 months, it is down by 5% from the previous quarter

Though a high 41% of bookers intend to take a vacation in next 3 months, it is down by 5% from the previous quarter

Type of vacation likely to take ‘ Hill station’ continues to be the most popular ‘intended’ vacation destination But it’s the ‘beaches’ which show a marked increase in popularity as a vacation destination this quarter

‘ Hill station’ continues to be the most popular ‘intended’ vacation destination

But it’s the ‘beaches’ which show a marked increase in popularity as a vacation destination this quarter

Online Usage Behavior

Since when using an online travel website While proportion of new bookers (added in last 3 months) is 21%, that of new searchers is a huge 53% However, a large proportion of these additions are a result of the cumulative annual effect of the new multiplier and not necessarily growth in user base in last 3 months

While proportion of new bookers (added in last 3 months) is 21%, that of new searchers is a huge 53%

However, a large proportion of these additions are a result of the cumulative annual effect of the new

multiplier and not necessarily growth in user base in last 3 months

Place of searching/booking Proportion of searchers from home went up +9%, while from place of work went down -14% In comparison, the proportion of bookers from place of work (+7%) and cyber café (+8%) went up and home fell (-9%)

Proportion of searchers from home went up +9%, while from place of work went down -14%

In comparison, the proportion of bookers from place of work (+7%) and cyber café (+8%) went up and home fell (-9%)

Frequency of using an online travel website Frequency of usage of a travel website increased among bookers at a weekly level (+7%) Among searchers, frequency of usage increased at the monthly and quarterly level (+6% and +7% respectively)

Frequency of usage of a travel website increased among bookers at a weekly level (+7%)

Among searchers, frequency of usage increased at the monthly and quarterly level (+6% and +7% respectively)

Per capita average visits - in last 3 months Both Makemytrip & Yatra averaged 10 visits per capita in the last 3 months (drop for both, relatively more for Yatra) Travelguru is the only player which saw an increase in both per capita visits and bookings compared to last quarter Note - Both Travelguru & Cleartrip have very low sample base to make statistically robust conclusion

Both Makemytrip & Yatra averaged 10 visits per capita in the last 3 months (drop for both, relatively more for Yatra)

Travelguru is the only player which saw an increase in both per capita visits and bookings compared to last quarter

Visit-to-Book Ratios In terms of ‘visits-to-book’ conversion ratio, IRCTC shows the best ratio (0.38) after Travelguru and Cleartrip IRCTC and Yatra improved their ‘visit-to-book’ conversion ratios the most as compared to the last quarter Makemytrip shows a marginal fall in the conversion ratio (+0.07) (+0.12) (+0.12) (-0.01) (-0.02) Note - Both Travelguru & Cleartrip have very low sample base to make statistically robust conclusion

In terms of ‘visits-to-book’ conversion ratio, IRCTC shows the best ratio (0.38) after Travelguru and Cleartrip

IRCTC and Yatra improved their ‘visit-to-book’ conversion ratios the most as compared to the last quarter

Makemytrip shows a marginal fall in the conversion ratio

Products bought online – last 3 months (Bought in current quarter Vs. Bought in previous quarter) Despite no growth in usage train tickets continue to be the most bought travel product online at 72% Air tickets, hotels and tour packages all show growth in usage compared to previous quarter Hotels shows the highest growth at +31% points, followed by air tickets at +20% points

Despite no growth in usage train tickets continue to be the most bought travel product online at 72%

Air tickets, hotels and tour packages all show growth in usage compared to previous quarter

Hotels shows the highest growth at +31% points, followed by air tickets at +20% points

Except for hotels, the current quarter usage were fairly close to the stated intention levels in the last quarter Products bought online – last 3 months (Bought in current quarter Vs. Intention to buy indicated in previous quarter)

Except for hotels, the current quarter usage were fairly close to the stated intention levels in the last quarter

Mode of payment Usage of credit, debit and cash cards continue to increase, albeit only slowly Usage of cheque on delivery showed the most noticeable growth (+5%) over the previous quarter

Usage of credit, debit and cash cards continue to increase, albeit only slowly

Usage of cheque on delivery showed the most noticeable growth (+5%) over the previous quarter

In the next 3 months usage of train tickets is expected to stay put at 73%, air tickets and hotels is likely to fall On the other hand, users intend to book tours, bus tickets and rent cars noticeably more in the next quarter Future Intentions of buying products online – next 3 months (Bought in current quarter versus Intention to buy in the next quarter)

In the next 3 months usage of train tickets is expected to stay put at 73%, air tickets and hotels is likely to fall

On the other hand, users intend to book tours, bus tickets and rent cars noticeably more in the next quarter

Media Preferences

Most watched TV channel – Top 10 TV Channels Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ NDTV 19% 4% 9% -6% CNN IBN 4% 1% 8% 2% Star Plus 11% -7% 7% -6% Aajtak 7% 7% 6% 0% Discovery 4% 3% 6% -6% Sun TV 3% -9% 6% 5% Zee TV 2% -5% 6% 4% CNBC 5% -1% 5% -2% Sony 2% -5% 4% 1% Travel & Living 1% 1% 4% 3%

Most read newspaper – Top 10 Newspapers Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ The Times of India 28% -17% 49% 6% The Hindu 21% 11% 16% 2% The Hindustan Times 5% -13% 7% -1% Deccan Chronicle 3% -1% 3% 1% Dinakaran 0% 0% 3% 3% The Telegraph 3% 1% 3% -1% Indian Express 5% 5% 2% -1% The Economic Times 1% 0% 2% -4% The Tribune 2% 2% 2% 1% DNA 1% -2% 1% -1%

Most read magazine – Top 10 Magazines Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ India Today 31% 12% 26% -5% Outlook 6% 4% 9% 0% The Week 3% 2% 9% 3% Reader's Digest 1% 1% 4% -4% Star Dust 7% 7% 3% 1% Femina 7% -10% 3% 0% Business Today 0% -9% 3% 0% Sports Star 2% -1% 2% 1% Women's Era 1% 1% 2% 2% Business World 2% 2% 2% -1%

Most listened radio channel – Top 10 Radio Channel Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ Radio Mirchi 41% 18% 36% 4% Radio City 8% -7% 12% 0% Red FM 7% -9% 9% 0% Big FM 3% -10% 7% 4% Suryan FM 11% 11% 6% 5% Fever FM 1% 1% 4% 4% Vividh Bharati 2% 2% 3% 3% AIR FM RAINBOW 3% 3% 2% 0% Radio FM 2% 2% 2% 2% AIR FM GOLD 3% 1% 1% 0%

Most used website for Emailing Emailing Websites Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ Yahoo 54% 17% 47% 0% Gmail 17% -6% 26% 5% Rediff 16% -6% 10% -3% Hotmail 3% -10% 6% -2% Sify 2% -1% 2% -1% Indiatimes 1% 0% 1% -3% VSNL 0% 0% 1% 0%

Most used website for Online News – Top 10 Online News Websites Searched Only (Current Quarter) Change from PQ Searched & Booked (Current Quarter) Change from PQ Ibnlive 10% 8% 15% 8% NDTV 10% 1% 14% 0% Yahoo 20% 5% 12% 4% Rediff 12% -3% 9% -5% Indiatimes 8% -18% 7% -2% Google 12% 12% 6% 0% Timesofindia 2% -2% 5% 0% BBC 3% 0% 4% 1% Sify 7% 3% 3% -3% Zeenews 0% 0% 2% 2%

Brand Salience and Perceptions

Top of mind ad recall Yatra gets the highest TOM ad recall (27%), though Makemytrip is a close follower (26%) Compared to the previous quarter, only Yatra gained significantly in terms of TOM ad recall among both searchers and bookers

Yatra gets the highest TOM ad recall (27%), though Makemytrip is a close follower (26%)

Compared to the previous quarter, only Yatra gained significantly in terms of TOM ad recall among both searchers and bookers

Top of mind ad recall – All Brands Top of mind Ad Recall Searched Only Search & Booked Only All Users Sample Base 296 804 1,100 Yatra 24% 29% 27% Makemytrip 21% 28% 26% IRCTC 7% 7% 7% Travelguru 7% 6% 6% Cleartrip 4% 3% 3% Yahoo Travels 4% 3% 3% Google 3% 2% 3% Airdeccan 2% 1% 1% Goair 2% 1% 1% Travel India 1% 1% 1% Raj Travels 2% 1% 1% Top of mind Ad Recall Searched Only Search & Booked Only All Users Sample Base 296 804 1,100 Thomascook 0% 1% 1% Travel 3% 1% 2% Jet Airways 0% 1% 1% Kingfisher 0% 1% 1% Flightraja 0% 1% 1% Indian Airlines 1% 1% 1% Indiatravels 0% 1% 0%

Source of ad recall 1% 2% 33% 29% 22% 14% 12% 70% Travelguru Source of awareness Yatra Makemytrip IRCTC Cleartrip Base: All Users Television 73% 65% 17% 57% Newspaper 20% 30% 32% 37% Magazine/Newsletter 9% 28% 25% 15% Radio 2% 4% 6% 6% Internet - Banner on a website 29% 50% 46% 62% Internet - Text link ad on a website 33% 33% 24% 50% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 1% 9% 9% 3% Can't recall where I saw the ad 2% 2% 17% 0%

Yatra TOM ad awareness: 27% Source of awareness Current Quarter Change from Previous Quarter Base: All Users Television 73% +14% Newspaper 20% +6% Magazine/Newsletter 9% -3% Radio 2% +1% Internet - Banner on a website 29% -15% Internet - Text link ad on a website 33% +7% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 1% 0% Can't recall where I saw the ad 2% -1%

Makemytrip TOM ad awareness: 26% Source of awareness Current Quarter Change from Previous Quarter Base: All Users Television 65% +7% Newspaper 30% +5% Magazine/Newsletter 28% +2% Radio 4% 0% Internet - Banner on a website 50% -3% Internet - Text link ad on a website 33% -1% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 9% +3% Can't recall where I saw the ad 2% 0%

IRCTC TOM ad awareness: 7% Source of awareness Current Quarter Change from Previous Quarter Base: All Users Television 17% -1% Newspaper 32% +4% Magazine/Newsletter 25% +5% Radio 6% +2% Internet - Banner on a website 46% -2% Internet - Text link ad on a website 24% -17% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 9% +3% Can't recall where I saw the ad 17% +7%

Travelguru TOM ad awareness: 6% Source of awareness Current Quarter Change from Previous Quarter Base: All Users Television 70% +47% Newspaper 12% -14% Magazine/Newsletter 14% -6% Radio 22% +22% Internet - Banner on a website 29% -53% Internet - Text link ad on a website 33% -35% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 2% -2% Can't recall where I saw the ad 1% 0%

Cleartrip TOM ad awareness: 3% Source of awareness Current Quarter Change from Previous Quarter Base: All Users Television 57% +28% Newspaper 37% +4% Magazine/Newsletter 15% -5% Radio 6% +6% Internet - Banner on a website 62% +15% Internet - Text link ad on a website 50% +32% Outdoor (hoarding, kiosk, bus panel, exhibition, etc) 3% -3% Can't recall where I saw the ad 0% 0%

Top of mind brand recall Makemytrip still retains its lead as the TOM brand recalled (26%). Yatra close on the heels at 23% Compared to the previous quarter, only Travelguru gains share of mind notceably, especially among the searchers (+5%) Makemytrip TOM brand recall dropped marginally compared to the last quarter (-2%)

Makemytrip still retains its lead as the TOM brand recalled (26%). Yatra close on the heels at 23%

Compared to the previous quarter, only Travelguru gains share of mind notceably, especially among the searchers (+5%)

Makemytrip TOM brand recall dropped marginally compared to the last quarter (-2%)

Top of mind brand recall – All Brands Top of mind Ad Recall Searched Only Search & Booked Only All Users Sample Base 296 804 1,100 Makemytrip 23% 27% 26% Yatra 24% 22% 23% IRCTC 13% 17% 16% Travelguru 6% 7% 7% Cleartrip 3% 4% 3% Google 3% 3% 3% Yahoo Travels 3% 2% 2% Airdeccan 1% 2% 2% Raj Travels 3% 1% 2% Travel India 2% 0% 1% Flightraja 0% 1% 1% Top of mind Ad Recall Searched Only Search & Booked Only All Users Sample Base 296 804 1,100 Jet Airways 0% 1% 1% Indiatimes Travel 1% 1% 1% Thomascook 0% 1% 1% Travel 2% 0% 1% Indiatravels 0% 1% 1% Rediff Travel 1% 0% 1%

Source of TOM brand recall 0% 2% 24% 17% 4% 16% 10% 74% Travelguru Source of awareness Makemytrip Yatra IRCTC Cleartrip Base: All Users From an advertisement 58% 65% 33% 59% From a news story/article/feature 6% 7% 6% 8% From a relative/friend/colleague 14% 14% 29% 40% From a direct mailer/newsletter/sales call 5% 4% 8% 6% While searching for travel related info using a search engine 44% 28% 31% 42% From a link on another website 29% 28% 24% 16% From an exhibition/event 1% 3% 1% 6% Don't remember 3% 2% 8% 0%

Makemytrip Source of awareness Current Quarter Change from Previous Quarter Base: All Users From an advertisement 58% -7% From a news story/article/feature 6% -6% From a relative/friend/colleague 14% -10% From a direct mailer/newsletter/sales call 5% +1% While searching for travel related info using a search engine 44% +2% From a link on another website 29% +2% From an exhibition/event 1% -2% Don't remember 3% 0%

Yatra Source of awareness Current Quarter Change from Previous Quarter Base: All Users From an advertisement 65% +1% From a news story/article/feature 7% 0% From a relative/friend/colleague 14% -5% From a direct mailer/newsletter/sales call 4% +2% While searching for travel related info using a search engine 28% -1% From a link on another website 28% +1% From an exhibition/event 3% +2% Don't remember 2% 0%

IRCTC Source of awareness Current Quarter Change from Previous Quarter Base: All Users From an advertisement 33% -6% From a news story/article/feature 6% +1% From a relative/friend/colleague 29% -1% From a direct mailer/newsletter/sales call 8% +6% While searching for travel related info using a search engine 31% 0% From a link on another website 24% +5% From an exhibition/event 1% 0% Don't remember 8% +1%

Travelguru Source of awareness Current Quarter Change from Previous Quarter Base: All Users From an advertisement 74% 46% From a news story/article/feature 10% 5% From a relative/friend/colleague 16% 12% From a direct mailer/newsletter/sales call 4% 3% While searching for travel related info using a search engine 17% -51% From a link on another website 24% -41% From an exhibition/event 2% -2% Don't remember 0% -2%

Cleartrip Source of awareness Current Quarter Change from Previous Quarter Base: All Users From an advertisement 59% -27% From a news story/article/feature 8% -15% From a relative/friend/colleague 40% +11% From a direct mailer/newsletter/sales call 6% +3% While searching for travel related info using a search engine 42% +7% From a link on another website 16% -12% From an exhibition/event 6% +6% Don't remember 0% 0%

Spontaneous brand recall* At 43% Makemytrip barely manages to stay ahead of Yatra at spontaneous brand recall level However, Makemytrip leads more among the bookers (49%), Yatra leads among the searchers (37%) Compared to the previous quarter, only Travelguru has gained spontaneous recall noticeably (+9%) * Top 3 brand recalls

At 43% Makemytrip barely manages to stay ahead of Yatra at spontaneous brand recall level

However, Makemytrip leads more among the bookers (49%), Yatra leads among the searchers (37%)

Compared to the previous quarter, only Travelguru has gained spontaneous recall noticeably (+9%)

Aided brand awareness* At aided brand awareness level, Yatra leads significantly among the searchers (66%) and IRCTC among bookers (83%) Overall, with 70% brand awareness Yatra leads the pack marginally Compared to previous quarter, IRCTC and Travelguru show considerable gain in aided awareness overall (+12% and +8%) * Brand names prompted

At aided brand awareness level, Yatra leads significantly among the searchers (66%) and IRCTC among bookers (83%)

Overall, with 70% brand awareness Yatra leads the pack marginally

Compared to previous quarter, IRCTC and Travelguru show considerable gain in aided awareness overall (+12% and +8%)

Brand recall summary – All Users 43% of Makemytrip’s total brand recall is top of mind, while it is 33% for Yatra and 24% for IRCTC Compared to previous quarter, Travelguru and Yatra have improved their ratios marginally (+0.05 and 0.02) Recall Levels IRCTC Makemytrip Travelguru Yatra Cleartrip Aided brand awareness 68% 61% 44% 70% 41% Spontaneous brand recall 23% 43% 23% 42% 13% Top of mind brand recall 16% 26% 7% 23% 3% Ratio of TOM brand recall to Aided brand awareness 0.24 0.43 0.16 0.33 0.07 Change from previous quarter -0.05 -0.04 +0.05 +0.02 -0.03

43% of Makemytrip’s total brand recall is top of mind, while it is 33% for Yatra and 24% for IRCTC

Compared to previous quarter, Travelguru and Yatra have improved their ratios marginally (+0.05 and 0.02)

Share of word of mouth* * website most likely to recommend Despite a 2% fall from previous quarter, Makemytrip still leads the category on share of word of mouth at 29% Yatra gains as compared to previous quarter (especially among searchers with +5%) to move up its share at overall level to 24% Other brands who gained share of ‘word of mouth’, though marginally, are Travelguru and Thomas Cook

Despite a 2% fall from previous quarter, Makemytrip still leads the category on share of word of mouth at 29%

Yatra gains as compared to previous quarter (especially among searchers with +5%) to move up its share at overall level to 24%

Other brands who gained share of ‘word of mouth’, though marginally, are Travelguru and Thomas Cook

Brand Perceptions

Brand associations – by attributes Makemytrip is still the most highly associated brand with most of the key category attributes, in spite of slipping on all attributes this quarter. Yatra follows as a close second to Makemytrip on most attributes Air Deccan stands out for its association with the ‘lowest air fare’ attribute * Figures in brackets represent the ‘change’ compared to the previous quarter in percentage (-5) (+1) on the net rates on the net deals on the net related online solutions image service (+1) (-1) (-1) (-1) (-1) (0) (-3) (0) (-1) (+2) (+1) (-2) (+1) (0) (-3) (0) (+1) (+1) (+2) (-2) (0) (0) (0) (0) (-4) (+1) (-1) (-2) (0) (0) (-1) (+3) (0) (+1) (-2) (-1) (0) (0) (-4) (+2) (+2) (+1) (0) (0) (-2) (-1)

Makemytrip is still the most highly associated brand with most of the key category attributes, in spite of slipping on all attributes this quarter.

Yatra follows as a close second to Makemytrip on most attributes

Air Deccan stands out for its association with the ‘lowest air fare’ attribute

Brand associations – overall perceptions * The nearer the brand is to an attribute, more strongly it is associated with that attribute as compared to the other attributes Makemytrip Yatra Travelguru Air Deccan IRCTC 1.5 1.0 .5 0.0 -.5 -1.0 1.5 1.0 .5 0.0 -.5 -1.0 Most dependable service Great Brand image Complete travel related solns. Best tour package deals Lowest hotel rates on net Lowest air fares on net Spicejet Airdeccan Cleartrip Yatra Travelguru Indiatimes travel Makemytrip IRCTC Brand Attribute

Brand Shares

Cumulative (secondary) consumer share* IRCTC continue to show very high multiple usage (70%) in this quarter as well. Only Yatra loses multiple usage noticeably (-6%) All smaller brands put together (‘others’) have managed to retained significant multiple usage share of 36%. Indicates growth as well as a lot of ‘experimentation usage’ in the category * Multiple usage of websites, adds up to more than 100% in usage

IRCTC continue to show very high multiple usage (70%) in this quarter as well. Only Yatra loses multiple usage noticeably (-6%)

All smaller brands put together (‘others’) have managed to retained significant multiple usage share of 36%. Indicates growth as well

as a lot of ‘experimentation usage’ in the category

Preferred (primary) consumer share* In terms of primary user share, Makemytrip retains its top slot with 28% share (a 5% gain over last quarter) Yatra also gains 4% in user preference, to continue at the second spot with 23% primary user share Travelguru is the other brand that has gained primary share (+3%) compared to the previous quarter * Most preferred website in usage, adds up to 100% in usage

In terms of primary user share, Makemytrip retains its top slot with 28% share (a 5% gain over last quarter)

Yatra also gains 4% in user preference, to continue at the second spot with 23% primary user share

Travelguru is the other brand that has gained primary share (+3%) compared to the previous quarter

Primary Consumer Shares – All Brands Change Current Quarter Previous Quarter Brand Actual Share Actual Share Makemytrip +5% 28% 24% Yatra +4% 23% 19% IRCTC -2% 16% 19% Travelguru +3% 7% 4% Cleartrip 0% 4% 4% Yahoo Travels +1% 2% 1% Airdeccan -1% 2% 3% Thomascook +2% 2% ( - ) Spicejet 0% 2% 1% 3% 1% -2% Indiatimes Travel 2% 1% -1% Indiatravels Change Current Quarter Previous Quarter Brand Actual Share Actual Share Travel India 0% 1% 1% Indian Airlines 0% 1% 1% Ksrtc +1% 1% ( - ) Flightraja 0% 1% 0% Prime travel +1% 1% ( - ) Travel 0% 1% 1% Google 0% 1% 0%

Primary-Secondary consumer share ratios Makemytrip continues to have the best ‘secondary-to-primary’ user share conversion ratio of 77%. It is followed closely by Yatra at 71% As compared to the last quarter, Travelguru, Yatra and Makemytrip show significant improvement in their conversion ratios IRCTC not only has the lowest secondary-to-primary share conversion ratio (0.23) but also show a further marginal decline in it (+0.22) (+0.14) (-0.04) (+0.26) (+0.03)

Makemytrip continues to have the best ‘secondary-to-primary’ user share conversion ratio of 77%. It is followed closely by Yatra at 71%

As compared to the last quarter, Travelguru, Yatra and Makemytrip show significant improvement in their conversion ratios

IRCTC not only has the lowest secondary-to-primary share conversion ratio (0.23) but also show a further marginal decline in it

Reason for brand preference Source of awareness Makemytrip Yatra IRCTC Travelguru Cleartrip Base: All Users Highly appealing website design 40% 28% 25% 30% 35% Has the widest choice of travel options - flights/hotels/tour 53% 39% 28% 26% 50% Has the most relevant choices for my needs - flights/hotels/tours 64% 32% 22% 34% 62% Lowest fares/deals/offers 72% 63% 32% 68% 66% Best guidance on travel destinations, travel planning 57% 45% 36% 44% 32% Most easy to use and find the right information quickly 61% 34% 49% 44% 55% Most hassle free payment procedure 33% 26% 28% 29% 57% Best security features to protect online transactions 26% 15% 25% 10% 25% Highly responsive booking and after-booking service 30% 29% 32% 19% 29% Nothing Specific / Don't know 7% 9% 15% 13% 8%

Makemytrip – reason for preference Used in the last 3 months 38% Preferred most 28% Reason Current Quarter Change from Previous Quarter Base: All Users Highly appealing website design 40% -9% Has the widest choice of travel options - flights/hotels/tour 53% -4% Has the most relevant choices for my needs - flights/hotels/tours 64% +3% Lowest fares/deals/offers 72% -3% Best guidance on travel destinations, travel planning 57% +9% Most easy to use and find the right information quickly 61% +10% Most hassle free payment procedure 33% -6% Best security features to protect online transactions 26% +2% Highly responsive booking and after-booking service 30% -3% Nothing Specific / Don't know 7% 0%

Yatra – reason for preference Used in the last 3 months 34% Preferred most 23% Reason Current Quarter Change from Previous Quarter Base: All Users Highly appealing website design 28% -11% Has the widest choice of travel options - flights/hotels/tour 39% -1% Has the most relevant choices for my needs - flights/hotels/tours 32% -18% Lowest fares/deals/offers 63% +3% Best guidance on travel destinations, travel planning 45% +7% Most easy to use and find the right information quickly 34% -14% Most hassle free payment procedure 26% -3% Best security features to protect online transactions 15% -5% Highly responsive booking and after-booking service 29% 0% Nothing Specific / Don't know 9% +2%

IRCTC – reason for preference Used in the last 3 months 24% Preferred most 16% Reason Current Quarter Change from Previous Quarter Base: All Users Highly appealing website design 25% +8% Has the widest choice of travel options - flights/hotels/tour 28% +9% Has the most relevant choices for my needs - flights/hotels/tours 22% -7% Lowest fares/deals/offers 32% +1% Best guidance on travel destinations, travel planning 36% -6% Most easy to use and find the right information quickly 49% -4% Most hassle free payment procedure 28% -8% Best security features to protect online transactions 25% -5% Highly responsive booking and after-booking service 32% 0% Nothing Specific / Don't know 15% -1%

Travelguru – reason for preference Used in the last 3 months 13% Preferred most 7% Reason Current Quarter Change from Previous Quarter Base: All Users Highly appealing website design 30% -36% Has the widest choice of travel options - flights/hotels/tour 26% -50% Has the most relevant choices for my needs - flights/hotels/tours 34% +8% Lowest fares/deals/offers 68% +38% Best guidance on travel destinations, travel planning 44% -42% Most easy to use and find the right information quickly 44% +23% Most hassle free payment procedure 29% +11% Best security features to protect online transactions 10% -58% Highly responsive booking and after-booking service 19% +2% Nothing Specific / Don't know 13% +8%

Cleartrip – reason for preference Used in the last 3 months 10% Preferred most 4% Reason Current Quarter Change from Previous Quarter Base: All Users Highly appealing website design 35% -7% Has the widest choice of travel options - flights/hotels/tour 50% +1% Has the most relevant choices for my needs - flights/hotels/tours 62% -4% Lowest fares/deals/offers 66% -2% Best guidance on travel destinations, travel planning 32% -21% Most easy to use and find the right information quickly 55% -11% Most hassle free payment procedure 57% 0% Best security features to protect online transactions 25% -10% Highly responsive booking and after-booking service 29% +2% Nothing Specific / Don't know 8% -1%

Brand Performance Track

Brand Sustenance Brand Sustenance Ratio of TOM Brand Recall TOM Ad Recall How much can your brand transcend the ad Ratio of 1 represents average efficiency

Brand Sustenance Index Yatra and Makemytrip seems to be most advertising depended brands in the category In fact, Yatra’s sustenance index compared to the previous quarter falls remarkably indicating increase in ad dependency * Other brands not included for insufficiency of sample size Change Current Quarter Previous Quarter Brand Actual Index Relative Index Actual Index Relative Index IRCTC 0.692 2.290 100% 1.598 100% Airdeccan 0.096 1.439 63% 1.343 84% Travelguru 0.305 1.123 49% 0.818 51% Cleartrip -0.239 1.040 45% 1.279 80% Makemytrip -0.061 0.995 43% 1.056 66% Yatra -0.183 0.839 37% 1.022 64%

Yatra and Makemytrip seems to be most advertising depended brands in the category

In fact, Yatra’s sustenance index compared to the previous quarter falls remarkably indicating increase in ad dependency

Brand Sustenance Map

Brand Persuasion Ratio of 1 represents high efficiency Brand Persuasion How persuasive is your brand story Ratio of Intention to Buy / Use Brand Spontaneous Brand Recall

Brand Persuasion Index IRCTC’s continues to leads the pack on brand persuasion Makemytrip & Travelguru have lost in persuasiveness Air Deccan’s persuasion index improved noticeably compared to the previous quarter. Rest of the brands improve marginally * Other brands not included for insufficiency of sample size Change Current Quarter Previous Quarter Brand Actual Index Relative Index Actual Index Relative Index IRCTC 0.024 0.616 100% 0.592 100% Yatra 0.026 0.473 77% 0.447 75% Makemytrip -0.070 0.450 73% 0.520 88% Airdeccan 0.082 0.362 59% 0.280 47% Cleartrip 0.036 0.303 49% 0.267 45% Travelguru -0.109 0.294 48% 0.403 68%

IRCTC’s continues to leads the pack on brand persuasion

Makemytrip & Travelguru have lost in persuasiveness

Air Deccan’s persuasion index improved noticeably compared to the previous quarter. Rest of the brands improve marginally

Brand Persuasion Map

Brand Pull* A positive ratio represents a growing brand Brand Pull Ability of the brand to attract news consumers or consumers of competitive brands Ratio of (Switch ins to the brand) – (Switch outs from the brand) Current primary consumer share of the brand

Brand Pull Index * Other brands not included for insufficiency of sample size Travelguru continues to show the best brand pull in the current quarter despite of a fall Air Deccan & Cleartrip show maximum improvement Makemytrip and Yatra show noticeable decline in brand pull compared to the last quarter Change Current Quarter Previous Quarter Brand Actual Index Relative Index Actual Index Relative Index Travelguru -0.102 0.148 100% 0.250 100% Cleartrip 0.138 0.121 82% -0.017 -7% Airdeccan 0.264 0.081 55% -0.183 -73% Yatra -0.072 -0.013 -9% 0.059 23% IRCTC 0.050 -0.015 -10% -0.065 -26% Makemytrip -0.143 -0.132 -89% 0.011 5%

Travelguru continues to show the best brand pull in the current quarter despite of a fall

Air Deccan & Cleartrip show maximum improvement

Makemytrip and Yatra show noticeable decline in brand pull compared to the last quarter

Brand Pull Map Proportionately more switch-outs than switch-ins

Brand Loyalty Ratio of 1 represents maximum efficiency Brand Loyalty How much is your brand retaining its existing consumers Ratio of Likely to Continue with the Brand Total Current Users of the Brand

Brand Loyalty Index * Other brands not included for insufficiency of sample size Travelguru shows the best brand loyalty index in the current quarter (80% loyalty), followed by Yatra and IRCTC IRCTC, Cleartrip & Yatra show noticeable improvement in brand loyalty compared to last quarter Makemytrip & Airdeccan have lost out on brand loyalty; Makemytrip has lost relatively the most Change Current Quarter Previous Quarter Brand Actual Index Relative Index Actual Index Relative Index Travelguru -0.018 0.802 100% 0.820 100% Yatra 0.032 0.792 99% 0.760 93% IRCTC 0.145 0.765 95% 0.620 75% Cleartrip 0.082 0.662 83% 0.580 71% Makemytrip -0.086 0.644 80% 0.730 89% Airdeccan -0.096 0.544 68% 0.640 78%

Travelguru shows the best brand loyalty index in the current quarter (80% loyalty), followed by Yatra and IRCTC

IRCTC, Cleartrip & Yatra show noticeable improvement in brand loyalty compared to last quarter

Makemytrip & Airdeccan have lost out on brand loyalty; Makemytrip has lost relatively the most

Brand Loyalty Map (-2%) (+3%) (+15) (+8%) (-9%) (-10%)

Brand Momentux™ It is an index. The higher the better Brand Momentux TM Your future market potential based on your current performance Brand X Brand Speed Mass Accelerators Current X Brand Persuasion factor, Users Brand Pull factor, Brand Loyalty factor

Brand Momentux™ * Other brands not included for insufficiency of sample size In the current quarter Yatra leads with maximum brand momentum; though not far away from Makemytrip However, Makemytrip’s momentum continues to decelerate as in the last quarter, Yatra’s continues to accelerate as in the last quarter Among other brands Travelguru and Cleartrip ‘accelerate’, while IRCTC and Airdeccan ‘decelerate’ in their brand momentums Change Current Quarter Previous Quarter Brand Actual Index Relative Index Actual Index Relative Index Yatra 0.010 0.097 100% 0.087 81% Makemytrip -0.017 0.091 93% 0.108 100% IRCTC -0.002 0.075 77% 0.077 71% Travelguru 0.005 0.029 30% 0.024 22% Cleartrip 0.003 0.015 16% 0.012 11% Airdeccan -0.003 0.006 6% 0.009 8%

In the current quarter Yatra leads with maximum brand momentum; though not far away from Makemytrip

However, Makemytrip’s momentum continues to decelerate as in the last quarter, Yatra’s continues to accelerate as in the last quarter

Among other brands Travelguru and Cleartrip ‘accelerate’, while IRCTC and Airdeccan ‘decelerate’ in their brand momentums

Brand Momentux™ Map

Brand Momentux™ Summary Improved Deteriorated No/Insignificant change Airdeccan Cleartrip Travelguru IRCTC Makemytrip Yatra Brand Brand Momentux Brand Loyalty Brand Pull Brand Persuasion Brand Mass Current Quarter vis-à-vis Previous Quarter

Estimated Primary Consumer Shares Yatra, IRCTC and Travelguru are expected to gain primary consumer share in the next quarter, while Makemytrip likely to lose share if this expected trend comes true, then Yatra is expected to emerge as the news category leader by the next quarter Other than that, market not likely to show significant changes in the primary consumer shares of other players 18% 1% 1% 2% 3% 1% 3% 4% 4% 19% 19% 24% Previous Quarter Actual Share Brand Current Quarter Actual Share Next Quarter Estimated Share Expected Change Makemytrip 28% 24% -4% Yatra 23% 26% +3% IRCTC 16% 20% +4% Travelguru 7% 8% +1% Cleartrip 4% 4% 0% Airdeccan 2% 2% 0% Thomascook 2% 1% -1% Indiatimes Travel 1% 1% 0% Indiatravels 1% 1% 0% Spicejet 1% 1% 0% Yahoo Travel 2% 1% +1% Others 10% 11% +1%

Yatra, IRCTC and Travelguru are expected to gain primary consumer share in the next quarter, while Makemytrip likely to lose share

if this expected trend comes true, then Yatra is expected to emerge as the news category leader by the next quarter

Other than that, market not likely to show significant changes in the primary consumer shares of other players

Thank You!