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ICICI Securities Report
Domestic passenger trend remains strong with daily count of more than 420k. This is also complemented by an increase in PLFs as we enter the seasonally strong Q1FY24, as illustrated by Apr’23 PLFs. We have maintained a tight-supply outlook on Indian aviation within domestic segment in near to medium term driven by (1) replacement cycle by big players like IndiGo and Tata group, (2) weaker balance sheet for smaller airlines post covid and (3) internationalisation of Indian airlines.
This results in a good yield outlook and in turn profitability. The spreads may further benefit from an increase in international mix apart from any movement in crude prices. Maintain BUY.
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