India Airports - Passenger Traffic To Grow At 14% CAGR Over FY23-25: CareEdge

CareEdge Research Report

The report assesses the state of air passenger traffic, tariff orders issued during 2021-2023 and operating and financial performance of major public-private partnership Airports in India.

• CareEdge expects air passenger traffic to reach 1.09 times of pre-pandemic levels in FY24 post V-shaped traffic recovery in FY23 and continue through FY25 at an estimated compounded annual growth rate (compound annual growth rate) of 14% over FY23-FY25.

• Share of passenger traffic at non-metro airports increased from 32% (FY15) to 40% (FY23), outpacing traffic growth at metro airports.

• A conducive regulatory environment with a mature tariff-setting process augurs well for the sector. However, part deferral of approved aggregate revenue requirement is a key deterrent to private airport operators.

• CareEdge predicts a 1.4 times increase in non-aero revenue per passenger in FY24 compared to pre-Covid levels of FY19.

• Supported by buoyancy in passenger volumes and expected tariff hike for some airports, the leverage of airports is estimated to improve for FY24.

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