India Aviation - Domestic Air Passenger Increases; IndiGo Gains Market Share: Motilal Oswal

Motilal Oswal Report

Domestic air passenger traffic grew ~8% YoY in October 2024 to 13.7 million (up ~5% month-on-month). The traffic continues to remain above the pre-Covid levels. Passenger growth moderated for Vistara MoM, while it increased for IndiGo, Air India, SpiceJet, and Akasa.

Average domestic passenger load factor increased 20 bp MoM in Oct-24. PLF rose for Air India and SpiceJet MoM, while decreasing for the rest of the airlines. The On-Time Performance increased 540 bp MoM for airlines; the domestic average was 65.8% in Oct-24. The cancellation rate decreased 20bp to 1% in Oct-24.

IndiGo’s market share improved following the collapse of GoFirst, which ceased operations in May’23. It has maintained 60%+ share since then. IndiGo’s market share has been increasing steadily during the past four months.

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