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ICICI Securities Report
Average number of daily fliers in October 2022-to-date stands at ~366,000 versus 345,000 for the month of September 2022.
For Oct 2022-to-date, the average number of daily departures stood at 2,703 versus 2,604 in Sep-22 and the average number of fliers per departure increased from 131 in Sep-22 to 135 in Oct-22-to-date.
Two noteworthy trends:
continuous decline in SpiceJet Ltd.'s market share, and
sharp 300 basis points improvement in Interglobe Aviation Ltd.'s passenger load factor in Sep-22 to 81.4%. This can help boost IndiGo's Q2 FY23 revenue per available seat kilometre.
We expect Rs 4.3 billion loss adjusted for forex in Q2 FY23 for IndiGo.
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