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IDBI Capital Report
India's domestic air traffic has nearly reached its pre‐Covid-19 levels and international traffic is fast scaling up after the resumption of scheduled international travel in March‐2022.
Fares meanwhile have strengthened from the lows of February 2022 and have offset the incremental burden of higher fuel costs.
InterGlobe Aviation Ltd. continues to consolidate its domestic leadership position and is making a major push towards international markets through codeshares.
IndiGo expects the international segment's share to reach 40% in five years from 21% pre‐Covid. Guidance is robust – available seat kilometres growth of 150% in Q1 FY23 and 55‐60% in FY23.
Improved fleet utilisation and lower maintenance costs should aid unit cost reductions.
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