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Prabhudas Lilladher Report
In Q3, Indian aviation industry's domestic passenger traffic is expected to improve ~18% QoQ steered by a seasonally strong quarter. The industry delivered an impressive post-Covid recovery, as monthly passenger traffic nears pre-Covid levels. International traffic is also witnessing month-on-month improvement, ever since resumption of international operations in Mar-22.
We expect Interglobe Aviation Ltd. to post a profitable Q3 FY23 (profit after tax ~Rs 7 billion) after reporting loss in H1 FY23 (loss of Rs 26 billion), on the back of-
improved yields (Rs 5.35 versus Rs 5.15 in H1) and load factors (84% versus 79.3% H1) and
slight correction in crude prices (down 8% QoQ) coupled with increased pax traffic.
The company will benefit in medium to long term from demand recovery along with capacity deployment, network expansions, commodity softening and better than industry cost structure.
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