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MOSL: AVIATION-Domestic air passengers increased 26.2% in April-Domestic ASK/RPK grew 20/25.6% YoY-domestic PLF at 89.5%

AVIATION: Domestic air passengers increased 26.2% in April; Domestic ASK/RPK grew 20/25.6% YoY; domestic PLF at 89.5%

 

• Domestic air passengers in India grew 26.2% YoY to 11.5m in April 2018 (v/s +18% YoY in March 2018 and +24% YoY in 4QFY18). Passenger (PAX) growth has been in double-digits for the last 45 months. However, we believe that this strong growth is at the cost of yields, as seen in headline fares.
• Domestic ASK grew 20% YoY in April 2018 (v/s +18.7% YoY in March 2018 and +17.9% YoY in 4QFY18). RPK grew 25.6% YoY in April 2018 (v/s +27.7% YoY in March 2018 and +22.8% YoY in 4QFY18).
• Domestic industry load factor stood at 89.5% in April 2018 (v/s 88% in March 2018 and 89.3% in 4QFY18). IndiGo’s load factor stood at 91.9% in April 2018 (v/s 89% in March 2018 and 90.1% in 4QFY18).

 Domestic air passengers up 26.2% YoY to 11.5m in April

• India's domestic air passengers increased 26.2% YoY to 11.5m in April 2018. Passenger growth has been in double-digits for the last 45 months.
• IndiGo’s passengers increased 21.2% YoY in April 2018 (v/s +26.7% YoY in March 2018 and +24% in 4QFY18).
• GoAir’s passengers rose 36.6% YoY in April 2018 (v/s +29.7% YoY in March 2018 and +35% YoY in 4QFY18).
• SpiceJet’s domestic passenger volumes increased 21.3% YoY in April 2018 (v/s +23.5% YoY in March 2018 and +20% YoY in 4QFY18).
• Passenger volume growth for the other airlines was as follows: Jet Airways – 15.8% YoY (v/s +18.4% YoY in March and +14% YoY in 4QFY18) and Air India – 30.8% YoY (v/s +32.7% YoY in March and +23% YoY in 4QFY18).