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MOSL: AVIATION-Domestic air passengers increased 28.2% in March-Domestic ASK/RPK grew 18.7/27.7% YoY

AVIATION: Domestic air passengers increased 28.2% in March; Domestic ASK/RPK grew 18.7/27.7% YoY; domestic PLF at 88%

 

• Domestic air passengers in India grew 28.2% YoY to 11.5m in March 2018 and 24% YoY in 4QFY18 (v/s 18.4% YoY in 3QFY18). Passenger (PAX) growth has been in double digits for the last 44 months. However, we believe this strong growth would be at the cost of yields, as seen in headline fares.
• Domestic ASK grew 18.7% YoY in March 2018 and 17.9% YoY in 4QFY18 (v/s 14.2% YoY in 3QFY18). RPK grew 27.7% YoY in March 2018 and 22.8% YoY in 4QFY18 (v/s 18.3% YoY in 3QFY18).
• Domestic industry load factor stood at 88% in March 2018 and 89.3% in 4QFY18 (v/s 87.8% in 3QFY18). IndiGo's load factor stood at 89% in March 2018 and 90.1% in 4QFY18 (v/s 89.6% in 3QFY18).

 

Domestic air passengers up 28.2% YoY to 11.5m in March

• India's domestic air passengers grew 28.2% YoY to 11.5m in March 2018. Passenger growth has been in double digits for the last 44 months.
• IndiGo's passengers grew 26.7% YoY in March 2018 and 24% YoY in 4QFY18 (v/s 12% YoY in 3QFY18).
• GoAir's passengers rose 29.7% YoY in March 2018 and 35% YoY in 4QFY18 (v/s 34% YoY in 3QFY18).
• SpiceJet's domestic passenger volumes grew 23.5% YoY in March 2018 and 20% YoY in 4QFY18 (v/s 18% in 3QFY18).
• Passenger volume growth for the other airlines was as follows - Jet Airways: 18.4% YoY (14% YoY in 4QFY18) and Air India: 32.7% YoY (23% YoY in 4QFY18).