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MOSL: AVIATION-Mar-17 domestic passenger growth slipped to 15% YoY-Domestic load factor at 81.8%

​AVIATION: Mar-17 domestic passenger growth slipped to 15% YoY; Domestic load factor at 81.8%; IndiGo’s domestic ASK/RPK share highest

• Domestic air passengers in India grew 15% YoY to 9m in Mar-17 (v/s ~20% in Feb-17; +20% in 4QFY17). Passenger growth slipped below ~20% for the first time in the last 17 consecutive months.
  
• While Mar-17 ASK growth stood at 16.2% YoY (v/s +16.9% in 4QFY17 and +21% in 3QFY17), RPKs increased 14.7% YoY (v/s +19.3% in 4QFY17 and +22.8% in 3QFY17).
  
• Load factor stood at 81.8% in Mar-17 (v/s 85.7% in 4QFY17 and 84.8% in 3QFY17).
  

Domestic air passengers grew 15% YoY to 9m in a seasonally weak Mar-17

• ​India's domestic air passenger growth slipped to ~15% YoY in Mar-17, after +20% YoY growth for 16 consecutive months.
  
• IndiGo's passenger growth stood at +19.5% YoY in Mar-17 (v/s +27% in 4QFY17 and +43% in 3QFY17).
  
• SpiceJet's domestic passenger volumes grew +18.6% YoY in Mar-17 (v/s +19% in 4QFY17).
  
• Go Air's domestic passenger volumes grew +22.4% YoY in Mar-17 (v/s +25% in 4QFY17).
  
• Passenger volume growth YoY for other airlines was as follows: Jet Airways: +2.0% YoY (v/s +2% in 4QFY17); Air India: +1.7% (v/s +5% in 4QFY17).