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ICICI Securities Report
International travel remains a sore point in passenger traffic recovery for Indian airlines. Domestic and passenger traffics are down 72% YoY and 78% YoY respectively in FY21-to-date.
However, long-term opportunity remains big in the international segment for Indian airlines as they seek more parity in market share compared to their international counterparts in passenger as well as freight.
While Indian airlines carry only 36% of Indian international passenger movement, their international cargo share is even more skewed at 14% (both on the basis of last normal quarter of September-December 2019).
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