Aviation Sector Q4 Earnings Preview - Covid-19 Induced Turbulence Stalls Recovery: Prabhudas Lilladher
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Prabhudas Lilladher Report
Recovery witnessed in domestic operations has stalled, especially in March, given -
- second wave of Covid-19 denting consumer confidence and
- state induced localized restrictions.
In March, average daily departures grew by 5% over December exit number, while number of passenger per flight declined from 114 in December to 102 in March.
Yields are likely to remain under pressure for a second consecutive quarter (down 3%/4% for Interglobe Aviation Ltd./ Spicejet Ltd.).
We expect low-cost-carriers under our coverage i.e. IndiGo/ Spicejet to report 29.6%/ 30.4% YoY decline in sales and an adjusted loss of Rs 9 billion/Rs 5.2 billion respectively.
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