Aviation Sector Q4 Earnings Preview - Covid-19 Induced Turbulence Stalls Recovery: Prabhudas Lilladher 
An aircraft operated by IndiGo, a unit of InterGlobe Aviation Ltd., prepares to land at Chhatrapati Shivaji International Airport in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

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 -

  1. second wave of Covid-19 denting consumer confidence and
  2. 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.

Click on the attachment to read the full report:

Prabhudas Lilladher Aviation Sector Q4FY21 Results Preview.pdf

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