ICICI Securities: Aviation Sector 2021 Outlook - Problems Shifting From Demand To Supply
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ICICI Securities Report
The Covid-19 impact on airlines was dominated by a regulatory clampdown on flying in the first half of FY21 while gradual opening up led to positive demand recovery from September 2020.
However, going into CY21, there is a possibility of oversupply as capacity limits are gradually eased and aircraft lessors continue to work with all airlines to restructure lease tenures and payments.
Crude rally can pose additional pressure on profitability as well as volumes.
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