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Published on 24/04/2019 9:00:22 AM | Source: Motilal Oswal Securities Ltd

Aviation Sector - Mar`19 domestic air PAX growth flat By Motilal Oswal

Posted in Broking Firm Views - Sector Report| #Aviation Sector #Motilal Oswal #Sector Report

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Mar’19 domestic air PAX growth flat

Domestic load factor at 86.5% (-2% YoY)

* Domestic air passenger (PAX) growth was almost flat in Mar’19 at 11.6m (v/s 5.6% YoY growth in Feb’19 and 4.9% YoY in 4QFY19).

* PAX growth in 4QFY19 was the lowest in the last 19 quarters. Indigo PAX grew 19% YoY, while Jet Airways amid the ongoing crisis witnessed the worst decline of 65% YoY.

* Domestic industry load factor in Mar’19 declined MoM to 86.5% (v/s 89.1% in Feb’19 and 87.1% in 4QFY19).


India's domestic air PAX flat in Mar’19

* India's domestic air PAX growth was flat YoY at 11.6m in Mar’19 (v/s 5.6% YoY in Feb’19 and 4.9% YoY in 4QFY19).

* IndiGo’s PAX grew 18.9% YoY to 5.44m in Mar’19 (v/s 14.9% YoY in Feb’19 and 16.9% YoY in 4QFY19); its market share was 47.1% v/s 43.6% in Feb’19.

* GoAir’s PAX grew 10.4% YoY to 1.15m in Mar’19 (v/s 0.6% YoY in Feb’19 and 3.4% YoY in 4QFY19); its market share was 9.9% v/s 9.1% in Feb’19.

* SpiceJet’s PAX grew 7.3% YoY to 1.58m in Mar’19 (v/s 17.0% YoY in Feb’19 and 13.0% YoY in 4QFY19); its market share was 13.7% v/s 13.8% in Feb’19.

* Air India’s PAX declined 4.9% YoY to 1.45m in Mar’19 (v/s growth of 3.2% YoY in Feb’19 and -1.1% YoY in 4QFY19); its market share was 12.6% v/s 12.8% in Feb’19.

* Jet Airways’ PAX declined 65.4% YoY to 0.66m in Mar’19 (v/s -28.2% YoY in Feb’19 and -34.9% YoY in 4QFY19); its market share was 5.7% v/s 11.4% in Feb’19.


Domestic industry’s load factor at 86.5% in Mar’19

* SpiceJet’s load factor stood at 93.0% in Mar’19 (v/s 94.0% in Feb’19 and 92.6% in 4QFY19).

* GoAir’s load factor stood at 91.4% in Mar’19 (v/s 92.6% in Feb’19 and 90.4% in 4QFY19).

* IndiGo’s load factor stood at 86.0% in Mar’19 (v/s 88.4% in Feb’19 and 86.9% in 4QFY19).

* Air India’s load factor stood at 78.4% in Mar’19 (v/s 82.8% in Feb’19 and 79.5% in 4QFY19).

* Jet Airways’ load factor stood at 86.8% in Mar’19 (v/s 89.3% in Feb’19 and 87.2% in 4QFY19)


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