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Prabhudas Lilladher Report
Demand environment collapsed in Q1, as Covid-19 second wave delayed industry’s recovery flight by six to eight months.
May month saw average daily flights nosedive to 30%-35% of pre-Covid-19 levels, while number of passenger per flight dipped to 73 (last seen in May 2020).
With dent in consumer confidence, we expect yields to remain under pressure.
In addition to this, rising input cost environment (aerodrome traffic frequency up 11% QoQ; rupee depreciation of 1.2% QoQ) is likely to stretch industry finances, in our view.
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