India’s Domestic Air Passenger Traffic Dips In January; Indigo, Vistara Gain Market Share: ICICI Securities

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ICICI Securities Report

As per January 2021 Directorate General of Civil Aviation release, major airlines have seen a marginal dip in their passenger load factors, except Air Asia (up 200 basis points) and Vistara (up 300bps) month-on-month.

SpiceJet Ltd. continues to report the highest PLF. On a month-on-month basis, domestic traffic grew at a slower pace of 6% in January-21 versus 15%/21% witnessed in December-20/November-20 (Q4 is a seasonally weak quarter compared to Q3).

In terms of market share, Indigo/Vistara reported 40bps improvement in Jan-21 to 54.3% / 6.7%, while SpiceJet / GoAir reported a decline of 70bps/20bps to 12.8%/ 8.2%, respectively on month-on-month basis.

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