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ICICI Securities Report
Average daily number of passenger has risen strongly in February 2023 to 420,000 as against 405,000 in Jan-23. Average daily departures have increased from 2,898 in Jan-23 to 2954 in Feb-23 but average number of passenger per departure has increased from 140 in Jan-23 to 142 indicating better passenger load factors.
Interglobe Aviation Ltd. and Tata Group commanded ~81% of domestic market share as of Jan-23 and ~86% of international market share as of Dec-22 (in terms of International pax carried by Indian carriers).
IndiGo’s market share dipped 30 bps month-on-month in Jan-23 but broadly remained above 55% levels. TATA airlines’ (Air India, Air Asia and Vistara) market share dipped 80 bps month-on-month in Jan-23 to 26.5%.
Akasa/GoAir has witnessed a sharp 50/90 bps sequential increase in its market share to 2.8%/8.4%, respectively.
IndiGo/Air Asia/Vistara passenger load factors declined 550/280/250 bps to 82/87/89% in Jan-23 while Akasa/GO/Air India PLFs declined 100/170/180 bps to 83/91/87.5%, respectively.
Total international traffic for the month of Dec-22 stood at 2.29 million as against 2.34 million in Dec 2019. Compared to CY19, IndiGo/GO/Vistara International PAX market share has increased from 28/3.4/0.6% to 35.3/5.4/4.8% in CY22.
The sharp increase in IndiGo international market share would be on account of closure of Jet Airways which used to command 7.3% market share.
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