Domestic Air Passenger Traffic Projected At 1.19 Crore In February: ICRA
ICRA has also revised the outlook for the domestic aviation industry to stable from negative.
Domestic air passenger traffic is projected to have touched around 1.19 crore in February, only about 4% lower compared to pre-Covid levels, rating agency ICRA Ltd. said on Monday.
ICRA has also revised the outlook for the domestic aviation industry to stable from negative, citing a fast-paced recovery in domestic passenger traffic in the 2023 financial year and the expected continuation of the same in the next fiscal.
"For February 2023, domestic air passenger traffic has been estimated at around 119 lakh, around 5% lower than around 125 lakh in Jan. 2023. "However, it witnessed a year-on-year growth of around 54%, as Feb. 2022 was marginally impacted by the Omicron variant of Covid 19. Domestic passenger traffic in Feb. 2023 was lower by only around 4% compared to the pre-Covid levels (i.e. February 2020)," it said in a report.
For the first 11 months of the current fiscal, ICRA said domestic passenger traffic is projected at around 12.29 crore, a year-on-year growth of about 65% and lower by around 8% compared to April–February 2020—pre-Covid levels.
According to the report, the domestic aviation industry has witnessed improved pricing power, as reflected in improved yields. The industry will regain some pricing discipline, coupled with the marginal decline in Aviation Turbine Fuel prices and relatively stable foreign exchange rates, it added.