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Domestic air passengers in India grew 28.2% YoY to 11.5m in March 2018 and 24% YoY in 4QFY18 (v/s 18.4% YoY in 3QFY18). Passenger (PAX) growth has been in double digits for the last 44 months. However, we believe this strong growth would be at the cost of yields, as seen in headline fares.
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Domestic ASK grew 18.7% YoY in March 2018 and 17.9% YoY in 4QFY18 (v/s 14.2% YoY in 3QFY18). RPK grew 27.7% YoY in March 2018 and 22.8% YoY in 4QFY18 (v/s 18.3% YoY in 3QFY18).
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Domestic industry load factor stood at 88% in March 2018 and 89.3% in 4QFY18 (v/s 87.8% in 3QFY18). IndiGo's load factor stood at 89% in March 2018 and 90.1% in 4QFY18 (v/s 89.6% in 3QFY18)