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The average number of daily fliers in Sep’22-TD stands at ~336k vs 326k in Aug’22. For Sep’22-TD, the average number of daily departures stood at 2,589 vs 2,571 in Aug’22 and the average number of fliers per departure increased from 127 in Aug’22 to 130 in Sep’22-TD.

Market share movement in Aug’22: Indigo/Vistara witnessed market share erosion while Air Asia outperformed peers.

* Market share movements include the impact of aircraft induction/retirement. For example, IndiGo inducted only one aircraft in Jul’22, which would have been in operation in Aug’22. However, IndiGo inducted 4 aircraft at the end of Aug’22, which can lift its market share by the end of Sep’22. Market shares for Air Asia and Air India will also depend on schedule planning at the group level.

* Indigo/Vistara pax market share dipped 110/70bps to 57.7/9.7% in Aug’22.

* Air Asia pax market share improved by 120bps MoM to 5.8%, while that of Go First rose 40bps MoM to 8.6%.

* SpiceJet's market share was at 7.9% (third consecutive month of decline).

* Air India's share of the pie stood at 9.7%, higher by a marginal 10bps MoM

Aug’22 PLFs have been largely stable compared to Jul’22: Go First and Air India saw highest sequential improvement in Aug’22

* Air India / Go First PLFs improved by 250/500bps to 73.6%/81.6% respectively.

* SpiceJet PLF, at 85%, remained steady and continued to be highest amongst peers.

* Air Asia / Vistara PLFs held on at 75%/84.3%.

* Indigo PLF improved from 77.7% to 78.3% MoM.

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