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Have India’s air travel and hospitality industries recovered post-covid?

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

India's domestic air passenger traffic rose 9% to more than 1.27 crore in November, according to official data released on Friday. Last month also saw daily air traffic touching new highs multiple times. <keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">IndiGo</keyword> remained the country's largest domestic carrier but its market share declined to 61.8% in November from 62.6% in October. However, none of the scheduled carriers had an On-Time Performance (OTP) score of more than 80% in November. Official data released by the Directorate General of Civil Aviation (DGCA) on Friday showed that airlines flew 1.27 crore passengers in November compared to 1.17 crore in the year-ago period. This marks a growth of 9.06% on an annual basis. "Passengers carried by domestic airlines during January-November 2023 were 1,382.34 lakhs as against 1,105.10 lakhs during the corresponding period of previous year thereby registering annual growth of 25.09% and monthly growth of 9.06%," DGCA said. The domestic market share of <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> rose to 6.2% in November from 5% in October. Its OTP stood at 41.8% last month. <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword>'s domestic market share remained unchanged at 10.5% in November while that of Vistara fell marginally to 9.4% last month. In November, the share of Akasa Air and AIX Connect remained unchanged at 4.2% and 6.6%, respectively. As per the data, Akasa Air topped the OTP chart at 78.2%, followed by IndiGo at 77.5% and Vistara at 72.8%. Air India's OTP was at 62.5% while that of AIX Connect and Alliance Air were at 69.7% and 66.1%, respectively. On-Time Performance (OTP) of scheduled domestic airlines is computed for four metro airports -- Bangalore, Delhi, Hyderabad, and Mumbai.

India's domestic air passenger traffic rises 9% in November

New Delhi, <keyword id="842113" type="General" weightage="20" keywordseo="Domestic-air-passenger-traffic" source="Orion">Domestic air passenger traffic</keyword> in the country recorded an annual growth of nearly 11 per cent to 1.26 crore in October, according to official data released on Thursday. The traffic stood at 1.14 crore passengers in October 2022 and at 1.22 crore passengers in September this year. The data released by aviation regulator DGCA showed that IndiGo carried 79.07 lakh passengers, garnering a domestic market share of 62.6 per cent in October. The market share was lower compared to 63.4 per cent registered in September. Last month, Air India's domestic market share climbed to 10.5 per cent from 9.8 per cent in September while that of Vistara and AirAsia India (renamed as AIX Connect) declined to 9.7 per cent and 6.6 per cent, respectively, in October. SpiceJet's market share grew to 5 per cent in October from 4.4 per cent in September while that of Akasa Air remained unchanged at 4.2 per cent. "Passengers carried by domestic airlines during January-October 2023 were 1,254.98 lakhs as against 988.31 lakhs during the corresponding period of previous year thereby registering annual growth of 26.98 per cent and monthly growth of 10.78 per cent," the Directorate General of Civil Aviation (DGCA) said. As many as 587 passengers were denied boarding by scheduled airlines in October, according to the data. A total of 30,307 passengers were affected by flight cancellations and 1,78,227 passengers were impacted due to flight delays last month.

Domestic air passenger traffic rises 11% in October

New Delhi, <keyword id="842113" type="General" weightage="20" keywordseo="domestic-air-passenger-traffic" source="Orion">Domestic air passenger traffic</keyword> touched a new high on Thursday as airlines carried 4,63,417 people. In November, the domestic <keyword id="64078" type="General" weightage="20" keywordseo="air-passenger-traffic" source="Orion">air passenger traffic</keyword> scaled new peaks at least four times. "Post-Covid, India's domestic aviation's turnaround story has not just been overwhelming but inspiring as well. "Positive attitude, progressive policies, and deep trust among passengers are taking it to new heights with every flight, every day," the <keyword id="58151" type="General" weightage="80" keywordseo="civil-aviation-ministry" source="Orion">civil aviation ministry</keyword> said in a post on X on Friday. As per official data, the total number of domestic passengers was 4,63,417 and the number of flight movements stood at 5,998 on Thursday (November 23). In a post on X, civil aviation minister <keyword id="29632" type="General" weightage="80" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> on Friday said a new record has been set in Indian domestic aviation. Domestic air traffic had touched new peaks for three consecutive days -- November 18, 19 and 20.

Domestic air passenger traffic touches new high in November

Mumbai, The domestic air passenger traffic is expected to surpass the pre-Covid levels of 141.2 million and reach 150-155 million this fiscal, registering an estimated growth of 8-13 per cent, credit ratings agency <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">Icra</keyword> said on Wednesday. Icra also projected a significant reduction in industry's net loss for the next two fiscals and was also of the view that supply-chain challenges and engine failure issues may remain near-term headwinds. Icra maintains a "stable" outlook on the domestic aviation industry, amidst the continued recovery in domestic and international air passenger traffic, and relatively stable cost environment, it said. The momentum in traffic growth is expected to continue in FY2025 as well, with a similar estimated year-on-year growth, aided by rising demand for both leisure and business travel and improving airport infrastructure, it said. The international passenger traffic for Indian carriers surpassed the pre-Covid levels in FY2023, although it trailed the peak levels of 25.9 million witnessed in FY2019, according to Icra. It is expected to cross this level in the current fiscal, with an estimated 25-27 million passengers, representing a <keyword id="19921444" type="General" weightage="20" keywordseo="yoy" source="keywords">YoY</keyword> growth of 7-12 per cent, the ratings agency said, adding the same is expected to further grow by 7-12 per cent to 27-29 million in FY2025. "The industry has witnessed improved pricing power, as reflected in increase in yields and thus the spread between revenue per available seat <keyword id="20544428" type="General" weightage="20" keywordseo="kilometre" source="keywords">kilometre</keyword>-cost per available seat kilometre (RASK-CASK) for the airlines. "The same is expected to remain favourable, aided by a decline in aviation turbine fuel (ATF) prices and the relatively stable foreign exchange rates," said <keyword id="20849526" type="General" weightage="20" keywordseo="suprio-banerjee" source="keywords">Suprio Banerjee</keyword>, Vice President and <keyword id="20225498" type="General" weightage="20" keywordseo="sector-head" source="keywords">Sector Head</keyword> for corporate ratings at Icra. The industry is thus estimated to report a significantly lower net loss of Rs 300-4,000 crore (Rs 30-40 billion) in FY2024 and FY2025 compared to Rs 170-175 billion in FY2023, he added. According to the ratings agency, the ATF prices and indian rupee-US dollar movement have a major bearing on the airlines' cost structure. The average ATF price stood at Rs 103,547/KL in the April-February period of FY2024, which is a YoY decline of 15 per cent compared to Rs 120,978/KL in FY2023, it said. However, this was 60 per cent higher compared to an average of Rs 64,715/KL during FY2020, as per Icra. Fuel accounts for around 30-40 per cent of the airlines' expenses.

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Have India’s air travel and hospitality industries recovered post-covid?

Prerna Tyagi

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

PTI

India's domestic air passenger traffic rises 9% in November

PTI

Domestic air passenger traffic rises 11% in October

PTI

Domestic air passenger traffic touches new high in November

PTI

Domestic air passenger traffic to surpass pre-Covid levels to reach 150-155 mn this fiscal: Icra

PTI

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