Domestic Air Passenger Traffic Grows By 13% YoY

The airlines’ capacity deployment in March 2024 was higher by 2% than that of March 2023 and was higher by 9% over February 2024

FinTech BizNews Service    

Mumbai, April 12, 2024: For FY2024 (April-March), domestic air passenger traffic is estimated at 154 million, YoY growth of 13%, in line with ICRA’s estimates. The domestic air passenger traffic in FY2024, thus, surpassed the pre-Covid levels of 142 million in FY2020.

• The domestic air passenger traffic for March 2024 is estimated at 13.5 million, higher than 6.9% in comparison to 12.6 million in February 2024. Further it grew by 4.9% on a YoY basis, wherein the traffic in March 2023 stood at 12.9 million. 
• The airlines’ capacity deployment in March 2024 was higher by 2% than that of March 2023 and was higher by 9% over February 2024.
• It is estimated that the domestic aviation industry operated at a passenger load factor (PLF) of 90% in March 2024, against 88% in March 2023 and 89% in February 2024.
• In FY2024, the ATF prices witnessed a sequential decline till June 2023. Post which, it increased sequentially till October 2023. However, it decreased sequentially again by 6% in November 2023, 5% in December 2023, 4% in January 2024 and by 1% in February 2024. 2024. Although in March 2024, the prices were marginally higher sequentially by 0.5%, it again declined by 0.4% in April 2024, following the trend in crude oil prices. Average ATF prices in FY2024, was lower by 14% compared to that of FY2023, but was significantly higher by 58% than the pre-Covid levels of FY2020.