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  3. Pace of growth in air traffic hit five-year low in FY19 at 11.6%: ICRA

Pace of growth in air traffic hit five-year low in FY19 at 11.6%: ICRA

03 May 2019 Evaluate

ICRA, credit rating agency, has said air traffic growth hit 5-year low in last financial year (FY19) at 11.6 percent, pulled down by low growth of 3.9 percent in the March quarter as against a healthy 14.9 percent in the first three quarters. Cargo traffic growth also moderated in the year to 6 percent, as against double-digits growth witnessed over the past two years. The slowdown was mainly driven by the international cargo segment, which accounts for 62 percent of the total cargo traffic, and grew only 2.6 percent in FY19 as against 15.6 percent in FY18. However, domestic cargo traffic had a robust growth of 12 percent in FY19 up from 8.1 percent in FY18.

As per the rating agency, domestic passenger traffic declined by 1.1 percent in March, overall traffic saw de-growth of 0.1 percent in the month as international aircraft movement dipped by 1 percent while domestic aircraft movement was flat. De-growth in March was the first since February 2013.  The passenger traffic movement at the four key airports reported a sharp decline in March as travel demand in the Delhi and Mumbai airports de-grew 9.4 percent and 16.2 percent, respectively. Similarly, Chennai saw a 7.4 percent de-growth and Kochi de-grew by 11.3 percent in March.

The agency highlighted that between FY15 and FY18, the air traffic grew an annualized rate of 17.5 percent. But this has been arrested of FY19. This can impact revenue and margin of airports at a time when many of them are undertaking large capex. The decline in passenger traffic follows the increase in airfares due to lower number of flights owing to multiple issues.

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