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February 28, 2024

ICRA’s Report on the Monthly Domestic Passenger Traffic Data for the Aviation Industry for January 2024

Traffic Data for January 2024

The domestic air passenger traffic for January 2024 is estimated at ~131.1 lakh, lower by ~5.0% in comparison to ~137.9 lakh in December 2023

However, it witnessed a YoY growth of ~4.5% in comparison to ~ 125.4 lakh in January 2023 and was higher by 3% on pre-Covid levels of ~ 127.5 lakh in January 2020 

For 10M FY2024 (April-January 2024), the domestic air passenger traffic stood at ~ 1,276.35 lakh, reflecting a YoY growth of 15% over 10M FY2023 (April-January 2023), wherein the traffic stood at 1,110.31 lakh and ~5% higher than pre-Covid levels (i.e. April-January 2020) of 1,213.85 lakh

It is estimated that the domestic aviation industry operated at a passenger load factor (PLF) of ~91% in January 2024, against ~85% in January 2023 and ~86% in January 2020 (pre-Covid levels)

In FY2024, the ATF prices witnessed a sequential decline till June 2023. Post which, it increased sequentially till October 2023. However, they decreased sequentially again by 6% in November 2023, 5% in December 2023, 4% in January 2024, and 1% in February 2024. From April 2023 till September 2023, ATF prices were lower on a YoY basis, however, it increased by 1.3% YoY in October 2023, the first time in FY2024, driven by the increasing crude oil prices over the past four months. Nevertheless, in November 2023, December 2023, January 2024, and February 2024, the ATF prices were lower by 8.3%, 10.5%, 6.4%, and 10.9% on a YoY basis, respectively, following the trend in crude oil prices

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