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Ease in travel restrictions to raise airport infra sector's profits: ICRA
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SME Times News Bureau | 24 Nov, 2021
Ease in travel restrictions post the lockdown is expected to raise the
airport infrastructure sector's operating profits in FY22, ICRA said on
Wednesday.
However, the outlook for the sector continues to remain "negative", the ratings agency said.
"The
sector's operating income and operating profits are estimated at Rs
14,000 crore and Rs 3,250 crore (operating loss of Rs 1,450 crore in
FY21), respectively, in FY22," said Rajeshwar Burla, Group Head,
Corporate Ratings, ICRA.
"Domestic traffic has witnessed healthy
MoM (month-on-month) growth since June 2021 with traffic reaching 72
percent of pre-Covid levels in October 2021, the highest since the start
of the pandemic. Passenger traffic is expected to witness 82-84 per
cent YoY (year-on-year) in FY22," the ratings agency said.
"The
significant ramp up in vaccination, decline in Covid cases and pick up
in revenge leisure travel are supporting the growth in domestic
passenger traffic," it added.
In addition, the recent
announcement by the Ministry of Civil Aviation to increase the seat
capacity to 100 per cent with effect from October 18 also supported the
sector.
Further, ICRA notes that the ongoing capacity expansion
plans at some major airports are expected to be delayed by 12 to 18
months due to the pandemic.
"The completion cost is expected to
increase due to increase in interest during construction as some of the
airports have funded capex with bullet bonds which have been drawn down
at once," it added.
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