INDIGO reported better-than-estimated ASK/RPK growth in 2QFY21, while yield was lower than estimates. This resulted in-line revenue for 2QFY21. INDIGO's cash burn reduced to INR250m in 2QFY21 (from ~INR300m as of 30th Jun'20) as the company undertook cost reduction initiatives for leasing, payroll and other costs (like non-aircraft rentals, IT costs, etc.). Relatively smaller increase in supplementary rentals to capacity with further reduction in employee cost and huge forex gain led to beat on our EBITDA est. at INR2.1b. Going forward, employee expenses are likely to increase (it stood at INR6.9b in...