and an adj. loss of Rs9bn/Rs5.2bn respectively. Rising crude oil prices and second wave of Covid-19 leading to state induced lockdowns/restrictions remain near term headwinds. However, pick up in vaccinations coupled with broad based recovery seen in domestic demand (aided by non-metro cities) and improving cost structures bode well in the medium-long term. We continue to prefer INDIGO on the back of its balance sheet strength, lowest...