May21 to 113 in Sep21). Although the improving operating and yield environment will enable narrowing of losses sequentially, 59.8% YoY increase in ATF prices will lead to widening of losses YoY. We expect LCCs under our coverage i.e. INDIGO/ SJET to report 82.5%/29.3% YoY increase in sales and an adj. loss of Rs18bn/Rs5.7bn respectively. We continue to prefer INDIGO on the back of 1) its relative balance sheet strength, 2) lowest cost...