Improved vaccination drive, decline in infections and relaxation of capacity cap to 85% from 65% led to higher passenger load factor. We expect passenger traffic growth to pick-up at higher pace given lower risk of Covid infections, acceleration in vaccination, festive season and recovery in tourism & corporate travel. Replacement of old aircrafts with 15% more fuel efficient fleets is expected to accelerate further, will lead to lower operating cost. We remain positive on the stock in the long term, given expansion of capacities, penetration into Tier 2-3 cities, focus on route optimization and likely market share gains post Covid era....