128 in Dec21). Elevated ATF prices (up 13% QoQ) to be a party spoiler shaving off gains from of an improved operating and yield environment, thereby reducing the extent of sequential narrowing of losses. We expect LCCs under our coverage i.e. INDIGO/ SJET to report 76.4%/ 30.9% YoY increase in sales and a loss of Rs4.7bn/Rs5.5bn respectively. With uncertainty of 3rd wave looming large, we continue to prefer INDIGO on the back of 1) its relative...