Beyond the sectoral tailwinds for IndiGo (Link), outlook for Q1FY24 earnings for IndiGo is strong on the back of 1) strong passenger growth seen in April/May (up 26% YoY); 2) lower ATF prices (down 11-15% between Q4FY23 and Q1FY24); 3) higher PLFs (91.5% in May’23) and 6) robust yields (we expect average yields to be 6% higher on QoQ basis.