Q2 (Jul-Sep) is typically the weakest quarter for airlines. This is exemplified by the fact that Q2 profit contribution has been on average 13% for IndiGo during FY16-18. In line with the trend, Jul’23 PLF has decreased significantly for most airlines. Notwithstanding weak Q2, we remain constructive on supply-demand balance of Indian aviation in the medium term, which is our investment thesis for IndiGo.