ICRA revises outlook on Indian airport infra to stable from negative

Credit ratings agency ICRA on Thursday revised the outlook on Indian airport infrastructure to 'Stable' from 'Negative' amid expectations that passenger traffic will surpass pre-pandemic level between September this year to August next year.

It also estimates that domestic passenger traffic will reach pre-COVID levels by the March quarter (Q4FY23 vs Q4FY2020) this fiscal year, while the international traffic is expected to see full recovery in the second quarter of fiscal year starting April 2023.

The overall recovery in domestic traffic remained strong and is expected to recover to 97-98 per cent of pre-COVID levels in FY2023 itself, ICRA said.

Driven by healthy momentum in domestic traffic as well as an uptick in international passenger traffic, overall passenger traffic is expected to witness a growth of 71-73 per cent year-on-year and reach 324-327 million (95-96 per cent of pre-COVID levels) in FY2023, according to the ratings agency.

The overall passenger traffic may reach 9