>INDIAN AIRPORTS (MOTILAL OSWAL)

■ Delhi airport overtakes Mumbai airport to emerge as Largest airport: During YTD FY10, passenger traffic handled at Delhi airport stood higher than Mumbai airport at 12.2m (vs 12.1m for Mumbai airport). In FY04, Delhi airport had 22% lower passenger traffic vs Mumbai airport, which declined to 2.5% in FY09.

■ September-09 traffic growth robust, third consecutive month of double digit growth: In September 2009, passenger traffic at Delhi airport grew by 21% YoY and for Mumbai airport at 15% YoY. For Hyderabad airport, the growth in passenger traffic stood at 15% YoY. For 2QFY10, passenger traffic at Mumbai airport grew by 10% YoY and 20% YoY for Delhi airport. The difference in growth rate is attributable to International passenger traffic, which grew by 4.8% YoY for Delhi airport, vs decline of 0.8% YoY at Mumbai airport for Sep-09. Key thing to note is that Delhi airport has been recording positive international traffic growth from last 5 months, vs de-growth at Mumbai airport over the same period.

■ All-India August 2009 passenger traffic MoM run-rate improves, YoY growth driven by low base: In August 2009, total passenger traffic grew by 17% YoY to 9.8m, comprising of domestic passenger of 7m (up by 22% YoY) and international passenger traffic of 2.8m (up by 6% YoY). This represents second consecutive month of double digit growth, supported by the lower base effect, as passenger traffic reported first YoY decline in July 2008. However, there has been improvement in MoM run-rate. The average monthly run rate has improved from sub-9m
passengers/month to 9.5m+passenger/month.

■ ATMs grew by 6% YoY, Cargo growth at 8% YoY: In August 2009, total Air Traffic Movement (ATMs) stood at 111k up by 6% YoY vs passenger growth of 17% YoY. For Delhi airport, ATMs grew by 30%, vs 21% growth in passenger traffic; while for Mumbai airport ATMs de grew by 1.1%, vs passenger growth of 15%. Hyderabad airport witnessed 3.2% growth in ATMs, vs passenger traffic growth of 14%. All India air cargo traffic in August 2009 was up 8% YoY to 160k tons, comprising of 21% YoY increase in domestic cargo and 2% YoY increase in international cargo.

To read the full report: INDIAN AIRPORTS