ICRA projects the overall air cargo volumes to witness healthy growth of around 9-11% YoY to around 3.6-3.7 million tonnes in FY2025, supported by 11%-13% expansion in international and 4%-6% growth in domestic cargo. The international cargo volumes have seen a muted YoY rise of 1% in H1 FY2024 on the back of the slowdown in the global economy and geo-political conflicts. However, the international cargo volumes have seen a healthy expansion of 18% in H2 FY2024, amid the Red Sea crisis, which started in October 2023. Consequently, the seaborne cargo traffic was impacted, which in turn benefitted international air cargo traffic.
Icra’s outlook on airport infrastructure is stable with revenues from Icra’s sample set, which includes Delhi, Hyderabad, Bengaluru, and Cochin airports, likely to grow around 12-14 per cent year-on-year in FY25 supported by the sustained improvement in both domestic and international passenger traffic, an increase in tariffs at some of the major airports, and a ramp-up in non-aeronautical revenues.
