KOTAK SECURITIES ON INDIGO ; BUY | TP ₹5,900

• Line of sight to financial rationality is emerging for the sector. • Pricing has increased enough to restore sector profitability as crude prices correct. • Premiumisation is likely to accelerate. • Case for IndiGo delivering 4x peak PBT over the next five years is strengthening.

L K P SECURITIES LTD.

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