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The aviation industry, globally, plays a critical role in the economy. The sector in turn, is influenced by the economic environment and is highly cyclical. The airlines sector is also closely linked to the development of other sectors like airports, tourism, hotels, business travel and aerospace. But the sector is vulnerable to events like natural disasters, geopolitical developments and terrorism. In a developing economy like India, the demand for air travel is highly price sensitive, constraining the sector’s ability to pass on cost increases. While the airline industry has been experiencing a rapid demand growth in India, the industry has also been in the news for large financial stress faced by many of its players.

In this webinar, Subrata Ray, CFA, Senior Group Vice PresidentICRA Limited will discuss the opportunities and challenges in India's airlines sector. The webinar will address the following learning outcomes:

  • Understanding the development of the airline industry in India and key challenges.
  • Assessing key operating and financial parameters while analysing the prospects of the airline industry.
  • Understanding the financial and operating factors to watch while assessing the credit risks in the airline industry.


This is the archived version of a live webinar that took place on 29 November 2018

About the Speaker(s)

Subrata Ray Picture
Subrata Ray CFA

Dr. Subrata Ray is senior group vice president at ICRA Limited. He is a member of the Rating Committee at ICRA. Dr. Ray has been working for ICRA for the past two decades and has been in the financial services industry for nearly 30 years. Dr. Ray holds a bachelor of engineering degree in electronics and tele-communication engineering from Jadavpur University, Calcutta. He is a fellow of the Indian Institute of Management, Bangalore, and has earned the CFA® designation from CFA Institute.

Shreenivas Kunte
Shreenivas Kunte CFA, CIPM

Shreenivas Kunte, CFA, CIPM, is a director of professional learning and advocacy at CFA Institute. In this role, Mr. Kunte contributes to thought leadership in the investment profession. He writes on investing topics in leading publications and represents CFA Institute at conferences and forums. Mr. Kunte serves as an external research scholar at the Indian Institute of Technology Bombay. Previously, he worked as the country trading strategist for Citi in Tokyo, Japan. He holds a degree in computer engineering from the University of Mumbai.