The key to growth would be as you pointed out and too think is :
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Air Passenger Growth ( likely with growth in discretionary spending by Indians, observe that there is no growth in Marico, however leisure spending and travel has increased. )
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Credit Card Growth - still lot of room to play.
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Company focusing on playing the corporate benefits card, which many MNC and top Indian companies can on-board.
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Company to increase the circumference of offerings across leisure and travel.
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Company to expand internationally organically or with tie-ups …
With more airports across Indian cities, infra and travel increasing … a long term play for alteast next 3-5 years… the margin pressure is real though and hence the sales growth can fizzle out !!
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