I strongly believe that the competitive intensity will increase going ahead as the Indian air travel market is growing players like Priority pass have higher incentive to enter the market. DFS claims 95% share in credit card-based lounge usage so it would be very sensible for these players to pitch lower rates to credit card companies. All these things the company is doing seems that they want to transform from the aggregator model to a full service model which will stretch the working capital cycle as well and the negative working cycle is unsustainable.
Any contra view here?
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