2. FY net profit likely down YoY. Demand is resilient, but higher fuel costs plus Air India losses and softer interest income are key drags.
3. Air India is a long-term strategic asset, not a near-term earnings driver. It gives exposure to India’s structural growth, but is currently dilutive with execution risk. I would price it as a long-duration option, valuable if turnaround succeeds, but a balance sheet drag for now.
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