While some airlines have started accepting advance bookings in anticipation of easing of the lockdown after April 14, Motilal Oswal said post the lockdown, domestic operations (mainly on key/metro routes) should see a staggered start to operations. Indian carriers are using a hawk-eyed approach in resuming domestic operations; however, the rate of PLFs will be a key concern. The brokerage said its airfare tracker suggests average yield across metro routes has declined by ~30% year to date for both 30-day/15-day ticketing windows. For Indian carriers, Q1 is typically the strongest period while Q2 is a weak quarter. As the lockdowns/shutdowns are playing out in Q1, the brokerage expects gradual improvement in the dynamics of the Indian aviation industry only from Q3 of FY21.