That's true. But at the same time they will have (one of) the lowest CASK as well. And that's not surprising because of significantly lower labour and other costs plus a decent scale of operations.

Given the rise in fuel prices and ATF contributes more significantly to overall costs in India and the depreciation of the rupee vs. US$ I'm surprised the airlines didn't band together to raise ticket prices. It became more of lets see who bleeds to death first! Crazy!