MOSL: ANNUAL REPORT THREADBARE (ART) | INTERGLOBE AVIATION FY19-Incentives/supplementary rentals support cash flows in operationally weak year
ANNUAL REPORT THREADBARE (ART) | INTERGLOBE AVIATION FY19: Incentives/supplementary rentals support cash flows in operationally weak year
INDIGO’s FY19 annual report analysis highlighted a first-ever operational loss since IPO. Although revenue increased by a robust 24% to INR285.0b, EBITDA turned negative to INR2.1b (FY18: INR29.6b) due to a rise of (a) 49% in fuel cost to INR119.4b, (b) 39% in aircraft rental to INR49.9b and (c) 87.3% in aircraft maintenance cost (net of compensation) to INR21.8b. However, OCF was positive at INR31.6b (FY18: INR39.0b), supported by deferred incentives of INR25.8b (FY18: INR4.2b), supplementary rentals (restricted cash) of INR7.7b (FY18: INR9.7b) and other miscellaneous income of INR4.0b (FY18: INR0.8b). Forex losses surged to INR4.7b (FY18: INR0.5b) on account of 9% INR depreciation to 70/USD. Unhedged forex exposure stood at INR9.7b, 14% of NW (FY18: INR61.7b, 87.2% of NW). However, with application of Ind-AS 116 ‘Leases’, we expect the unhedged gap to widen to INR151.7b, 255.2% of NW, in FY19. Contingent liabilities’ exposure increased 26% to INR10.7b (15% of NW) on tax demands.
Interglobe Aviation Ltd. InterGlobe Aviation Limited, formerly InterGlobe Aviation Private Limited, is an India-based company engaged in operating passenger airline. The Company offers aviation, hospitality and travel related services. It operates through two geographic segments: Domestic, which includes air transportation within India, and International, which includes air transportation outside India. Its business lines include InterGlobe Air Transport, InterGlobe Aviation, InterGlobe Hotels, InterGlobe Technologies, InterGlobe Technology Quotient and InterGlobe Education. InterGlobe Technologies provides integrated information technology and business process outsourcing services. InterGlobe Technology Quotient distributes Travelport in India and Sri Lanka. It has four trademarks, namely, IndiGo Airways, IndiGo Airlines, IndiGo and IndiGo Air. It has around 96 aircrafts, and operates scheduled services to approximately 33 airports in India, with a maximum of around 593 domestic flights per day.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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