Motilal Oswal - InterGlobe Aviation Ltd (INDIGO) MOSL: INTERGLOBE AVIATION (Neutral)-EBITDAR in line led by in-line yield and ASK

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Motilal Oswal

Swarnendu Bhushan

EUR 120.00 For Business Accounts Only

MOSL: INTERGLOBE AVIATION (Neutral)-EBITDAR in line led by in-line yield and ASK

InterGlobe Aviation: EBITDAR in line led by in-line yield and ASK

(INDIGO IN, Mkt Cap USD9.2b, CMP INR1663, TP INR1460, 12% Downside, Neutral)

Revenue of INR78.9b (+36% YoY, flat QoQ) was in line with our estimate, led by in-line yield, RPK and ASK. EBITDAR was at INR20.1b (+83% YoY, +29% QoQ) versus our estimate of INR20b owing to higher ticket revenue (+40% YoY/flat QoQ at INR70.3b), implying INR3.7/RPK (v/s INR3.31 in 4QFY18 and INR3.83 in 3QFY19). PAT came in at INR5.9b (4x YoY, 2x QoQ; our estimate: +34%), primarily due to a lower tax rate of 4.4% during the quarter. Forex gain for the quarter was at INR105m (v/s loss of INR925m in 4QFY18 and gain of INR1,035m in 3QFY19).

FY19 performance: Revenues were up 24% YoY at INR285b, with EBITDAR at INR47.9b (-27% YoY), led by higher fuel cost and other expenditure. Reported PAT stood at INR1.6b v/s INR22.4b in the previous year.

28/05/2019 1 EN

Underlying

InterGlobe Aviation Ltd

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.

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INE646L01027 National Stock Exchange of India India

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Motilal Oswal

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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Analysts

Swarnendu Bhushan

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MOSL: INTERGLOBE AVIATION (Neutral)-EBITDAR in line led by in-line yield and ASK

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MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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