Motilal Oswal - InterGlobe Aviation Ltd (INDIGO) MOSL: INTERGLOBE AVIATION (Neutral)-Flight grounding to delay growth take off

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Motilal Oswal

Swarnendu Bhushan

EUR 120.00 For Business Accounts Only

MOSL: INTERGLOBE AVIATION (Neutral)-Flight grounding to delay growth take off

INTERGLOBE AVIATION: Flight grounding to delay growth take offINTERGLOBE AVIATION: Flight grounding to delay growth take off(INDIGO IN, Mkt Cap USD7.6b, CMP INR1413, TP INR1535, 9% Upside, Neutral)
** The Directorate General of Civil Aviation (DGCA) has directed INDIGO to ground all its A320neo aircraft fitted with unmodified Pratt and Whitney (PW) engines in case it fails to replace them with modified engines by 31st Jan’20.
** The DGCA has made it clear to preferentially replace unmodified engine aircraft with the new deliveries INDIGO takes over the coming months rather than deploying on a new/fresh schedule.
** The company has around 100 neo aircraft on its fleet, 45% of which are already modified. So, ~55 aircraft (110 engines) are yet to be replaced within the stipulated timeline, which translates to ~20-22% of the company’s existing fleet size (~8-9% of total domestic fleet capacity).

27/11/2019 6 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

Provider

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)-Flight grounding to delay growth take off

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