Earnings Review
InterGlobe Avation's top line grows for 15th straight qtr
This story was originally published at 17:54 IST on 24 January 2025
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--InterGlobe Aviation Oct-Dec net profit INR 24.42 bln
--Analysts saw InterGlobe Aviation Oct-Dec net profit INR 29.97 bln
--InterGlobe Aviation Oct-Dec PAT INR 24.42 bln vs INR 29.99 bln year ago
--InterGlobe Aviation Oct-Dec sales INR 221.11 bln vs INR 194.52 bln yr ago
--InterGlobe Aviation Apr-Dec PAT INR 41.80 bln vs INR 62.74 bln year ago
--InterGlobe Aviation Apr-Dec sales INR 586.51 bln vs INR 510.79 bln yr ago
--InterGlobe Aviation Oct-Dec EBITDAR 60.59 bln vs INR 54.75 bln year ago
--InterGlobe Aviation Oct-Dec EBITDAR margin 27.4% vs 28.1% year ago
--InterGlobe Aviation Oct-Dec capacity 40.8 bln, up 12% on year
--InterGlobe Aviation Oct-Dec passengers 31.1 mln, up 12.7% on year
--InterGlobe Aviation Oct-Dec load factor 86.9%, up 1.2 points
--InterGlobe Aviation Oct-Dec yield INR 5.43/km, down 1% on year
--InterGlobe Aviation total debt at INR 651.39 bln as of Dec 31
--InterGlobe Aviation Oct-Dec net added 27 passenger aircraft
--InterGlobe Aviation fleet 437 aircraft as on Dec 31 vs 410 as on Sept 30
--InterGlobe: Jan-Mar capacity seen up 20% YoY in available seat km terms
--InterGlobe Aviation aircraft fuel cost INR 64.2 bln vs INR 68.4 bln yr ago
By Anand JC
MUMBAI – The revenue of InterGlobe Aviation Ltd., which runs low-cost carrier IndiGo Airlines, reported a year-on-year growth for the 15th consecutive quarter in the December quarter amid robust demand for air travel and relatively lower fuel costs. However, the company's net profit missed analysts' expectations, with the bottom line reporting a double-digit fall on the back of an increase in overall expenses.
The net profit of InterGlobe Aviation for the December quarter was INR 24.42 billion, 18.6% lower on year. Analysts had forecast a net profit of INR 29.97 billion for the Gurugram-based company. However, excluding foreign exchange fluctuations, the company's profit after tax increased 26.1% on-year to INR 38.46 billion. InterGlobe Aviation had reported a loss of INR 9.89 billion in the September quarter.
The net foreign exchange loss zoomed to INR 14.58 billion in the December quarter from INR 509 million.
The company's revenue from operations for the December quarter was INR 221.11 billion, beating analysts' expectations of INR 216.68 billion. InterGlobe Aviation's top line increased 13.7% on-year, and 30.3% sequentially. Its other income saw an uptick of 44.9% on-year to INR 8.84 billion for the December quarter.
InterGlobe Aviation's earnings before interest, taxes, depreciation, amortisation, and rentals for the December quarter was INR 60.59 billion, up 10.7% on-year. Excluding foreign exchange impact, the EBITDAR for the December quarter increased 34.9% to INR 74.56 billion. InterGlobe Aviation's EBITDAR margin excluding the foreign exchange impact was 33.7% in Oct-Dec, up from 28.4% a year ago.
While other expenditures sub-heads reported an increase, the company's aviation turbine fuel costs reported a decline. Aircraft fuel expenses incurred by InterGlobe Aviation during the December quarter were INR 64.23 billion, down 6.1% on year and 2.8% sequentially.
Costs incurred by the company for aircraft and engine rentals jumped to INR 7.59 billion in the quarter ended December from INR 2.99 billion a year ago. Airport fees and charges rose 22.8% on-year to INR 15.19 billion for the December quarter. Its net supplementary rentals and aircraft repair and maintenance expenses rose 8.6% on year to INR 28.58 billion.
OPERATIONAL METRICS
The number of passengers carried rose to 31.1 million in December quater, up 12.7%. The airline's available seat kilometre for the December quarter was INR 40.8 billion, 12% higher on year. Its revenue passenger kilometre in the same period was INR 35.5 billion, up 13.5% from a year ago.
IndiGo's passenger load factor increased by 1.2 percentage points during the December quarter to 86.9%.
The company's revenue per available seat kilometre for the December quarter was INR 5.44, up around 2% on-year. However, the company's yield during the latest quarter fell 1% to INR 5.43 per kilometre. InterGlobe Aviation's cost per available seat kilometre fell grew 6.8% on-year to INR 4.83 during the December quarter.
InterGlobe Aviation had a fleet of 437 aircraft at the end of Dec. 31, with the company adding 27 passenger aircraft in the December quarter, it said in a press release. In 2024, the company added 79 aircraft to its fleet.
"We touched new milestones as we operated a peak of 2,200 daily flights and served a record 31.1 million passengers during the quarter," said its Chief Executive Officer Pieter Elbers.
In Jan-Mar, the company expects its available seat kilometre to increase by around 20% on-year.
The total debt of the company as of Dec. 31 was INR 651.39 billion, up from INR 592.37 billion as of Sept. 30 and INR 511.88 billion as of Dec. 31, 2023.
On Friday, shares of the company closed 0.7% higher at INR 4,161.80 on the National Stock Exchange. The company announced its earnings after market hours. End
Edited by Saji George Titus
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