Wednesday, 20 March, 2019

InterGlobe Aviation shares tank 20 per cent on weak Q4 results

IndiGo share price Investors unfazed by Aditya Ghosh exit look what Ramdeo Agrawal has to say IndiGo share price is trading at a 12-month price to earnings ratio of 32.50. Image source PTI
Lloyd Bates | 03 May, 2018, 20:39

Ghosh resigned from the company on April 26. Aditya wishes to explore starting a new business venture and we respect his decision to do so. "The board of directors will consider his appointment as President and CEO of the company subject to receiving necessary regulatory approvals and paperwork", Bhatia said.

IndiGo also had to cancel hundreds of flights in March when several in-flight engine failures prompted India's aviation regulator to ground eight of the airline's Airbus A320neo aircraft fitted with certain Pratt & Whitney engines.

According to the airline, the net profit during the quarter under review fell to Rs 117.64 crore from Rs 440.30 crore reported for the corresponding period of 2016-17.

The low-priced carrier posted its highest ever profit after tax of Rs 2,242 crore for the year ended March 2018, an increase of 35.1 per cent compared to last year's Rs 1,656.98 crore.

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For full year ended March 2018, revenue from operations came in at ₹23,020 crore, implying an increase of almost 24 percent compared to last year. This was primarily driven by rise in fuel cost, forex losses (booked a loss of Rs 925 million compared to a gain of Rs2.5 billion in the same quarter last year) and fall in passenger yields.

Total expenses of the firm rose 30.2% to Rs 5,890.6 crore. Kotak Institutional Equities, in its note, said elevated capex, still large capital-WIP, high effective debt and Jio's balance sheet took the sheen away from RIL's remarkable 17 per cent growth in EPS to Rs 59 in FY2018.

Embarking on ambitious expansion plans, IndiGo was the first airline to express interest in the disinvestment of loss-making Air India but opted out after the government came out with the preliminary information memorandum in March. Unfortunately, that option is not available under the government's current plan of Air India. "We will continue to manage our costs tightly and additional operations won't affect that", he said. It operates around 1,000 flights daily.

IndiGo operated a fleet of 159 aircraft including 32 A320neos and 6 ATRs in the quarter, an increase of six aircraft during the quarter and operated a peak of 1.086 daily flights, including worldwide operations during the quarter.