Interglobe Aviation Q1 Results Review - Capacity Guidance, Outlook Remain Intact: Motilal Oswal

Motilal Oswal Report

InterGlobe Aviation Ltd. reported an Ebitda growth of 4% YoY to Rs 51.5 billion in Q1 FY25, while profit after tax declined 12% YoY to Rs 27.3 billion (versus our estimate of Rs 15.7 billion). Revenue passenger kilometers was 31.5b. The passenger load factor was 86.8% with available seat kilometers at 36.3 billion (estimate: of 35.5 billion) and yield at Rs 5.24 (versus estimate of Rs 4.72, +1% YoY) in Q1 FY25.

Currently, IndiGo’s ~70+ aircraft are grounded due to Pratt & Whitney engine issues, and the management believes this number would be range-bound. IndiGo added incremental 17 destinations (10 domestic and seven international) YoY in Q1 FY25 while highlighting the fact that the Indian market is still underpenetrated both in terms of domestic and international travel.

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