On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Interglobe Aviation has
increased 30.26% to Rs 19452.15 crore.
Operating profit margin has jumped
from 20.88% to 26.47%, leading to 65.16% rise in operating profit to Rs
5,149.34 crore. Purchase of finished goods cost fell from 0.54% to
0.49%. Employee cost increased from 8.60% to 8.70%. Other
expenses fell from 69.98% to 64.33%. Power and Oil fuel cost fell
from 38.74% to 35.17%. Other direct service cost rose from 19.91%
to 21.42%.
Other income rose 27.84% to Rs 610.1
crore. PBIDT rose 60.21% to Rs 5759.44 crore. Provision
for interest rose 32.06% to Rs 1095.21 crore.
PBDT rose 68.65% to Rs 4664.23
crore. Provision for depreciation rose 24.09% to Rs 1665.72
crore.
Profit before tax grew 110.67% to Rs
2,998.51 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 0.39 crore, compared to
Rs 0.71 crore. Effective tax rate was 0.01% compared to 0.05%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 110.75% to Rs 2,998.12 crore.
Promoters’ stake was 63.13% as of 31
December 2023 ,compared to 71.92% as of 31 December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Interglobe Aviation has
increased 26.79% to Rs 51079.08 crore.
Operating profit margin has jumped from
9.29% to 24.13%, leading to 229.20% rise in operating profit to Rs 12,324.07
crore. Purchase of finished goods cost fell from 0.53% to 0.49%.
Employee cost increased from 8.68% to 9.13%. Other
expenses fell from 81.50% to 66.25%. Power and Oil fuel cost fell
from 44.76% to 35.10%. Other direct service cost rose from 21.13%
to 22.12%.
Other income rose 65.45% to Rs
1646.98 crore. PBIDT rose 194.80% to Rs 13971.05
crore. Provision for interest rose 38.70% to Rs 3070.23
crore.
PBDT rose 331.61% to Rs 10900.82
crore. Provision for depreciation rose 23.27% to Rs 4622.48
crore.
Profit before tax reported profit of
Rs 6,278.34 crore compared to loss of Rs 1,224.21 crore. Share of
profit/loss were nil in both the periods. Provision for tax was
expense of Rs 0.69 crore, compared to Rs 0.78 crore. Effective tax
rate was 0.01% compared to negative 0.06%.
Minority interest was nil in both
the periods.
Promoters’ stake was 63.13% as of 31
December 2023 ,compared to 71.92% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Interglobe Aviation has
increased 109.97% to Rs 54446.45 crore.
Operating profit margin has jumped
from 2.11% to 11.93%, leading to 1,086.73% rise in operating profit to Rs
6,495.34 crore. Purchase of finished goods cost rose from 0.46% to
0.53%. Employee cost decreased from 13.44% to 8.81%.
Other expenses fell from 83.99% to 78.74%. Power and
Oil fuel cost rose from 37.39% to 43.43%. Other direct service cost
fell from 37.13% to 22.07%.
Other income rose 97.76% to Rs
1434.97 crore. PBIDT rose 523% to Rs 7930.31
crore. Provision for interest rose 32.81% to Rs 3131.73
crore. Loan funds rose to Rs 44,854.21 crore as of 31 March 2023
from Rs 36,877.84 crore as of 31 March 2022. Inventories rose to Rs
591.07 crore as of 31 March 2023 from Rs 408.06 crore as of 31 March
2022. Sundry debtors were higher at Rs 519.90 crore as of 31 March
2023 compared to Rs 332.92 crore as of 31 March 2022. Cash and bank
balance rose to Rs 11,839.69 crore as of 31 March 2023 from Rs 10,120.14 crore
as of 31 March 2022. Investments rose to Rs 11,558.10 crore as of 31
March 2023 from Rs 8,106.48 crore as of 31 March 2022 .
PBDT stood at Rs 4,798.58 crore
compared to loss of Rs 1085.09 crore. Provision for depreciation
rose 0.68% to Rs 5102.97 crore. Fixed assets increased to Rs
27,647.66 crore as of 31 March 2023 from Rs 21,381.42 crore as of 31 March
2022. Intangible assets increased from Rs 27.60 crore to Rs 31.54
crore.
Loss before tax has fallen 95.05% to
Rs -304.39 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 1.4 crore, compared to
Rs 8.16 crore. Effective tax rate was negative 0.46% compared to
negative 0.13%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 95.04% to Rs -305.79 crore.
Equity capital increased from Rs
385.26 crore as of 31 March 2022 to Rs 385.55 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 67.86% as of 31
March 2023 ,compared to 74.77% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 12,727.94 crore for year ended March 2023 from Rs 2,090.58
crore for year ended March 2022. Cash flow used in acquiring fixed
assets during the year ended March 2023 stood at Rs 569.80 crore, compared to
Rs 346.88 crore during the year ended March 2022. Operational highlights:
Q3FY2024
Capacity increased by 26.8% YoY .
Passengers increased by 23.4% to 27.5
million.
Yield increased by 2.0% to Rs 5.48
and load factor improved by 0.7 points to 85.8%.
Reduction in fuel CASK by 6.7% to
Rs 1.88.
CASK ex fuel decreased by 4.2% to
Rs 2.64.
Future Capacity Growth
Fourth quarter of fiscal year 2024
capacity in terms of ASKs is expected to increase by around 12% as compared to
the fourth quarter of fiscal year 2023.
Management Commentary:
Commenting
on the performance the Company`s CEO, Mr. Pieter Elbers said, “For the
third quarter of financial year 2024, we reported a profit after tax of 30 billion
rupees with a profit after tax margin of 15.4%. With these 5 consecutive
quarters of profit we continue to recover from the losses of Covid and have now
become net worth positive again.
This series of profitable growth
is attributable to the confidence shown by passengers who chose to fly with us.
We are grateful for our customers’ confidence and our thousands of employees
who continue to put their best foot forward each day to serve them.
The year 2023 was marked by
numerous milestones. We served 100 million plus passengers in a calendar year
and joined the select club of global carriers operating at this scale. We
started operating 2,000 plus daily flights to 118 destinations. Each achievement
is a testament to our focused strategy, loyalty of our customers and dedication
of 6E employees.”
| Interglobe Aviation : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 19,452.15 | 14,932.97 | 30.26 | 51,079.08 | 40,285.85 | 26.79 | 54,446.45 | 25,930.93 | 109.97 | | OPM (%) | 26.47 | 20.88 | 559 bps | 24.13 | 9.29 | 1,483 bps | 11.93 | 2.11 | 982 bps | | OP | 5,149.34 | 3,117.75 | 65.16 | 12,324.07 | 3,743.66 | 229.20 | 6,495.34 | 547.33 | 1,086.73 | | Other Inc. | 610.10 | 477.23 | 27.84 | 1,646.98 | 995.44 | 65.45 | 1,434.97 | 725.60 | 97.76 | | PBIDT | 5,759.44 | 3,594.98 | 60.21 | 13,971.05 | 4,739.10 | 194.80 | 7,930.31 | 1,272.93 | 523.00 | | Interest | 1,095.21 | 829.31 | 32.06 | 3,070.23 | 2,213.50 | 38.70 | 3,131.73 | 2,358.02 | 32.81 | | PBDT | 4,664.23 | 2,765.67 | 68.65 | 10,900.82 | 2,525.60 | 331.61 | 4,798.58 | -1,085.09 | LP | | Depreciation | 1665.72 | 1342.36 | 24.09 | 4622.48 | 3749.81 | 23.27 | 5102.97 | 5068.6 | 0.68 | | PBT | 2,998.51 | 1,423.31 | 110.67 | 6278.34 | -1224.21 | LP | -304.39 | -6153.69 | 95.05 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 2998.51 | 1423.31 | 110.67 | 6278.34 | -1224.21 | LP | -304.39 | -6153.69 | 95.05 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 2998.51 | 1423.31 | 110.67 | 6278.34 | -1224.21 | LP | -304.39 | -6153.69 | 95.05 | | Taxation | 0.39 | 0.71 | -45.07 | 0.69 | 0.78 | -11.54 | 1.4 | 8.16 | -82.84 | | PAT | 2998.12 | 1422.6 | 110.75 | 6277.65 | -1224.99 | LP | -305.79 | -6161.85 | 95.04 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 2998.12 | 1422.6 | 110.75 | 6277.65 | -1224.99 | LP | -305.79 | -6161.85 | 95.04 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 2998.12 | 1422.6 | 110.75 | 6277.65 | -1224.99 | LP | -305.79 | -6161.85 | 95.04 | | EPS (Rs)* | 77.68 | 36.86 | 110.75 | 162.64 | -31.74 | LP | -7.92 | -159.64 | 95.04 | | | * EPS is on current equity of Rs 385.98 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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