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InterGlobe Aviation, the largest domestic airline by market share, posted net loss of Rs 620.14 crore on 51% drop in total income from operation to Rs 4,909.98 crore for the third quarter ended December 2020. Operating margin (OPM) was up 30 bps to 17.2%. Thus, the company registered profit (OP) of Rs 842.24 crore.
For Q3FY21, passenger ticket revenues were Rs 4,069.30 crore, a decrease of 53.6% and ancillary revenues were Rs 807.80 crore, a reduction of 22.1 % compared to the same period last year. Total expenses decreased by 41% to Rs 5,765.90 crore. CASK excluding fuel was up 22.2% to Rs 2.93.
Commenting on the quarter performance, Mr. Ronojoy Dutta, Company's CEO, said "The high level of consumer confidence in our product has indeed been heartening and we are glad to be making graduated and measured steps to a full recovery. We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilization are so very critical for our return to profitability. We had promised to come out of the crisis stronger than we went in and with the full commitment of all our employees, we are beginning to deliver on that promise. "
Key Highlights
Network and Fleet
As of 31st December 2020:
- Fleet of 287 aircraft including 111 A320 CEOs, 120 A320 NEOs, 30 A321 NEOs and 26 ATRs; a net increase of 5 aircraft during the quarter.
- Operated a peak of 1,166 daily flights including non-scheduled flight during the quarter.
- Provided service to 60 domestic destinations and 6 international destinations through Air bubble flights.
Operational Performance
- For Q3FY21, the Company had on-time performance of 96.63% at four key metros, flight cancellation rate of 1.38%, and a Technical Dispatch Reliability of 99.95%.
Quarterly Performance
The total income from operation declined 51% to Rs 4,909.98 crore for the third quarter ended December 2020. For the quarter, passenger ticket revenues were Rs 4,069.30 crore, a decrease of 53.6% and ancillary revenues were Rs 807.80 crore, a reduction of 22.1 % compared to the same period last year. RASK was down 16.4% to Rs 3.27 while yield fell by 4.6% to Rs 3.70 per KM.
Total expenses decreased by 41% to Rs 5,765.90 crore. CASK excluding fuel was up 22.2% to Rs 2.93.
Operating margin (OPM) was up 30 bps to 17.2%. Thus, the company posted an operating profit (OP) of Rs 842.24 crore, a decline of 50% from OP of Rs 1,676.25 crore in corresponding previous quarter.
Other income fell 42% to Rs 232.79 crore. With 13% jump in interest cost to Rs 541.47 crore and 11% rise in depreciation cost to Rs 1,156.69 crore, the Company booked Loss before tax (LBT) of Rs 623.13 crore as compared to PBT of Rs 556.53 crore corresponding previous quarter.
With net tax credit of Rs 2.99 crore during the quarter as compared tax outgo of Rs 60.56 crore in corresponding previous quarter, the company booked net loss of Rs 620.14 crore, as against net profit of Rs 495.97 crore in corresponding previous quarter.
Nine Months ended December performance
For Nine Months ended December 2020, total income from operation declined 69% to Rs 8,417.68 crore. OPM was turnaround to negative 6.7% from positive 15.3% corresponding previous period. Thus, the company posted an operating loss (OL) of Rs 565.11 crore as against operating profit (OP) of Rs 4,189.65 crore in corresponding previous period.
Other income fell 25% to Rs 898.11 crore. With 16% jump in interest cost to Rs 1,613.74 crore and 14% rise in depreciation cost to Rs 3,379.82 crore, the Company booked LBT of Rs 4,660.56 crore as compared to PBT of Rs 1,034.10 crore corresponding previous period.
With net tax credit of Rs 1.29 crore during the period as compared tax outgo of Rs 396.98 crore in corresponding previous period, the company booked net loss of Rs 4,659.27 crore, as against net profit of Rs 637.13 crore in corresponding previous period.
Annual Financial Performance
For the financial year ended March 2020 (FY 2020), total income from operation inclined 25% to Rs 35,756.00 crore. OPM rose to 11.4% from negative -0.7% corresponding previous period. The turnaround of operating margin to positive led Operating Profit (OP) of Rs 4,058.62 crore from Operating loss (OL) of Rs 203.43 crore corresponding previous period.
Other income inclined 16% to Rs 1,535.51 crore. With 269% rise in interest cost to Rs 1,875.87 crore and 423% jump in depreciation cost to Rs 3,973.93 crore, the company booked Loss Before Tax (LBT) of Rs 255.67 crore as compared LBT of Rs 147.38 crore corresponding previous period. The net tax credit for the period was Rs 21.99 crore as compared tax credit of Rs 304.63 crore in corresponding previous period. Thus, the company booked net loss of Rs 233.68 crore as compared to net profit of Rs 157.25 crore in corresponding previous period.
Cash and Debt
As of 31st December 2020
IndiGo had a total cash balance of Rs 18,365.30 crore comprising of Rs 7,444.50 crore of free cash and Rs 10,920.70 crore of restricted cash.
- The capitalized operating lease liability was Rs 24,557.90 crore. The total debt (including the capitalized operating lease liability) was Rs 27,726.10 crore.
Future Capacity Growth
- Fourth quarter fiscal 2021 capacity in ASKs is expected to be around 75-80% of fourth quarter fiscal 2020 capacity.
The scrip hovers around Rs 1,588.35 (28 January 2021) on the BSE.
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