Capitaline

Results 26-May-22

Analysis

Interglobe Aviation

Net loss widened to Rs -1681.8 cr in Q4FY2022

On consolidated basis

Quarter ended March 2022 compared with Quarter ended March 2021.

Net sales (including other operating income) of Interglobe Aviation has increased 28.89% to Rs 8020.75 crore.

Operating profit margin declined from 8.86% to 0.47%, leading to 93.13% decline in operating profit to Rs 37.89 crore.

Other income increased 34.47% to Rs 186.71 crore. Provision for interest rose 19.76% to Rs 632.93 crore.

Provision for depreciation declined 3.8% to Rs 1269.49 crore.

Share of profit/loss were nil in both the periods. Provision for tax was debit of Rs 4.29 crore, compared to credit of Rs 10.35 crore.

Minority interest was nil in both the periods.

Full year results analysis.

Net sales (including other operating income) of Interglobe Aviation has increased 77.12% to Rs 25930.93 crore.

Other income fell 30.03% to Rs 725.60 crore. Provision for interest rose 10.09% to Rs 2358.02 crore. Loan funds rose to Rs 36877.8429,859.65 crore as of 31 March 2022 from Rs 29859.65 crore as of 31 March 2021. Inventories rose to Rs 408.063 crore as of 31 March 2022 from Rs 316.418 crore as of 31 March 2021. Sundry debtors were higher at Rs 332.92 crore as of 31 March 2022 compared to Rs 218.98 crore as of 31 March 2021. Cash and bank balance declined to Rs 10120.14 crore as of 31 March 2022 from Rs 11227.67 crore as of 31 March 2021. Investments increased from Rs 7339.50 crore as of 31 March 2021 to Rs 8106.48 crore as of 31 March 2022.

Provision for depreciation rose 7.86% to Rs 5068.60 crore. Fixed assets increased to Rs 21381.42crore as of 31 March 2022 from Rs 18849.49 crore as of 31 March 2021. Intangible assets declined from Rs 38.92 crore to Rs 27.60 crore.

Profit before tax widened 5.77% to Rs -6153.68 crore. Share of profit/loss were nil in both the periods. Provision for tax was debit of Rs 8.16 crore, compared to credit of Rs 11.64 crore. Effective tax rate was 0.20% compared to 8.60%.

Minority interest was nil in both the periods. Net loss attributable to owners of the company increased 6.12% to Rs -6161.85 crore.

Equity capital increased from Rs 384.91 crore as of 31 March 2021 to Rs 385.255 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Management Commentary:

The Company’s CEO, Mr. Ronojoy Dutta said, “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee. We believe IndiGo is best positioned to maximise revenue in a recovering market. As we work to return the airline to profitability, we are focused on maintaining our cost leadership position and continuing to build the most efficient network in the region”

Interglobe Aviation: Consolidated Results
	2203(3)	2103(3)	Var (%)	2203 (12)	2103 (12)	Var (%)
Sales	8020.75	6222.95	28.89%	25930.93	14640.631	77.12%
OPM (%)	0.47%	8.86%	-839 bps	2.11%	-0.09%	220 bps
OP	37.89	551.50	-93.13%	547.33	-13.61	LP
Other inc.	186.71	138.85	34.47%	725.60	1036.96	-30.03%
PBIDT	224.61	690.35	-67.47%	1272.93	1023.36	24.39%
Interest	632.63	528.24	19.76%	2358.02	2141.98	10.09%
PBDT	-408.03	162.11	P/L	-1085.08	-1118.62	-3.00%
Dep.	1269.49	1319.62	-3.80%	5068.60	4699.45	7.86%
PBT	-1677.51	-1157.51	44.92%	-6153.68	-5818.07	5.77%
Share of profit/loss from JV	-	-	-	-	-	-
PBT Before EO	-1677.51	-1157.51	44.92%	-6153.68	-5818.07	5.77%
Exceptional items	-	-	-	-	-	-
PBT After EO	-1677.51	-1157.51	44.92%	-6153.68	-5818.07	5.77%
Total Tax	4.29	-10.35	-141.41%	8.16	-11.64	-170.09%
PAT	-1681.80	-1147.16	46.61%	-6161.85	-5806.43	6.12%
Minority Interest	-	-	-	-	-	-
Net Profit	-1681.80	-1147.160	46.61%	-6161.85	-5806.43	6.12%
EPS (Rs)*	#	#		-159.94	-150.72
* EPS is on current equity of Rs 385.255 crore, Face value of Rs. 10 Each
# EPS is not annualised due to seasonality of business
BPS- Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

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