INDIGO · Services
InterGlobe Aviation Ltd. reported revenue of ₹16,970 cr for July to September 2024, +13.6% on the year and −13.3% on the quarter.
Operating profit (EBITDA) was ₹1,631 cr, a margin of 9.6%, −511 bps on the year and −1,675 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 9.6% to 29.8%). Operating costs grew +20.4%, faster than revenue at +13.6%, so operating profit grew less than sales.
The company swung to a net loss of ₹987 cr from a profit of ₹189 cr a year earlier, with earnings per share of −₹25.54.
On earnings per share of ₹171.93 over the last four quarters, the stock at ₹4,683.30 trades at 27.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Net loss −₹987 cr against a profit of ₹189 cr.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 9.6%, −511 bps on the year (−1,675 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14,944 cr | ₹19,452 cr | ₹17,825 cr | ₹19,571 cr | ₹16,970 cr | ₹22,111 cr | ₹22,152 cr | ₹20,496 cr | ₹18,555 cr | ₹23,472 cr | ₹22,438 cr | ₹24,584 cr |
| YoY | — | — | — | +17% | +14% | +14% | +24% | +5% | +9% | +6% | +1% | +20% |
| EBITDA margin | 14.7% | 26.5% | 22.4% | 26.4% | 9.6% | 23.4% | 27.5% | 25.5% | 3.1% | 22.9% | 3.6% | 13.3% |
| Other income, % of PBT | 296% | 20% | 38% | 24% | — | 35% | 30% | 45% | — | −85% | — | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 0% | −7% | 3% | — | 3% | 3% | 6% | — | 2% | — | — |
| Net profit | ₹189 cr | ₹2,998 cr | ₹1,895 cr | ₹2,729 cr | −₹987 cr | ₹2,449 cr | ₹3,068 cr | ₹2,176 cr | −₹2,582 cr | ₹549 cr | −₹2,537 cr | −₹238 cr |
| YoY | — | — | — | −12% | −622% | −18% | +62% | −20% | — | −78% | −183% | −111% |
| Core profit YoY | — | — | — | −19% | — | −31% | +104% | −40% | — | −37% | −257% | −200% |
| EPS | ₹4.90 | ₹77.68 | ₹49.09 | ₹70.70 | −₹25.54 | ₹63.38 | ₹79.38 | ₹56.31 | −₹66.79 | ₹14.22 | −₹65.60 | −₹6.14 |
| Flags | 1 | · | 2 | 1 | 2 | 2 | ✓ | 1 | 1 | ✓ | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
InterGlobe Aviation Ltd. reported revenue of ₹16,970 cr (+13.6% on the year) and net profit of −₹987 cr (−622.2% on the year) for July to September 2024.
2 checks raised a question: Swung to a loss from a profit a year ago. One quarter, or a trend?
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