INDIGO · Services
InterGlobe Aviation Ltd. reported revenue of ₹22,111 cr for October to December 2024, +13.7% on the year and +30.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹5,179 cr, a margin of 23.4%, −305 bps on the year and +1,381 bps on the quarter. Over the last 7 quarters the margin has ranged from 9.6% to 29.8%, averaging 21.8%. Operating costs grew +18.4%, faster than revenue at +13.7%, so operating profit grew less than sales.
Net profit was ₹2,449 cr, −18.3% on the year and — on the quarter, with earnings per share of ₹63.38. Profit before other income, one-offs and tax fell 31.1%, so 13 points of the headline growth came from outside the core business.
On earnings per share of ₹157.63 over the last four quarters, the stock at ₹4,683.30 trades at 29.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 23.4%, −305 bps on the year (+1,381 bps on the quarter).
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 35% of profit before tax, against 20% a year earlier.
Source: Quarterly statements
Could not run on this quarter: 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.
| 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 ₹22,111 cr (+13.7% on the year) and net profit of ₹2,449 cr (−18.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −31.1% on the year, against −18.3% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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