INDIGO · Services
InterGlobe Aviation Ltd. reported revenue of ₹22,152 cr for January to March 2025, +24.3% on the year and +0.2% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹80,804 cr, +17.3% on the four before.
Operating profit (EBITDA) was ₹6,089 cr, a margin of 27.5%, +508 bps on the year and +406 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.6% to 29.8%, averaging 22.5%. Operating costs grew +16.1% against revenue growth of +24.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,068 cr, +61.9% on the year and +25.3% on the quarter, with earnings per share of ₹79.38. Profit before other income, one-offs and tax grew faster, at +103.8%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹7,259 cr, −11.2% on the four before.
On earnings per share of ₹187.92 over the last four quarters, the stock at ₹4,683.30 trades at 24.9 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +61.9% on the year; profit before other income, exceptional items and tax +103.8%.
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.
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 ₹22,152 cr (+24.3% on the year) and net profit of ₹3,068 cr (+61.9% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +103.8% on the year, against +61.9% for reported profit.
None of the 7 checks that could run raised a question.
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