InterGlobe Aviation Q4 Review - Recovery Delayed: Centrum Broking

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Centrum Broking Report

InterGlobe Aviation Ltd.’s net loss of Rs 11.6 billion in Q4 FY21 was above our net loss estimate of Rs 7.4 billion due to lower ticket yield and higher fuel cost and forex mark-to-market loss.

Available seat kilometer/revenue passenger kilometer declined 16.7%/29.4% YoY to 19.2 billion/13.5 billion with load factor at 70.2%.

Revenue per available seat-kilometer declined 10.6% YoY to Rs 3.26.

Unit fuel cost declined 19.8% YoY to Rs 1.0 aided by lower aviation turbine fuel costs and improved fleet mix.

Ebitda and restructuring/rent costs stood at Rs 6.5 billion and was below our estimate of Rs 9.2 billion.

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