InterGlobe Aviation Q4 Review - Second Covid-19 Wave Delays Recovery By A Year: Motilal Oswal

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Motilal Oswal Report

InterGlobe Aviation Ltd. reported an in line available seat kilometers (19.2 billion), passenger load factor (70%), revenue passenger kilometers (13.5 billion), and yield (Rs 3.7), while miss to our estimates was led by higher fuel cost.

Air passenger demand touched a record high in February 2021 after the lifting of Covid-19 related restrictions, although the second wave impacted demand in May 2021.

Cash burn rose to Rs 190 million in Q4 (from Rs 150 million in Q3 FY21).

Cash burn is expected to be higher in Q1 FY22 as daily passenger demand falls to ~80,000 passengers from the highs of ~300,000 at the end of February 2021.

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