InterGlobe Aviation shares tank 20 per cent on weak Q4 results

Devin Lawrence
May 3, 2018

Interglobe Aviation, the owner of India's largest airline by market share IndiGo, reported a 73.3 per cent decline in March profit after tax pulled down by higher fuel prices, grounded aircrafts in March coupled with weaker rupee. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO, the company said in the filing.

"Aditya Ghosh has resigned and will leave the company on July 31".

Ghosh's resignation has come at a time when the budget carrier was embroiled primarily in two issues - one pertaining to the glitches with Pratt & Whitney engines on board its Airbus A320neo flight, a problem that has lasted for more than a year leading to non-optimal fleet utilisation and mass flight cancellations; and two about recurrent cases of airline's staff misbehaving with passengers going public. "We booked a forex loss of Rs 92.5 crore this quarter as compared to a gain of Rs 160 crore in the same period a year ago". In the last fiscal, the total income stood at Rs 23,967.74 crore compared to Rs 19,369.57 crore in the same period a year ago. Total expenses jumped 30.2 per cent to Rs 5,891 crore, including a 33.5 per cent increase in fuel costs in the January-March quarter.

"Results include certain credits received from manufacturers to offset some of the impact of aircraft groundings and delivery delays", IndiGo said in a statement.

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For full year ended March 2018, revenue from operations came in at ₹23,020 crore, implying an increase of almost 24 percent compared to last year. Kotak Institutional Equities, in its note, said elevated capex, still large capital-WIP, high effective debt and Jio's balance sheet took the sheen away from RIL's remarkable 17 per cent growth in EPS to Rs 59 in FY2018. "Unfortunately, such an option is not available under the government's current divestiture plan of Air India".

As per the memorandum, the government plans to sell 76 per cent stake and cede management control of Air India. "We will continue to manage our costs tightly and additional operations won't affect that", he noted.

He said the company is in talks with the regulators for approval of long haul routes and is looking at options for wide body aircrafts for the same. It operates around 1,000 flights daily.

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