External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Equity Bottom-Up

InterGlobe Aviation Ltd / Equity Bottom-Up

<p>INDIGO reported an in line ASK (19.2b), PLF (70%), RPK (13.5b), and yield (INR3.7), while miss to our estimates was led by higher fuel cost. Air passenger demand touched a record high in Feb'21 after the lifting of COVID-related restrictions, although the second wave impacted demand in May'21. Cash burn rose to INR190m in 4Q (from INR150m in 3QFY21). Cash burn is expected to be higher in 1QFY22 as daily passenger demand falls to ~80,000 passengers from the highs of ~300,000 at the end of Feb'21.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

INDIGO reported an in line ASK (19.2b), PLF (70%), RPK (13.5b), and yield (INR3.7), while miss to our estimates was led by higher fuel cost. Air passenger demand touched a record high in Feb'21 after the lifting of COVID-related restrictions, although the second wave impacted demand in May'21. Cash burn rose to INR190m in 4Q (from INR150m in 3QFY21). Cash burn is expected to be higher in 1QFY22 as daily passenger demand falls to ~80,000 passengers from the highs of ~300,000 at the end of Feb'21.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Second COVID wave delays recovery by a year

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>We downgrade the stock to REDUCE and lower our EBITDAR estimates by ~10% over FY22/23E. We set a revised target price of INR 1,580, based on 7X EV/EBITDAR FY23E. Indigos 4QFY21 results were below estimates as the airline reported a loss of INR 11.6bn. The pick-up in aviation traffic is now delayed to 2HFY22 at a time when crude prices are firming up.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We downgrade the stock to REDUCE and lower our EBITDAR estimates by ~10% over FY22/23E. We set a revised target price of INR 1,580, based on 7X EV/EBITDAR FY23E. Indigos 4QFY21 results were below estimates as the airline reported a loss of INR 11.6bn. The pick-up in aviation traffic is now delayed to 2HFY22 at a time when crude prices are firming up.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation (4QFY21): Recovery priced in. Downgrade to REDUCE

India

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

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InterGlobe Aviation Ltd (INDIGO IN)

Second COVID wave delays recovery by a year

INDIGO reported an in line ASK (19.2b), PLF (70%), RPK (13.5b), and yield (INR3.7), while miss to our estimates was led by higher fuel cost. Air...

Motilal Oswal

InterGlobe Aviation (4QFY21): Recovery priced in. Downgrade to REDUCE

We downgrade the stock to REDUCE and lower our EBITDAR estimates by ~10% over FY22/23E. We set a revised target price of INR 1,580, based on 7X EV...

HDFC Securities

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