InterGlobe Aviation

Posts Q4 loss of Rs 1,147.16 crore

Jun 11, 2021 09:06 IST capital market

InterGlobe Aviation, the largest domestic airline by market share, posted net loss of Rs 1,147.16 crore on 25% drop in total income from operation to Rs 6,222.95 crore for the fourth quarter ended March 2021. Operating margin (OPM) improved to 8.9% as against contraction of 1.6% corresponding previous quarter. Thus, the company registered profit (OP) of Rs 551.50 crore in Q4FY21 as against Operating loss (OL) of Rs 131.03 crore in Q4FY20.

For Q4FY21, passenger ticket revenues were Rs 4,974.10 crore, a decrease of 30.2% and ancillary revenues were Rs 890.70 crore, a reduction of 17.2 % compared to the same period last year. RASK was down 10.6% to Rs 3.26 while yield fell by 1.2% to Rs 3.70 per KM. Total expenses decreased by 24.2% to Rs 7,519.30 crore. CASK excluding fuel was down 3.3% to Rs 2.87.

Commenting on the quarter performance, Mr. Ronojoy Dutta, Companys CEO, said This has been a very difficult year with our revenues slumping hard due to covid, showing some signs of recovery during the period December to February and then slumping again with the second wave of the covid. While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June. We see this pandemic as a period of great trial for both our shareholders and our employees. We are focusing all our efforts and all our energies to strengthen the foundations and the pillars of IndiGo so that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before. While we have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives.

Key Highlights

Network and Fleet

As of 31st March 2021:

  • Fleet of 285 aircraft including 100 A320 CEOs, 120 A320 NEOs, 39 A321 NEOs and 26 ATRs; a net reduction of 2 aircraft during the quarter.
  • Operated at a peak of 1,301 daily flights including non-scheduled flight during the quarter.
  • Provided service to 65 domestic destinations and 10 international destinations through Air bubble flights.

Operational Performance

  • For Q4FY21, the Company had on-time performance of 95.17% at four key metros, flight cancellation rate of 0.89%, and a Technical Dispatch Reliability of 99.93%.

Quarterly Performance

The total income from operation declined 25% to Rs 6,222.95 crore for the fourth quarter ended March 2021. For the quarter, passenger ticket revenues were Rs 4,974.10 crore, a decrease of 30.2% and ancillary revenues were Rs 890.70 crore, a reduction of 17.2 % compared to the same period last year. RASK was down 10.6% to Rs 3.26 while yield fell by 1.2% to Rs 3.70 per KM.

Total expenses decreased by 24.2% to Rs 7,519.30 crore. CASK excluding fuel was down 3.3% to Rs 2.87. Operating margin (OPM) improved to 8.9% as against contraction of 1.6% corresponding previous quarter. Thus, the company registered profit (OP) of Rs 551.50 crore in Q4FY21 as against Operating loss (OL) of Rs 131.03 crore in Q4FY20.

Other income fell 59% to Rs 138.85 crore.  Provision for interest rose by 8% to Rs 528.24 crore.  Loan funds rose to Rs 29,859.65 crore as of 31 March 2021 from Rs 22,380.12 crore as of 31 March 2020.  Inventories rose to Rs 316.42 crore as of 31 March 2021 from Rs 286.13 crore as of 31 March 2020.  Sundry debtors were lower at Rs 218.98 crore as of 31 March 2021 compared to Rs 259.42 crore as of 31 March 2020.  Cash and bank balance rose to Rs 11,227.67 crore as of 31 March 2021 from Rs 10,872.43 crore as of 31 March 2020.  Investments declined from Rs 9,499.24 crore as of 31 March 2020 to Rs 7,339.49 crore as of 31 March 2021.  

Provision for depreciation rose by 31% to Rs 1,319.62 crore.  Fixed assets increased to Rs 18,849.49 crore as of 31 March 2021 from Rs 16,874.98 crore as of 31 March 2020.  Intangible assets declined from Rs 44.56 crore to Rs 38.92 crore.  

Thus, the Company booked Loss before tax (LBT) of Rs 1,157.51 crore as compared to LBT of Rs 1,289.77 crore corresponding previous quarter.

Provision for tax was credit of Rs 10.35 crore, compared to credit of Rs 418.97 crore in corresponding previous quarter, the company booked net loss of Rs 1,147.16 crore, as against net loss of Rs 870.81 crore in corresponding previous quarter.

Annual Financial Performance

For the financial year ended March 2021 (FY 2021), total income from operation declined 59% to Rs 14,640.63 crore. OPM was turnaround to negative 0.1% from positive 11.4% corresponding previous period. Thus, the company posted an operating loss (OL) of Rs 13.61 crore as against operating profit (OP) of Rs 4,058.62 crore in corresponding previous period.

Other income fell 32% to Rs 1,036.96 crore. With 14% jump in interest cost to Rs 2,141.98 crore and 18% rise in depreciation cost to Rs 4,699.45 crore, the Company booked LBT of Rs 5,818.07 crore as compared to LBT of Rs 233.68 crore corresponding previous period.

With net tax credit of Rs 11.64 crore during the period as compared tax credit of Rs 21.99 crore in corresponding previous period, the company booked net loss of Rs 5,806.43 crore, as against net loss of Rs 233.68 crore in corresponding previous period.

Cash and Debt

As of 31st March 2021

  • IndiGo had a total cash balance of Rs 18,568.50 crore comprising of Rs 7,099.70 crore of free cash and Rs 11,468.80 crore of restricted cash.
  • The capitalized operating lease liability was Rs 25,735.70 crore. The total debt (including the capitalized operating lease liability) was Rs 29,859.70 crore.

The scrip hovers around Rs 1,753.60 (07 June 2021) on the BSE.

InterGlobe Aviation: Consolidated Results

 

2103 (3) 2003 (3) Var % 2103 (12) 2003 (12) Var %
Income from Operations 6222.95 8299.06 -25 14640.63 35756.00 -59
OPM (%) 8.9 -1.6 -0.1 11.4
Operating Profit/Loss 551.50 -131.03 LP -13.61 4058.62 PL
Other income 138.85 335.56 -59 1036.96 1535.51 -32
PBIDT/LBIDT 690.35 204.54 238 1023.36 5594.13 -82
Interest 528.24 487.75 8 2141.98 1875.87 14
PBDT 162.11 -283.21 LP -1118.62 3718.26 PL
Depreciation 1319.62 1006.56 31 4699.45 3973.93 18
PBT/LBT -1157.51 -1289.77 -10 -5818.07 -255.67 999
Taxation -10.35 -418.97 -98 -11.64 -21.99 -47
Net Profit/Loss -1147.16 -870.81 32 -5806.43 -233.68 999
EPS (Rs)* # # -150.9 -6.1
* EPS is on current equity capital of Rs 384.910 crore Face value of Rs 10
# EPS Not Calculated As It Is A Seasonal Business
Var % exceeding 999 is truncated to 999
LP: Loss to Profit PL: Profit to Loss
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Databases

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