IndiGo posts PAT of Rs 1,203 crore for Q1, revenue jumps 45% YoY

InterGlobe Aviation, parent of IndiGo airline, on Friday reported a net profit (PAT) of Rs 1,203 crore for the April-June quarter of financial year 2019-20 (Q1FY20), up 4,229.7 per cent year-on-year (YoY) from Rs 27.8 crore in Q1FY19. The profit rose 102 per cent on a sequential quarter basis. This was the airline's highest ever quarterly profit.
 

The profit beat analysts’ expectations, who had estimated a profit between Rs 608 crore and Rs 859 crore. For the quarter under review, the revenue stood at Rs 9,420.1 crore, up 44.65 per cent YoY from Rs 6,512 crore in Q1FY19, Interglobe Aviation said in a release. 

Click here for the detailed break-up of Q1 numbers
 

The airline registered a 169.4 per cent rise YoY in earn earnings before interest, tax, depreciation, amortization, and rent (EBITDAR) at Rs 2,778.5 crore. The same was Rs 1,031.3 crore in Q1FY19 and Rs 2,056.3 crore in Q4FY19. Yield during the quarter under review came in at Rs 4.08/ km, up 12.8 per cent YoY. The EBITDAR margin came at 29.5 per cent.

CLICK HERE TO READ ANALYSTS' EXPECTATIONS 

"I am pleased to report our highest ever quarterly profit after tax. Strong passenger revenues along with a sharp improvement in cargo performance were key drivers to this improved profitability. We are particularly pleased with this quarter because it demonstrated our ability to grow rapidly while simultaneously expanding our margin performance," said Ronojoy Dutta, the CEO of Interglobe Aviation in a release to the exchanges.

For the June 2019 quarter, their passenger ticket revenues came in at Rs 8,445.1 crore, an increase of 46.4 per cent and ancillary revenues were Rs 902.6 crore, an increase of 32.2 per cent compared to the same period last year.

Total expenses for the quarter stood at Rs 8,277.5 crore, an increase of 22 per cent over the same quarter last year. Cost Per Available Seat Mile (CASM / CASK), excluding fuel, was Rs 2.1, a decrease of 2.8 per cent over the same quarter last year. 

"Excluding the impact of foreign exchange, our CASK excluding fuel increased by 2.6 per cent for the quarter," a company release said. The fuel cost shot up by 15 per cent sequentially to Rs 3,136 crore in the June quarter.

In the March quarter, the airline expanded its fleet to 235 aircraft, up from 217 at the end of March 2019.   
 

“Second quarter fiscal 2020 year over year capacity increase in ASKs is expected to be 28 per cent,” the company said in its release. For the full year, the capacity is projected to grow 30 per cent.