BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
InterGlobe Aviation Ltd.’s (IndiGo) Q4 FY22 loss adjusted for forex was higher than expected at Rs 10.7 billion on account of lower revenue per available seat-kilometer/higher cost of available seat kilometer combination.
Key positives from management commentary included strong guidance in capacity growth, strong guidance in being able to maintain more RASK than peers and breaching pre-Covid-19 levels for corporate /international segment in April/May 2022.
The cost outlook is unfortunately equally unconvincing with higher fuel cost, weaker rupee and higher inflation.
We believe balance sheet outlook is stronger for IndiGo than a year ago, which is a big positive. Any recurrence of Covid pandemic wave remains a big risk, while volatile commodity prices pose upside/downside risk to our estimates.
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