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.
Motilal Oswal Report
Interglobe Aviation Ltd. reported a miss on our estimates mainly led by lower-than-estimated yield (at Rs 4.4), with revenue passenger kilometre being 15% below our estimate.
Lower passenger load factor (at 76.5%) due to Omicron impacted the revenue per available seat-kilometer adversely (down 3% QoQ) in Q4 FY22.
Management highlighted that the international flights operated in March 2022 were 100 plus and are 90% of their pre-Covid levels, in April-May 2022.
That said, according to our airfare tracker, the 30-day forward prices dipped sharply (down 6% month-on-month) in May-22 and the 15-day forward prices also dipped 5% month-on-month due to the pent-up demand with more capacity coming in.
IndiGo’s Q4 FY22 yield was lower despite higher per unit fuel prices (up 59% YoY), and depreciation in rupee (led to higher forex loss of Rs 6.1 billion).
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