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IndiGo parent InterGlobe Aviation shares fall after Q1 miss
The airline reported a June-quarter net loss of ₹238 crore as fuel costs doubled year-on-year and total expenses rose 34%.
LiveMint Markets reports that InterGlobe Aviation, the parent of IndiGo, saw its shares extend losses for a third straight session on Friday, falling 3% to an intraday low of ₹4,886.
The company, which released results after market hours on Thursday, posted a consolidated net loss of ₹238 crore for the June quarter, its second consecutive quarterly loss after a ₹2,537 crore loss in the March quarter.
Fuel expenses were a key driver of the deterioration, with aircraft fuel costs doubling year-on-year to ₹10,833 crore from ₹5,833 crore, while total expenses climbed 34% year-on-year. On the revenue side, total income increased to ₹25,614.1 crore from ₹21,542.6 crore, with passenger ticket revenue up 23% to ₹21,878.6 crore and ancillary revenue rising 13.9% to ₹2,453.4 crore.
At the operating level, EBITDAR declined to ₹3,833 crore from ₹5,739 crore in the year-ago quarter and the EBITDAR margin contracted to 15.6% from 28%. Despite the near-term pressure from higher CASK ex-fuel and geopolitical uncertainties, JM Financial kept an 'Add' rating and set a target price of ₹5,800 per share.