Revenue passenger kilometers (RPK) at 30b.
Passenger load factor (PLF) was 86.2% with available seat kilometers (ASK) of 34.8b (est.
33.9b) and yield at INR5.2 (vs. est.
Currently, INDIGO’s 70-80 aircraft are grounded due to P&W engine issues and the management believes this number would be range-bound.
We reiterate our Neutral rating on the stock with a TP of INR4,210, based on 9x FY26E EV/EBIDTAR.
Neutral
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Motilal Oswal's research report on InterGlobe Aviation
INDIGO reported EBITDA growth of 45% YoY to INR39.8b in 4QFY24, while PAT more than doubled to INR18.9b (vs. our est. of INR23.7b). Revenue passenger kilometers (RPK) at 30b. Passenger load factor (PLF) was 86.2% with available seat kilometers (ASK) of 34.8b (est. 33.9b) and yield at INR5.2 (vs. est. of INR4.9, +7% YoY) in 4Q. Currently, INDIGO’s 70-80 aircraft are grounded due to P&W engine issues and the management believes this number would be range-bound. However, the management is confident of adding one aircraft per week on an average in FY25, with capacity and passenger growth guidance intact in the mid-teens for FY25. ASK is expected to grow 10-12% YoY in 1QFY25.
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Outlook
The stock is trading at ~24x FY26E EPS of INR187 and 9.7x EV/ EBITDAR. We reiterate our Neutral rating on the stock with a TP of INR4,210, based on 9x FY26E EV/EBIDTAR.
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InterGlobe Aviation_11062024_Motilal Oswal
