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ICICI Securities Report
We expect profit before tax of ~Rs 20 billion for InterGlobe Aviation Ltd. in Q1 FY25E. While this is 35% lower YoY, it is in line with our expectation of low-single-digit PBT growth for IndiGo in FY25E.
Directionally, the benefit of higher capacity in FY25 is likely to be offset by higher costs. However, we continue to expect strong spreads driven by no major increase in supply in short as well as medium term.
This, along with the opportunities in international and premium markets, open up strong earnings growth potential for IndiGo on a structural basis leading to our constructive stance on the company.
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