IndiGo - Expect Steady Q4; Business Momentum Remains Strong: ICICI Securities

ICICI Securities Report

We expect Interglobe Aviation Ltd. to register Rs 3 billion/Rs 23 billion profit before tax (excluding forex impact) in Q4 FY23/FY23. Profits are highly sensitive to yields which is the key upside/downside risk to our estimates.

However, IndiGo remains well placed to benefit from strong systemic demand and its leading competitive positioning.

IndiGo remains focused on growth (more than 15% average seat per kilometre growth in FY24, doubling the fleet by 2030) and internationalisation (increase ASK mix to 30% over next two years from 23% in nine months-FY23).

These goals are intended to be achieved within the already existing business framework (low cost, hassle-free service, on-time operations with uniform fleet).

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