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Centrum Broking Report
Interglobe Aviation Ltd.'s loss at Rs 15.9 billion in Q2 FY23 was above estimate of loss of Rs 12.9 billion due to higher forex mark to market loss and higher fuel costs.
Yields remained strong considering Q2 is seasonally weak and were in-line with estimates. Revenue per available seat-kilometer declined 2.6% QoQ to Rs 4.57 (estimate: Rs 4.55) while ticket yield by 3% QoQ to Rs 5.07 (estimate: Rs 5.13).
Available seat-kilometer/ revenue passenger kilometres were flat QoQ at 27.7 billion/21.9 billion with load factor at 79.2% (estimate: 78.7%).
Recurring Ebitda (excluding forex MTM) at Rs 14.3 billion was below estimate of Rs 16.5 billion due to higher fuel costs (Rs 2.26 versus estimate of Rs 2.19).
IndiGo has guided for capacity growth of 25% YoY in Q3 FY23 (implies 4% QoQ growth) and 13-17% growth over pre-Covid capacity in FY23. Yields are likely to inch up further in Q3 though further steep increases can dampen traffic growth.
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