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ICICI Securities Report
InterGlobe Aviation Ltd. is benefitting from strong traffic, cost leadership in the industry and relatively benign competition. Its structural cost advantage is best defined through its fleet size of 302 aircraft with 238neos (fuel efficient) and an average age of only 3.5 years.
IndiGo's robust industry position is evident from its balance sheet with total free cash (net of debt) at Rs 71 billion as of Q3 FY23. Adjusted profit after tax of Rs 20 billion for the quarter is a testimony to its vantage position.
We remain positive on the supply-demand cycle, which will remain tight in medium term as per our analysis. We have upgraded our earnings estimate which is reflective of more conviction in net spreads for the company.
Risks include: commodity/currency-driven cost headwinds, and supply-chain issues leading to cost overrun.
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