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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  InterGlobe Aviation Limited    INDIGO   INE646L01027

INTERGLOBE AVIATION LIMITED

(INDIGO)
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InterGlobe Aviation : India's top airline IndiGo to raise at least $268 million via leaseback

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07/29/2020 | 10:54am EDT
Women spread fryums for drying on a rooftop as an IndiGo Airlines Airbus A320 aircraft moves on the runway after landing at the Sardar Vallabhbhai Patel international airport in Ahmedabad

IndiGo, India's largest airline, said on Wednesday it planned to raise at least 20 billion rupees ($268 million) through the sale and leaseback of planes and other assets, after reporting its steepest quarterly loss in at least five years.

Chief Financial Officer Aditya Pande said the airline, owned by Interglobe Aviation Ltd, would consider raising even more than 20 billion rupees and the board would meet on Thursday to discuss this.

"Managing cash continues to remain our primary focus and we continue to work with all our stakeholders to raise liquidity," Pande told analysts on a call, adding it was in advanced talks on selling and leasing back some of its unencumbered assets.

Pande did not say how much additional cash the airline could raise on top of the 20 billion rupees announced on Wednesday.

Airlines globally are looking for ways boost their finances after the coronavirus crisis kept travellers at home. The airline industry body IATA forecasts passenger traffic will not return to pre-crisis levels until 2024.

Indigo temporarily halted operations in March when India began a two-month lockdown, at a time when the carrier was already grappling with higher maintenance costs and weak demand. It has been slowly rebuilding its schedule.

Rival Indian carrier SpiceJet said it had deferred payments to vendors and statutory authorities, and was renegotiating some contracts, particularly with aircraft lessors.

IndiGo, which reported a net loss of 28.49 billion rupees in April to June compared with a 12 billion rupee profit a year earlier, said last week it would cut 10% of its workforce.

The airline reduced its daily fixed cash burn to 300 million rupees in April to June from 400 million rupees in the previous three months, Pande said, adding it expected to end the year with 30% lower employee costs.

IndiGo expects to operate about 40% of its average seat capacity from July to September compared with the same period a year earlier and 60% to 70% in the following quarter, if rules allowed, Pande said.

By Chandini Monnappa and Aditi Shah

Stocks mentioned in the article
ChangeLast1st jan.
INTERGLOBE AVIATION LIMITED -0.63% 939.25 End-of-day quote.-29.57%
SPICEJET LIMITED 0.11% 46.2 End-of-day quote.-59.01%
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Financials
Sales 2020 348 B 4 639 M 4 639 M
Net income 2020 3 176 M 42,4 M 42,4 M
Net Debt 2020 109 B 1 451 M 1 451 M
P/E ratio 2020 105x
Yield 2020 0,73%
Capitalization 361 B 4 817 M 4 824 M
EV / Sales 2020 1,35x
EV / Sales 2021 3,62x
Nbr of Employees 18 060
Free-Float 22,9%
Chart INTERGLOBE AVIATION LIMITED
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Technical analysis trends INTERGLOBE AVIATION LIMITE
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 1 159,57 INR
Last Close Price 939,25 INR
Spread / Highest target 78,9%
Spread / Average Target 23,5%
Spread / Lowest Target -25,5%
EPS Revisions
Managers
NameTitle
Rono Joy Dutta Chief Executive Officer & Executive Director
Wolfgang Prock Schauer President & Chief Operating Officer
Meleveetil Damodaran Chairman
Aditya Pande Chief Financial Officer
Rahul Bhatia Non-Executive Director
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