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

INTERGLOBE AVIATION LIMITED

(INDIGO)
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Delayed Quote. Delayed NSE India Stock Exchange - 12/01 06:53:30 am
1559.75 INR   +3.01%
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Exclusive: India antitrust investigators see no evidence of collusion by IndiGo, SpiceJet and others - sources

02/19/2020 | 10:08am EST
Employees work inside a travel agency office besides a model of a SpiceJet aircraft in Ahmedabad

Investigators with India's antitrust watchdog have found no evidence that the country's biggest airline, IndiGo, and four rival carriers colluded to fix ticket prices, three sources with direct knowledge of the matter told Reuters.

The Competition Commission of India (CCI) in 2015 ordered a probe into allegations of anti-competitive practices after similar fares were being offered on certain routes by IndiGo, SpiceJet, GoAir, state-run Air India and now-defunct Jet Airways.

The CCI inquiry, which included an analysis of the algorithms airlines to determine ticket fares, found that all five airlines were working independently, the three sources said.

"No direct evidence of cartelisation was found," said one of the sources, who added the investigation also did not reveal any communication amongst airline executives to fix prices.

Budget airline IndiGo, the country's biggest carrier, said in a statement "the case is without merit" and added that it has been cooperating with the investigation.

The second-biggest airline, SpiceJet, GoAir, Air India and Jet Airways did not respond to a request for comment. The CCI did not respond to questions from Reuters.

An adverse finding could have led to a fine of up to three times the profit made in each year prices were fixed, or 10% of annual revenue, whichever is higher. Indian airlines are already grappling with slow growth in air traffic.

Details of the CCI case, which was investigated in two phases, have not been made public in line with the watchdog's practice.

The agency, whose senior members are reviewing the investigation findings, has not made a final ruling and could further extend the investigation. But two of the sources said the airlines were likely to be cleared.

The CCI's investigation arm had already produced a report in 2016 saying no antitrust practices were detected. The agency directed a further probe into fare-determining software and seat-allocation patterns, a second source said.

Antitrust lawyer Gautam Shahi, who is not involved in the case, said a finding of no antitrust misconduct would be a big relief for a sector that has faced intense scrutiny.

In a separate antitrust case in 2018, the CCI found that IndiGo, Jet Airways and SpiceJet had colluded over fuel surcharge rates on cargo flights, fining them a total of 544 million rupees (£5.85 million). The airlines have appealed that judgement.

By Aditya Kalra and Aditi Shah


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
INTERGLOBE AVIATION LIMITED 3.01% 1559.75 Delayed Quote.13.54%
JET AIRWAYS (INDIA) LIMITED -3.42% 69.15 End-of-day quote.133.61%
MEMBERS CO., LTD. -4.22% 2290 End-of-day quote.0.57%
SPICEJET LIMITED 1.42% 71.5 End-of-day quote.-36.56%
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Financials
Sales 2021 163 B 2 207 M 2 207 M
Net income 2021 -42 581 M -578 M -578 M
Net Debt 2021 70 636 M 959 M 959 M
P/E ratio 2021 -14,1x
Yield 2021 -
Capitalization 600 B 8 164 M 8 146 M
EV / Sales 2021 4,13x
EV / Sales 2022 1,91x
Nbr of Employees 27 812
Free-Float 21,3%
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Technical analysis trends INTERGLOBE AVIATION LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 1 530,96 INR
Last Close Price 1 559,75 INR
Spread / Highest target 34,6%
Spread / Average Target -1,85%
Spread / Lowest Target -30,4%
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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