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    INDIGO   INE646L01027

INTERGLOBE AVIATION LIMITED

(INDIGO)
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Indian airlines seek $1.5 billion interest-free credit line from government

09/16/2020 | 10:41am EDT
An IndiGo Airlines aircraft prepares to land as a man paddles his cycle rickshaw in Ahmedabad

Indian airlines have sought interest-free credit of at least $1.5 billion from the government to enable them to cope with the loss of revenue from the coronavirus pandemic, the country's aviation minister said on Wednesday.

Airlines including IndiGo, Vistara, a joint venture between Tata Sons and Singapore Airlines, SpiceJet and state-run carrier Air India, also want the government's help to persuade aircraft lessors to ease leasing terms, as well as a deferment of taxes and abolition of excise duty on aviation fuel, Hardeep Singh Puri said in a written statement to the parliament.

The airlines are appealing to banks and other lenders to defer repayment of loans to the aviation industry by six months, the minister added.

India halted air travel in late March to contain the spread of the coronavirus pandemic. In May, the government allowed airlines to resume domestic operations with a third of their capacity which was later increased to 60%. But demand has been slow to pick up.

Revenues of Indian airlines fell to around $500 million in the April-June quarter from about $3.5 billion in the same quarter a year ago, Puri said in his statement.

Puri said to help Indian carriers the government regularly engaged with foreign aircraft lessors and financiers to ensure there were no premature withdrawals of leased aircraft, and it established bilateral air travel links with countries like Canada, France, Germany, U.K. and the United States.

(Reporting by Aditi Shah;Editing by Elaine Hardcastle)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
INTERGLOBE AVIATION LIMITED -0.85% 1776.4 Delayed Quote.3.97%
SINGAPORE AIRLINES LIMITED 0.59% 5.15 End-of-day quote.20.33%
SPICEJET LIMITED -0.37% 79.7 End-of-day quote.-16.06%
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Financials
Sales 2021 142 B 1 939 M 1 939 M
Net income 2021 -54 431 M -743 M -743 M
Net Debt 2021 95 992 M 1 311 M 1 311 M
P/E ratio 2021 -12,8x
Yield 2021 -
Capitalization 684 B 9 337 M 9 338 M
EV / Sales 2021 5,49x
EV / Sales 2022 2,88x
Nbr of Employees 27 812
Free-Float 22,6%
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Mean consensus HOLD
Number of Analysts 21
Average target price 1 772,27 INR
Last Close Price 1 791,65 INR
Spread / Highest target 22,8%
Spread / Average Target -1,08%
Spread / Lowest Target -35,0%
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Managers and Directors
NameTitle
Rono Joy Dutta Chief Executive Officer & Executive Director
Wolfgang Prock Schauer President & Chief Operating Officer
Jiten Chopra Chief Financial Officer
Meleveetil Damodaran Chairman
Sanjay Gupta Secretary & Chief Compliance Officer
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