InterGlobe Aviation Limited — Interim / Quarterly Report 2024

May 23, 2024

IGAL/SECT/5-24/06

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May 23, 2024

To

National Stock Exchange of India Limited Exchange Plaza, C - 1, Block G Bandra Kurla Complex Bandra - (E) Mumbai - 400 051 Symbol: INDIGO

To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Tower Dalal Street Mumbai - 400 001 Scrip Code: 539448

Subject: Compliances under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Regulations”)

Dear Sir / Madam

Please take note that the Board of Directors of the Company in its meeting held on Thursday, May 23, 2024, inter-alia , considered and approved the following:

1. Audited standalone and consolidated Financial Results (“Financial Results”) for the quarter and financial year ended March 31, 2024.

In this regard, please find enclosed :

• i. Signed Financial Results along with the Audit Reports issued by the Statutory Auditors M/s. S.R. Batliboi & Co. LLP, Chartered Accountants on the Financial Results.

• ii. Copies of Investor presentation and press release.

• iii. Declaration signed by Chief Financial Officer in respect of Audit Reports issued by Statutory Auditors with unmodified opinion.

• Re-appointment of M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (Firm Registration Number: FRN 301003E/E300005) as the Statutory Auditors of the Company for a second term of five years commencing from the conclusion of the 21[st] Annual General Meeting (AGM) till conclusion of the 26[th] AGM, subject to the approval of the shareholders at the ensuing AGM of the Company.

The details as required in this regard, under circular no. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023 are enclosed herewith.

The Board Meeting commenced at 02:15 P.M. (IST) and concluded at 3:55 P.M. (IST) The above is for your information and record.

Thanking you,

For InterGlobe Aviation Limited

Digitally signed NEERJA by NEERJA SHARMA SHARMA Date: 2024.05.23 15:57:30 +05'30'

Neerja Sharma Company Secretary and Chief Compliance Officer

InterGlobe Aviation Limited

Registered Office: Upper Ground Floor, Thapar House, Gate No. 2, Western Wing, 124 Janpath, New Delhi – 110 001, India. M +91 9650098905, F + 91 11 43513200 Email: corporate@goindigo.in

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Corporate Office: Emaar Capital Tower-II, Sector-26, Sikanderpur Ghosi, MG Road, Gurugram-122022, Haryana, India. T +91 124 435 2500. CIN no.: L62100DL2004PLC129768

Earnings Presentation Q4 FY24 & FY24

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May 23, 2024

Safe harbor

This document may contain some statements on the Company’s business or financials which may be construed as forward looking. The actual results may be materially different from these forward-looking statements. This document forms part of the quarterly earnings release and should be viewed together with the Earnings Press Release.

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IndiGo – Network presence

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FY24 (change vs FY23)
ASKs 139.3 bn +21.8%
RPKs 119.7 bn +27.5%
Almaty
Closing Aircraft 367^ +63
Tashkent Domestic Destinations 88 +10
Tbilisi Baku
Istanbul
International Destinations 33 +7
Chengdu
Delhi Kathmandu
Guangzhou
Kuwait Hong Kong
Dammam
Bahrain
Ras Al Khaimah Dhaka
Riyadh Doha Sharjah
Abu Dhabi Dubai Muscat Kolkata
Jeddah
Hanoi
Mumbai
Hyderabad
Yangon
Bangkok
Bengaluru
Chennai
Existing domestic stations
Ho Chi Minh City
Phuket
Metros
Colombo
International destinations Kuala Lumpur
Maldives
Other International destinations (Pre-covid) Singapore
Nairobi
^Includes 3 A321 freighters and 13 Damp leases (2 B777s and 11 A320s)
Includes 3 International destinations (pre-covid) Jakarta
During Q4 FY24, provided services to 49 additional international destinations through strategic partnerships
Denpasar
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^Includes 3 A321 freighters and 13 Damp leases (2 B777s and 11 A320s) *Includes 3 International destinations (pre-covid)

**During Q4 FY24, provided services to 49 additional international destinations through strategic partnerships Note: The image is for reference purpose only

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QUARTERLY HIGHLIGHTS: Q4FY24 vs Q4FY23 & YEARLY HIGHLIGHTS: FY24 vs FY23

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Financial summary

Particulars (in INR million)	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Favorable / (Adverse)	Mar’24	Mar’23	Favorable / (Adverse)
ASK (billion)	34.8	30.4	14.4%	139.3	114.4	21.8%
Total income	185,051	146,001	26.7%	712,312	558,814	27.5%
RASK* (INR)	5.13	4.68	9.7%	4.96	4.80	3.2%
Total expenses	167,341	136,803	(22.3%)	631,819	561,858	(12.5%)
CASK* (INR)	4.62	4.38	(5.6%)	4.38	4.83	9.3%
CASK ex fuel* (INR)	2.90	2.53	(14.7%)	2.66	2.76	3.6%
EBITDAR	44,123	29,665	48.7%	175,447	73,116	140.0%
EBITDAR Margin (%)	24.8%	20.9%	3.8 pts	25.5%	13.4%	12.0 pts
PBT	17,710	9,198	92.5%	80,493	(3,044)	2,744.5%
PBT Margin (%)	9.9%	6.5%	3.4 pts	11.7%	(0.6%)	12.2 pts
PAT	18,948	9,192	106.1%	81,725	(3,058)	2,772.6%
PAT Margin (%)	10.6%	6.5%	4.1 pts	11.9%	(0.6%)	12.4 pts

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*1) Net of finance income of INR 6,470 million and INR 3,669 million for quarter ended Mar’24 and Mar’23 respectively

2) Net of finance income of INR 21,749 million and INR 9,445 million for full year ended Mar’24 and Mar’23 respectively

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Revenue breakup

Particulars (in INR million)	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Favorable / (Adverse)	Mar’24	Mar’23	Favorable / (Adverse)
Revenue from operations	178,253	141,606	25.9%	689,043	544,465	26.6%
Other income	6,798	4,395	54.7%	23,268	14,350	62.2%
Total income	185,051	146,001	26.7%	712,312	558,814	27.5%
ASK (billion)	34.8	30.4	14.4%	139.3	114.4	21.8%
RPK (billion)	30.0	25.6	17.2%	119.7	93.9	27.5%
Load factor (%)	86.3%	84.2%	2.1 pts	85.9%	82.1%	3.8 pts
Yield (INR)	5.19	4.85	7.0%	5.08	5.13	(1.0%)
RASK* (INR)	5.13	4.68	9.7%	4.96	4.80	3.2%

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*1) Net of finance income of INR 6,470 million and INR 3,669 million for quarter ended Mar’24 and Mar’23 respectively 2) Net of finance income of INR 21,749 million and INR 9,445 million for year ended Mar’24 and Mar’23 respectively Note: The above operational metrics includes non-scheduled operations.

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Cost breaku p

Particulars (in INR million)	Quarter Ended	Quarter Ended	Quarter Ended	Year Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Favorable / (Adverse)	Mar’24	Mar’23	Favorable / (Adverse)
Aircraft fuel expenses	59,791	56,130	(6.5%)	239,046	236,460	(1.1%)
Aircraft and engine rentals	3,860	1,421	(171.6%)	10,752	3,258	(230.0%)
Supplementaryrentals and aircraft repair and maintenance(net)	27,587	23,350	(18.1%)	99,316	80,450	(23.5%)
Airport fees and charges	11,863	10,264	(15.6%)	46,239	36,468	(26.8%)
Purchase of stock in trade	868	730	(19.0%)	3,369	2,872	(17.3%)
Changes in inventories of stock in trade	2	2	(1.0%)	54	(12)	(534.9%)
Employee costs	17,987	12,982	(38.6%)	64,619	47,948	(34.8%)
Finance costs	10,991	9,182	(19.7%)	41,694	31,317	(33.1%)
Depreciation and amortization expenses	18,033	13,532	(33.3%)	64,257	51,030	(25.9%)
Foreign exchange(gain)/ loss(net)	1,654	(2,528)	(165.4%)	7,174	29,598	75.8%
Other expenses	14,705	11,738	(25.3%)	55,299	42,470	(30.2%)
Total expenses	167,341	136,803	(22.3%)	631,819	561,858	(12.5%)
CASK*(INR)	4.62	4.38	(5.6%)	4.38	4.83	9.3%
CASK ex fuel*(INR)	2.90	2.53	(14.7%)	2.66	2.76	3.6%
CASK ex fuel ex forex*(INR)	2.86	2.61	(9.3%)	2.61	2.50	(4.3%)
Exchange Rate(US$/INR)**	83.37	82.24	(1.4%)	83.37	82.24	(1.4%)

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• 1) Net of finance income of INR 6,470 million and INR 3,669 million for quarter ended Mar’24 and Mar’23 respectively

2) Net of finance income of INR 21,749 million and INR 9,445 million for year ended Mar’24 and Mar’23 respectively **Closing Exchange Rate for the quarter and year

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Cash and Debt

Particulars (in INR million)	Quarter Ended	Quarter Ended	Quarter Ended
	Mar’24	Mar’23	Favorable / (Adverse)
Free Cash	208,230	121,948	70.8%
Restricted Cash	139,145	112,295	23.9%
Total Cash	347,375	234,243	48.3%
Debt excluding capitalized operating lease liability	77,914	33,066	(135.6%)
Capitalized operating lease liability	434,886	415,477	(4.7%)
Total Debt	512,800	448,542	(14.3%)

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Key performance indicators | Q4

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Total revenue (INR mn)

Total expenses (INR mn)

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Q4FY24 185,051
Q4FY23 146,001
Q4FY22 82,075
Q4FY21 63,618
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Q4FY24 167,341
Q4FY23 136,803
Q4FY22 98,850
Q4FY21 75,193
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EBITDAR (INR mn)

PAT (INR mn)

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Q4FY24 44,123 24.8%
Q4FY23 29,665 20.9%
Q4FY22 1,718 2.1%
Q4FY21 6,483 10.4%
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Q4FY24 18,948 10.6%
Q4FY23 9,192 6.5%
Q4FY22 (16,818)
(21.0%)
Q4FY21 (11,472)
(18.4%)
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% Margin

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Key performance indicators | FY

Total revenue (INR mn)

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FY24 712,312
FY23 558,814
FY22 266,565
FY21 156,776
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EBITDAR (INR mn)

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FY24 175,447 25.5%
FY23 73,116 13.4%
FY22 11,480 4.4%
FY21 6,227 4.3%
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Total expenses (INR mn)

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FY24 631,819
FY23 561,858
FY22 328,102
FY21 214,957
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PAT (INR mn)

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FY24 81,725 11.9%
FY23 (3,058) (0.6%)
FY22 (61,618)
(23.8%)
FY21 (58,064)
(39.7%)
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% Margin

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APPENDIX

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Fleet Breakup

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31[st] Mar, 2024 31[st] Dec, 2023 31[st] Mar, 2023 367 358 304

• 31 Owned/Finance Lease

• • 323 Operating Lease

• • 13 Damp lease

• 192 A320neo

• • 31 A320ceo

• • 94 A321neo

• • 45 ATR

• • 3 A321 freighter

• • 2 B777 (Damp lease)

• 26 Owned/Finance Lease

• • 319 Operating Lease

• • 13 Damp lease

• 184 A320neo

• • 31 A320ceo

• • 94 A321neo

• • 44 ATR

• • 3 A321 freighter

• • 2 B777 (Damp lease)

• 14 Owned/Finance Lease

• • 289 Operating Lease

• • 1 Damp lease

• 162 A320neo

• • 21 A320ceo

• • 79 A321neo

• • 39 ATR

• • 2 A321 freighter

• • 1 B777 (Damp lease)

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Non-IndAS measures- RASK

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Particulars (in INR million)	Quarter Ended	Quarter Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Mar’23	Mar’23
Total revenue	185,051	146,001	712,312	558,814
Less: finance income	(6,470)	(3,669)	(21,749)	(9,445)
Total revenue less finance income (A)	178,581	142,333	690,563	549,369
ASK (millions) (B)	34,805	30,422	139,281	114,359
RASK (INR) (C=A/B)	5.13	4.68	4.96	4.80

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Non-IndAS measures- CASK

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Particulars (in INR million)	Quarter Ended	Quarter Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Mar’24	Mar’23
Total expenses	167,341	136,803	631,819	561,858
Less: finance income	(6,470)	(3,669)	(21,749)	(9,445)
Total expense less finance income (A)	160,872	133,134	610,070	552,413
ASK (millions) (B)	34,805	30,422	139,281	114,359
CASK (INR) (C=A/B)	4.62	4.38	4.38	4.83
Fuel cost/ ASK (INR) (D)	1.72	1.85	1.72	2.07
CASK ex fuel (INR) (E=C-D)	2.90	2.53	2.66	2.76
Forex cost/ ASK (INR) (F)	0.05	(0.08)	0.05	0.26
CASK ex fuel ex forex (INR) (G=E-F)	2.86	2.61	2.61	2.50

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Non-IndAS measures- EBITDAR

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Particulars (in INR million)	Quarter Ended	Quarter Ended	Year Ended	Year Ended
	Mar’24	Mar’23	Mar’24	Mar’23
PBT	17,710	9,198	80,493	(3,044)
Finance cost	10,991	9,182	41,694	31,317
Less: Finance income	(6,470)	(3,669)	(21,749)	(9,445)
Depreciation & amortization	18,033	13,532	64,257	51,030
Aircraft and engine rental	3,860	1,421	10,752	3,258
EBITDAR (A)	44,123	29,665	175,447	73,116
Revenue from Operations (B)	178,253	141,606	689,043	544,465
EBITDAR Margin (C=A/B)	24.8%	20.9%	25.5%	13.4%

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Definitions and Abbreviations

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Term	Description
ASK	Available Seat Kilometer
CASK	Total Cost net of finance income per Available Seat Kilometer
CASK ex fuel	Total Cost excluding fuel cost net of finance income per Available Seat Kilometer
CASK ex fuel ex forex	Total Cost excluding forex and fuel cost net of finance income per Available Seat Kilometer
EBITDAR	Earnings before finance income and cost, tax, depreciation, amortization and aircraft, engine rental
EBITDAR margin	EBITDAR / Revenue from Operations
Load Factor	Revenue Passenger Kilometer / Available Seat Kilometer
PAT margin	PAT / Revenue from Operations
RASK	Total Revenue net of finance income per Available Seat Kilometer
RPK	Revenue Passenger Kilometer
Yield	Passenger Ticket Revenue / Revenue Passenger Kilometer

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THANK YOU!

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