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InterGlobe Aviation Limited — Investor Presentation 2020
Jun 2, 2020
61901_rns_2020-06-02_9609147f-2277-4fe8-936b-807044ff47a0.pdf
Investor Presentation
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IGAUSECT /06-20/02
June 02. 2020
To To National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza. C - l , Block G BSE limited Bandra Kurla Complex Phiroze Jeejeebhoy Towers Bandra - (E) Dalal Street Mumbai - 400 051 Mumbai - 400 001
Symbol: INDIGO
Scrip Code: 539448
Dear Sir,
Sub : Disclost.Jre under_ Regulati_0n 30 of the_SEBI (Lis_ting _Obligations and Disclosure Requirements) Regulations, 2015 ('listing Regulations")
In compliance with Regulation 30 and other applicable regulations of the Listing Regulations, please find enclosed a copy of the presentation on financial results for the quarter and financial year ended March 31, 2020, to be made to Analysts and Institutional Investors.
This is for your information and record.
Thanking you,
==> picture [252 x 82] intentionally omitted <==
from f: 1nTeRGLOBe
lnterGlobe Aviation limited CIN no.: L621OODL2004PLC129768 (orporote Office: Level 1, Tower C. Global Business Pork, MG Road, Gurgaon-122 002 , Haryana, India. T +91 124 435 2500. F +91 124 406 8536 goindigo.ln Registered Office: Centrol Wing, Ground Floor, Thapor House, 124 Janpath, New Delhi-11 0 001, India. F 011-43513200. Email: [email protected]
Earnings Presentation Q4 FY20 Jan – Mar 2020
1
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 and Earnings Conference Call
2
Financial highlights for the full year
| Particulars (in INR million) | Full Year Ended | Full Year Ended | Full Year Ended |
|---|---|---|---|
| Mar'20 | Mar'19 | Change% | |
| ASK (billion) | 96.2 | 81.0 | 18.8% |
| Total income | 372,915 | 298,214 | 25.0% |
| RASK (INR) | 3.77 | 3.57 | 5.6% |
| Total expenses | 375,472 | 299,687 | 25.3% |
| CASK (INR) | 3.80 | 3.59 | 5.8% |
| CASK ex fuel (INR) | 2.50 | 2.11 | 18.4% |
| EBITDAR* | 50,824 | 52,261 | -2.8% |
| EBITDAR Margin | 14.2% | 18.3% | -4.1 pts |
| PBT | -2,557 | -1,474 | -73.5% |
| PBT Margin | -0.7% | -0.5% | -0.2 pts |
| PAT | -2,337 | 1,572 | -248.6% |
| PAT Margin | -0.7% | 0.6% | -1.2 pts |
- Numbers are not comparable since Supplementary Rentals earlier disclosed under “Aircraft and Engine Rentals” in Mar’20 are disclosed under “Supplementary rentals and aircraft repair and maintenance” in Mar’19
3
Financial highlights for the quarter
| Particulars (in INR million) | Quarter Ended | Quarter Ended | Quarter Ended |
|---|---|---|---|
| Mar'20 | Mar'19 | Change% | |
| ASK (billion) | 23.0 | 22.1 | 4.1% |
| Total income | 86,346 | 82,597 | 4.5% |
| RASK (INR) | 3.65 | 3.63 | 0.5% |
| Total expenses | 99,244 | 76,336 | 30.0% |
| CASK (INR) | 4.21 | 3.35 | 25.8% |
| CASK ex fuel (INR) | 2.97 | 2.09 | 42.1% |
| EBITDAR* | 867 | 22,019 | -96.1% |
| EBITDAR Margin | 1.0% | 27.9% | -26.9 pts |
| PBT | -12,898 | 6,261 | -306.0% |
| PBT Margin | -15.5% | 7.9% | -23.5 pts |
| PAT | -8,708 | 5,958 | -246.2% |
| PAT Margin | -10.5% | 7.6% | -18.1 pts |
- Numbers are not comparable since Supplementary Rentals earlier disclosed under “Aircraft and Engine Rentals” in Mar’20 are disclosed under “Supplementary rentals and aircraft repair and maintenance” in Mar’19
4
Revenue breakup for the quarter
| Particulars (in INR million) | Quarter Ended | Quarter Ended | Quarter Ended |
|---|---|---|---|
| Mar'20 | Mar'19 | Change% | |
| Revenue from operations | 82,991 | 78,833 | 5.3% |
| Other income | 3,356 | 3,764 | -10.9% |
| Total income | 86,346 | 82,597 | 4.5% |
| ASK (billion) | 23.0 | 22.1 | 4.1% |
| RPK (billion) | 19.1 | 19.0 | 0.4% |
| Load factor (%) | 82.8% | 86.0% | -3.1 pts |
| Yield (INR) | 3.74 | 3.70 | 1.0% |
| RASK (INR) | 3.65 | 3.63 | 0.5% |
5
Cost breakup for the quarter
| Particulars (in INR million) | Quarter Ended | Quarter Ended | Quarter Ended |
|---|---|---|---|
| Mar'20 | Mar'19 | Change% | |
| Aircraft fuel expenses | 28,604 | 27,813 | 2.8% |
| Aircraft and engine rentals (net) | 1,226 | 11,067 | -88.9% |
| Supplementary rentals and aircraft repair and maintenance (net) |
16,808 | 9,570 | 75.6% |
| Airport fees and charges | 7,234 | 6,693 | 8.1% |
| Purchase of stock in trade | 488 | 351 | 39.1% |
| Changes in inventories of stock in trade | 19 | 4 | 350.6% |
| Employee costs | 11,455 | 9,254 | 23.8% |
| Finance costs | 4,877 | 1,326 | 267.9% |
| Depreciation and amortization expenses | 10,066 | 2,185 | 360.6% |
| Foreign exchange (gain)/ loss (net) | 10,142 | -105 | 9741.2% |
| Other expenses | 8,325 | 8,179 | 1.8% |
| Total expenses | 99,244 | 76,336 | 30.0% |
| CASK(INR) | 4.21 | 3.35 | 25.8% |
| CASK ex fuel(INR) | 2.97 | 2.09 | 42.1% |
| Exchange Rate (US$/INR)* | 75.35 | 69.21 | 8.9% |
| Fuel Price(INR / Litre)** | 62.52 | 61.28 | 2.0% |
- Closing Exchange Rate for the quarter
** Average fuel price announced by IOCL for domestic airlines for the 4 metros – Delhi, Mumbai, Kolkata and Chennai
6
Cash and Debt
| Particulars (in INR million) | As of | As of | As of |
|---|---|---|---|
| Mar'20 | Mar'19 | Change% | |
| Free Cash | 89,281 | 60,796 | 46.9% |
| Restricted Cash | 114,488 | 92,285 | 24.1% |
| Total Cash | 203,769 | 153,081 | 33.1% |
| Debt excluding capitalized operating lease liability |
24,343 | 24,292 | 0.2% |
| Capitalized operating lease liability* |
202,849 | - | - |
Total Debt * |
227,192 | 24,292 | 835.3% |
- With effect from 1[st] April 2019, the Company has capitalized its operating leases in accordance with Ind AS 116.
7
Appendix
Fleet breakup
31[st] Mar, 2020
262
31[st] Dec, 2019 257
31[st] Mar, 2019 217
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----- Start of picture text -----
• 29 Owned/Finance • 29 Owned/Finance • 29 Owned/ Finance
Lease Lease Lease
• • •
233 Operating Lease 228 Operating Lease 188 Operating Lease
• • •
100 A320neo 96 A320neo 71 A320neo
• • •
123 A320ceo 126 A320ceo 130 A320ceo
• • •
14 A321neo 10 A321neo 1 A321neo
• • •
25 ATR 25 ATR 15 ATR
----- End of picture text -----
9
Non-IndAS measures- RASK
| Particulars (in INR million) | Q4 FY20 | FY20 |
|---|---|---|
| Total revenue | 86,346 | 372,915 |
| Finance income | 2,404 | 10,084 |
| Total revenue – Finance income (A) | 83,942 | 362,831 |
| ASK (millions) (B) | 23,011 | 96,240 |
| RASK (INR) (C=A/B) | 3.65 | 3.77 |
10
Non-IndAS measures- CASK
| Particulars (in INR million) Total expenses |
Q4 FY20 | FY20 |
|---|---|---|
| 99,244 | 375,472 | |
| Finance income | 2,404 | 10,084 |
| Total expense – Finance income (A) | 96,840 | 365,388 |
| ASK (millions) (B) | 23,011 | 96,240 |
| CASK (INR) (C=A/B) | 4.21 | 3.80 |
| Fuel cost/ ASK (INR) (D) | 1.24 | 1.29 |
| CASK ex fuel (INR) (E=C-D) | 2.97 | 2.50 |
11
Non-IndAS measures- EBITDAR
| Particulars (in INR million) | Q4 FY20 | FY20 |
|---|---|---|
| PBT | -12,898 | -2,557 |
| Finance cost | 4,877 | 18,759 |
| Less: Finance income | 2,404 | 10,084 |
| Depreciation & amortization | 10,066 | 39,739 |
| Aircraft and engine rentals | 1,226 | 4,967 |
| EBITDAR (A) | 867 | 50,824 |
| Revenue from Operations (B) | 82,991 | 357,560 |
| EBITDAR Margin (C=A/B) | 1.0% | 14.2% |
12
Definitions and Abbreviations
| 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 |
| EBITDAR | Earnings before finance income and cost, tax, depreciation, amortization and aircraft and engine rentals |
| EBITDAR margin | EBITDAR / Revenue from Operations |
| Load Factor | Revenue Passenger Kilometer / Available Seat Kilometer |
| OTP | On Time Performance |
| RASK | Total Revenue net of finance income per Available Seat Kilometer |
| RPK | Revenue Passenger Kilometer |
| Yield | Passenger Ticket Revenue / Revenue Passenger Kilometer |
13