INTERGLOBE AVIATION (INDIGO) 2023-24 Annual Report Analysis

Fri, 2 Aug

INTERGLOBE AVIATION (INDIGO) has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

INTERGLOBE AVIATION (INDIGO) Income Statement Analysis

• Operating income during the year rose 26.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 150.4% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.7% in FY24 as against 12.0% in FY23.
• Depreciation charges increased by 25.9% and finance costs increased by 32.8% YoY, respectively.
• Other income grew by 62.2% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 0.6% in FY23 to 11.9% in FY24.

INTERGLOBE AVIATION (INDIGO) Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	544,465	689,043	26.6%
Other income	Rs m	14,350	23,268	62.2%
Total Revenues	Rs m	558,814	712,312	27.5%
Gross profit	Rs m	65,313	163,562	150.4%
Depreciation	Rs m	51,030	64,257	25.9%
Interest	Rs m	31,677	42,080	32.8%
Profit before tax	Rs m	-3,044	80,493	NA
Tax	Rs m	14	-1,232	NA
Profit after tax	Rs m	-3,058	81,725	NA
Gross profit margin	%	12.0	23.7
Effective tax rate	%	-0.5	-1.5
Net profit margin	%	-0.6	11.9

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INTERGLOBE AVIATION (INDIGO) Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 308 billion as compared to Rs 239 billion in FY23, thereby witnessing an increase of 29.1%.
• Current assets rose 37% and stood at Rs 359 billion, while fixed assets rose 37% and stood at Rs 486 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 845 billion as against Rs 615 billion during FY23, thereby witnessing a growth of 37%.

INTERGLOBE AVIATION (INDIGO) Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-62,946	19,356	NA
Current Liabilities	Rs m	238,535	308,007	29.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	615,263	844,566	37.3
Current assets	Rs m	261,511	358,555	37.1
Fixed Assets	Rs m	353,753	486,011	37.4
Total Assets	Rs m	615,263	844,566	37.3

INTERGLOBE AVIATION (INDIGO) Cash Flow Statement Analysis

• INTERGLOBE AVIATION (INDIGO)'s cash flow from operating activities (CFO) during FY24 stood at Rs 212 billion, an improvement of 66.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -118 billion, an improvement of 190.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -100 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -6 billion from the Rs 3 billion net cash flows seen during FY23.

INTERGLOBE AVIATION (INDIGO) Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	127,279	212,176	66.7%
Cash Flow from Investing Activities	Rs m	-40,595	-118,090	-
Cash Flow from Financing Activities	Rs m	-84,325	-99,785	-
Net Cash Flow	Rs m	2,526	-5,727	-

Current Valuations for INTERGLOBE AVIATION (INDIGO)

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 211.7, an improvement from the EPS of Rs -7.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 4,400.0, stands at 21.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 87.8 times, while the price to sales ratio stands at 2.5 times.
• The company's price to cash flow (P/CF) ratio stood at 7.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	1,412.2	1,785.2
TTM Earnings per share	Rs	-7.9	211.7
Diluted earnings per share	Rs	-7.9	211.6
Price to Cash Flow	x	15.4	7.2
TTM P/E ratio	x	-241.5	21.8
Price / Book Value ratio	x	-11.4	54.2
Market Cap	Rs m	714,669	1,049,746
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for INTERGLOBE AVIATION (INDIGO)

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 1.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 2.9x during FY24, from 0.9x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 422.2% during FY24, from 4.9% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 633.3% during FY24, from -45.5% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 14.7% during FY24, from 4.7% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.1	1.2
Debtors’ Days	Days	3	3
Interest coverage	x	0.9	2.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.7	14.7
Return on equity	%	4.9	422.2
Return on capital employed	%	-45.5	633.3

To see how INTERGLOBE AVIATION (INDIGO) has performed over the last 5 years, please visit here.

INTERGLOBE AVIATION (INDIGO) Share Price Performance

Over the last one year, INTERGLOBE AVIATION (INDIGO) share price has moved up from Rs 2,565.8 to Rs 4,400.0, registering a gain of Rs 1,834.3 or around 71.5%.

Overall, the S&P BSE SENSEX is up 22.3% over the year.

(To know more, check out historical annual results for INTERGLOBE AVIATION (INDIGO) and quarterly results for INTERGLOBE AVIATION (INDIGO))