IndiGo Q1 Review - Scathing Concern Over Yields Resurface: Motilal Oswal
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Motilal Oswal Report
Interglobe Aviation Ltd. reported a miss on our estimates owing to lower than expected revenue passenger kilometers (down 51% q-o-q) and yield (down 6% q-o-q).
Other expenditure was also higher.
Air passenger demand in May 2021 touched last year levels (June 2020), averaging 2.1 million passengers, impacted by the second Covid-19 wave.
As per monthly revenue bifurcation given by the company, revenue in April 2021 stood at Rs 15.4 billion, at Rs 6.7 billio in May-21, and at Rs 9.6 billion in June-21 (including other income).
IndiGo expects revenue in July-21 to recover to April-21 levels (passenger traffic has recovered to 0.16 million passengers per day versus an average of 0.19 million in April-21).
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