INTERGLOBE AVIATION (INDIGO) 2018-19 Annual Report Analysis

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INTERGLOBE AVIATION (INDIGO) 2018-19 Annual Report Analysis
Tue, 1 Oct

INTERGLOBE AVIATION (INDIGO) has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

INTERGLOBE AVIATION (INDIGO) Income Statement Analysis

  • Operating income during the year rose 23.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 106.9% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 0.7% in FY19 as against 12.8% in FY18.
  • Depreciation charges increased by 73.9% and finance costs increased by 49.8% YoY, respectively.
  • Other income grew by 39.9% YoY.
  • Net profit for the year declined by 93.0% YoY.
  • Net profit margins during the year declined from 9.4% in FY18 to 0.5% in FY19.

INTERGLOBE AVIATION (INDIGO) Income Statement 2018-19

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Net Sales Rs m 230,209 284,968 23.8%
Other income Rs m 9,469 13,246 39.9%
Total Revenues Rs m 239,677 298,214 24.4%
Gross profit Rs m 29,565 -2,034 -106.9%
Depreciation Rs m 4,369 7,596 73.9%
Interest Rs m 3,398 5,090 49.8%
Profit before tax Rs m 31,266 -1,474 -104.7%
Tax Rs m 8,843 -3,046 -134.4%
Profit after tax Rs m 22,423 1,573 -93.0%
Gross profit margin % 12.8 -0.7
Effective tax rate % 28.3 206.7
Net profit margin % 9.4 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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INTERGLOBE AVIATION (INDIGO) Balance Sheet Analysis

  • The company's current liabilities during FY19 stood at Rs 80 billion as compared to Rs 61 billion in FY18, thereby witnessing an increase of 30.8%.
  • Long-term debt down at Rs 22 billion as compared to Rs 22 billion during FY18, a fall of 2.1%.
  • Current assets fell 88% and stood at Rs 18 billion, while fixed assets rose 23% and stood at Rs 57 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 250 billion as against Rs 211 billion during FY18, thereby witnessing a growth of 18%.

INTERGLOBE AVIATION (INDIGO) Balance Sheet as on March 2019

No. of Mths Year Ending 12 Mar-18* 12 Mar-19* % Change
Networth Rs m 70,774 69,458 -1.9
 
Current Liabilities Rs m 61,230 80,104 30.8
Long-term Debt Rs m 22,414 21,937 -2.1
Total Liabilities Rs m 211,293 250,268 18.4
 
Current assets Rs m 146,316 18,171 -87.6
Fixed Assets Rs m 46,113 56,857 23.3
Total Assets Rs m 211,293 250,268 18.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INTERGLOBE AVIATION (INDIGO) Cash Flow Statement Analysis

  • INTERGLOBE AVIATION (INDIGO)'s cash flow from operating activities (CFO) during FY19 stood at Rs 32 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -25 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -6 billion on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 577 million from the Rs 5 billion net cash flows seen during FY18.

INTERGLOBE AVIATION (INDIGO) Cash Flow Statement 2018-19

Particulars No. of months 12 12 % Change
Year Ending Mar-18 Mar-19
Cash Flow from Operating Activities Rs m 39,031 31,755 -18.6%
Cash Flow from Investing Activities Rs m -41,595 -25,361 -
Cash Flow from Financing Activities Rs m 7,660 -5,922 -
Net Cash Flow Rs m 5,176 577 -88.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INTERGLOBE AVIATION (INDIGO)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.1, an decline from the EPS of Rs 58.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,875.8, stands at 461.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 1.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 78.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Sales per share (Unadj.) Rs 598.9 741.3
TTM Earnings per share Rs 58.3 4.1
Diluted earnings per share Rs 58.3 4.1
Price to Cash Flow x 26.9 78.6
TTM P/E ratio x 461.8 461.8
Price / Book Value ratio x 6.4 6.1
Market Cap Rs m 721,076 721,069
Dividends per share (Unadj.) Rs 6.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INTERGLOBE AVIATION (INDIGO)

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.2x during FY19, from 2.4x during FY18. 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 deteriorated and stood at 0.7x during FY19, from 10.2x during FY18. 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 declined and down at 2.3% during FY19, from 31.7% during FY19. 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 declined and down at 4.0% during FY19, from 37.2% during FY18. 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 declined and down at 2.7% during FY19, from 12.2% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-18* 12 Mar-19*
Current ratio x 2.4 0.2
Debtors’ Days Days 4 4
Interest coverage x 10.2 0.7
Debt to equity ratio x 0.3 0.3
Return on assets % 12.2 2.7
Return on equity % 31.7 2.3
Return on capital employed % 37.2 4.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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 807.8 to Rs 1,875.8, registering a gain of Rs 1,068.1 or around 132.2%.

Overall, the S&P BSE SENSEX is up 4.9% over the year.

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

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Related Views on News

INTERGLOBE AVIATION (INDIGO) Announces Quarterly Results (3QFY20); Net Profit Up 156.9% (Quarterly Result Update)

Jan 28, 2020 | Updated on Jan 28, 2020

For the quarter ended December 2019, INTERGLOBE AVIATION (INDIGO) has posted a net profit of Rs 5 bn (up 156.9% YoY). Sales on the other hand came in at Rs 99 bn (up 25.5% YoY). Read on for a complete analysis of INTERGLOBE AVIATION (INDIGO)'s quarterly results.

INTERGLOBE AVIATION (INDIGO) Announces Quarterly Results (1QFY20); Net Profit Up 4219.8% (Quarterly Result Update)

Oct 3, 2019 | Updated on Oct 3, 2019

For the quarter ended June 2019, INTERGLOBE AVIATION (INDIGO) has posted a net profit of Rs 12 bn (up 4219.8% YoY). Sales on the other hand came in at Rs 94 bn (up 44.7% YoY). Read on for a complete analysis of INTERGLOBE AVIATION (INDIGO)'s quarterly results.

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