INTERGLOBE AVIATION (INDIGO) 2020-21 Annual Report Analysis

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INTERGLOBE AVIATION (INDIGO) 2020-21 Annual Report Analysis
Tue, 26 Oct

INTERGLOBE AVIATION (INDIGO) has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

INTERGLOBE AVIATION (INDIGO) Income Statement Analysis

  • Operating income during the year fell 59.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 112.5% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 3.5% in FY21 as against 11.4% in FY20.
  • Depreciation charges increased by 18.3% and finance costs increased by 14.1% YoY, respectively.
  • Other income grew by 1.6% YoY.
  • Net profit for the year grew by 2384.8% YoY.
  • Net profit margins during the year declined from 0.6% in FY20 to 35.8% in FY21.

INTERGLOBE AVIATION (INDIGO) Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 357,560 146,406 -59.1%
Other income Rs m 15,355 15,600 1.6%
Total Revenues Rs m 372,915 162,006 -56.6%
Gross profit Rs m 40,846 -5,088 -112.5%
Depreciation Rs m 39,739 46,994 18.3%
Interest Rs m 19,019 21,698 14.1%
Profit before tax Rs m -2,557 -58,181 2,175.6%
Tax Rs m -220 -116 -47.1%
Profit after tax Rs m -2,337 -58,064 2,384.8%
Gross profit margin % 11.4 -3.5
Effective tax rate % 8.6 0.2
Net profit margin % -0.6 -35.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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INTERGLOBE AVIATION (INDIGO) Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 189 billion as compared to Rs 164 billion in FY20, thereby witnessing an increase of 15.1%.
  • Long-term debt stood at Rs 4 billion as compared to Rs 3 billion during FY20, a growth of 10.1%.
  • Current assets fell 7% and stood at Rs 208 billion, while fixed assets rose 12% and stood at Rs 246 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 454 billion as against Rs 445 billion during FY20, thereby witnessing a growth of 2%.

INTERGLOBE AVIATION (INDIGO) Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 58,674 758 -98.7
 
Current Liabilities Rs m 164,398 189,260 15.1
Long-term Debt Rs m 3,466 3,816 10.1
Total Liabilities Rs m 444,598 453,986 2.1
 
Current assets Rs m 224,588 208,163 -7.3
Fixed Assets Rs m 220,010 245,823 11.7
Total Assets Rs m 444,598 453,986 2.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



INTERGLOBE AVIATION (INDIGO) Cash Flow Statement Analysis

  • INTERGLOBE AVIATION (INDIGO)'s cash flow from operating activities (CFO) during FY21 stood at Rs -16 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 32 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -18 billion, an improvement of 26% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -2 billion from the Rs -94 million net cash flows seen during FY20.

INTERGLOBE AVIATION (INDIGO) Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 69,718 -16,142 -
Cash Flow from Investing Activities Rs m -45,680 31,970 -
Cash Flow from Financing Activities Rs m -24,075 -17,753 -
Net Cash Flow Rs m -94 -2,102 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for INTERGLOBE AVIATION (INDIGO)

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -150.9, an decline from the EPS of Rs -6.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,030.8, stands at -12.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 678.2 times, while the price to sales ratio stands at 3.5 times.
  • The company's price to cash flow (P/CF) ratio stood at -70.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 929.2 380.4
TTM Earnings per share Rs -6.1 -150.9
Diluted earnings per share Rs -6.1 -150.9
Price to Cash Flow x 20.9 -70.6
TTM P/E ratio x -12.7 -12.7
Price / Book Value ratio x 8.8 678.2
Market Cap Rs m 781,444 781,675
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for INTERGLOBE AVIATION (INDIGO)

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.1x during FY21, from 1.4x during FY20. 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 -1.7x during FY21, from 0.9x during FY20. 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 -7,656.7% during FY21, from -4.0% during FY21. 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 -797.5% during FY21, from 26.5% during FY20. 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 -8.0% during FY21, from 3.8% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.4 1.1
Debtors’ Days Days 3 5
Interest coverage x 0.9 -1.7
Debt to equity ratio x 0.1 5.0
Return on assets % 3.8 -8.0
Return on equity % -4.0 -7,656.7
Return on capital employed % 26.5 -797.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 1,351.8 to Rs 2,030.8, registering a gain of Rs 679.1 or around 50.2%.

Overall, the S&P BSE SENSEX is up 51.3% 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.

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