InCred Equities - InterGlobe Aviation Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	681,343	759,975	802,763	878,772
Operating EBITDA (Rsm)	157,820	152,702	163,170	177,244
Net Profit (Rsm)	81,674	59,827	32,024	33,772
Core EPS (Rs)	172.7	121.1	83.0	87.5
Core EPS Growth	244.0%	(29.9%)	(31.5%)	5.5%
FD Core P/E (x)	29.34	41.85	61.09	57.92
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	13.44	14.24	13.47	12.62
P/FCFE (x)	(117.96)	66.57	102.28	269.28
Net Gearing	1,713.3%	531.7%	399.4%	333.2%
P/BV (x)	101.26	24.72	17.60	13.50
ROE	(304.9%)	95.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	681,343	759,975	802,763	878,772
Gross Profit	442,298	501,325	538,715	590,960
Operating EBITDA	157,820	152,702	163,170	177,244
Depreciation And Amortisation	(64,056)	(84,283)	(81,763)	(89,122)
Operating EBIT	93,764	68,419	81,407	88,122
Financial Income/(Expense)	(41,694)	(50,210)	(48,709)	(53,093)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	13,321	31,000	10,000	10,000
Profit Before Tax (pre-EI)	65,392	49,209	42,698	45,030
Exceptional Items	15,039	13,767
Pre-tax Profit	80,431	62,976	42,698	45,030
Taxation	1,242	(3,149)	(10,675)	(11,257)
Exceptional Income - post-tax
Profit After Tax	81,674	59,827	32,024	33,772
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	81,674	59,827	32,024	33,772
Recurring Net Profit	66,635	46,748	32,024	33,772
Fully Diluted Recurring Net Profit	66,635	46,748	32,024	33,772

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	157,820	152,702	163,170	177,244
Cash Flow from Invt. & Assoc.
Change In Working Capital	(18,374)	(1,072)	(1,086)	2,717
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(41,694)	(50,210)	(48,709)	(53,093)
Tax Paid	1,242	(3,149)	(10,675)	(11,257)
Cashflow From Operations	98,996	98,271	102,700	115,611
Capex	(142,956)	(174,771)	(148,987)	(178,635)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(48,952)	(38,347)
Other Investing Cashflow	12,079	30,162	8,994	8,793
Cash Flow From Investing	(179,828)	(182,957)	(139,993)	(169,843)
Debt Raised/(repaid)	64,258	114,074	56,419	61,496
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	11,026
Cash Flow From Financing	75,284	114,074	56,419	61,496
Total Cash Generated	(5,548)	29,388	19,126	7,265
Free Cashflow To Equity	(16,574)	29,388	19,126	7,265
Free Cashflow To Firm	(39,139)	(34,475)	11,416	(1,139)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	181,804	206,077	239,246	261,817
Total Debtors	6,425	7,600	8,028	8,788
Inventories	6,248	7,600	8,028	8,788
Total Other Current Assets	96,130	106,397	112,387	123,028
Total Current Assets	290,607	327,673	367,688	402,421
Fixed Assets	359,887	450,276	517,381	606,753
Total Investments	164,532	202,879	202,879	202,879
Intangible Assets	494	592	711	853
Total Other Non-Current Assets	4,192	5,030	6,036	7,244
Total Non-current Assets	529,104	658,777	727,007	817,728
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	287,592	280,431	300,233	330,418
Total Current Liabilities	287,592	280,431	300,233	330,418
Total Long-term Debt	512,800	626,874	683,292	744,789
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	512,800	626,874	683,292	744,789
Total Provisions
Total Liabilities	800,392	907,305	983,526	1,075,207
Shareholders Equity	19,319	79,146	111,170	144,942
Minority Interests
Total Equity	19,319	79,146	111,170	144,942

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.7%	11.5%	5.6%	9.5%
Operating EBITDA Growth	71.7%	(3.2%)	6.9%	8.6%
Operating EBITDA Margin	23.2%	20.1%	20.3%	20.2%
Net Cash Per Share (Rs)	(857.55)	(1,090.21)	(1,150.44)	(1,251.29)
BVPS (Rs)	50.05	205.05	288.02	375.52
Gross Interest Cover	2.25	1.36	1.67	1.66
Effective Tax Rate		5.0%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	3.11	3.37	3.55	3.49
Inventory Days	9.28	9.77	10.80	10.66
Accounts Payables Days
ROIC (%)	61.9%	36.8%	27.4%	25.0%
ROCE (%)	20.4%	11.1%	10.9%	10.5%
Return On Average Assets	15.2%	11.0%	8.8%	8.5%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg