InCred Equities - InterGlobe Aviation Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	541,965	681,343	708,329	761,572
Operating EBITDA (Rsm)	91,933	157,820	130,427	127,478
Net Profit (Rsm)	(3,180)	81,671	19,303	29,039
Core EPS (Rs)	50.2	198.6	50.1	75.3
Core EPS Growth	(135.4%)	295.5%	(74.8%)	50.4%
FD Core P/E (x)	80.58	20.37	80.81	53.72
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	19.30	10.93	13.07	12.27
P/FCFE (x)	39.43	(146.42)	13.50	23.04
Net Gearing	(523.8%)	1,854.7%	858.4%	275.5%
P/BV (x)	(24.75)	83.69	41.11	23.29
ROE	(31.4%)	(345.0%)	68.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	541,965	681,343	708,329	761,572
Gross Profit	305,504	442,297	449,001	478,904
Operating EBITDA	91,933	157,820	130,427	127,478
Depreciation And Amortisation	(51,012)	(64,056)	(69,471)	(59,821)
Operating EBIT	40,921	93,764	60,956	67,657
Financial Income/(Expense)	(31,317)	(41,694)	(45,219)	(38,938)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	9,746	23,256	10,000	10,000
Profit Before Tax (pre-EI)	19,350	75,326	25,738	38,719
Exceptional Items	(22,530)	5,106
Pre-tax Profit	(3,180)	80,432	25,738	38,719
Taxation		1,239	(6,434)	(9,680)
Exceptional Income - post-tax
Profit After Tax	(3,180)	81,671	19,303	29,039
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(3,180)	81,671	19,303	29,039
Recurring Net Profit	19,350	76,565	19,303	29,039
Fully Diluted Recurring Net Profit	19,350	76,565	19,303	29,039

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	91,933	157,820	130,427	127,478
Cash Flow from Invt. & Assoc.
Change In Working Capital	23,207	(1,944)	10,657	3,558
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(31,317)	(41,694)	(45,219)	(38,938)
Tax Paid		1,239	(6,434)	(9,680)
Cashflow From Operations	83,823	115,421	89,431	82,418
Capex	(98,531)	(147,645)	(92,116)
Disposals Of FAs/subsidiaries				34,072
Acq. Of Subsidiaries/investments	(35,254)	(64,702)
Other Investing Cashflow	9,746	22,014	9,162	8,994
Cash Flow From Investing	(124,039)	(190,333)	(82,954)	43,066
Debt Raised/(repaid)	79,763	64,258	109,031	(57,786)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(37,226)	5,105	1
Cash Flow From Financing	42,537	69,363	109,032	(57,786)
Total Cash Generated	2,321	(5,549)	115,508	67,698
Free Cashflow To Equity	39,548	(10,654)	115,507	67,698
Free Cashflow To Firm	(8,898)	(33,218)	51,695	164,422

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	118,372	167,093	296,144	379,479
Total Debtors	5,199	6,425	8,500	9,139
Inventories	5,911	6,248	7,083	7,616
Total Other Current Assets	66,391	95,388	99,166	106,620
Total Current Assets	195,872	275,155	410,893	502,853
Fixed Assets	276,477	359,887	382,433	288,422
Total Investments	115,580	180,282	180,282	180,282
Intangible Assets	314	494	592	711
Total Other Non-Current Assets	2,949	4,192	5,030	6,036
Total Non-current Assets	395,320	544,854	568,338	475,450
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	205,682	288,569	319,457	347,277
Total Current Liabilities	205,682	288,569	319,457	347,277
Total Long-term Debt	448,542	512,800	621,831	564,045
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	448,542	512,800	621,831	564,045
Total Provisions
Total Liabilities	654,224	801,369	941,287	911,321
Shareholders Equity	(63,031)	18,640	37,943	66,982
Minority Interests
Total Equity	(63,031)	18,640	37,943	66,982

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	109.0%	25.7%	4.0%	7.5%
Operating EBITDA Growth	524.9%	71.7%	(17.4%)	(2.3%)
Operating EBITDA Margin	17.0%	23.2%	18.4%	16.7%
Net Cash Per Share (Rs)	(856.37)	(896.67)	(844.74)	(478.71)
BVPS (Rs)	(163.49)	48.35	98.41	173.73
Gross Interest Cover	1.31	2.25	1.35	1.74
Effective Tax Rate			25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	2.87	3.11	3.85	4.23
Inventory Days	7.71	9.28	9.38	9.49
Accounts Payables Days
ROIC (%)	32.2%	61.9%	33.1%	36.9%
ROCE (%)	11.8%	20.5%	10.2%	10.5%
Return On Average Assets	9.7%	16.6%	7.9%	7.9%

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

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

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Market Data

Source: Bloomberg