InterGlobe Aviation grounded after dismal Q1 result

InterGlobe Aviation lost 8.4% to Rs 919.90 at 13:32 IST on BSE after the company reported 96.57% slide in net profit to Rs 27.79 crore on 14.49% rise in total income to Rs 6818.33 crore in Q1 June 2018 over Q1 June 2017.

The result was announced after market hours yesterday, 30 July 2018.

Meanwhile, the S&P BSE Sensex was down 77.17 points, or 0.21% to 37,417.23

On the BSE, 8.25 lakh shares were traded in the counter so far compared with average daily volumes of 39,000 shares in the past two weeks. The stock had hit a high of Rs 949 so far during the day. The stock hit a 52-week low of Rs 891.10 in intraday trade today, 31 July 2018. The stock hit a record high of Rs 1,520 on 20 April 2018.

InterGlobe Aviation said that the company's profitability was majorly impacted by the adverse impact of foreign exchange, high fuel prices and the competitive fare environment.

EBITDAR stood at Rs 1130.10 crore with EBITDAR margin of 17.4% for Q1 June 2018, compared to EBITDAR of Rs 1961.8 crore with EBITDAR margin of 34.1% for Q1 June 2017.

InterGlobe Aviation co-founder and interim CEO, Rahul Bhatia said the company added capacity into new routes and destinations domestically and also continued to connect international destinations to various cities in India.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo. The company provided service to 52 destinations including 8 international cities as of 30 June 2018.

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