InterGlobe Aviation flies higher after strong Q2 results

InterGlobe Aviation rose 1.58% to Rs 1,263.95 at 10:00 IST on BSE after net profit jumped 294.4% to Rs 551.55 crore on 27% growth in revenue from operations to Rs 5290.98 crore in Q2 September 2017 over Q2 September 2016.

The result was announced after market hours yesterday, 31 October 2017.

Meanwhile, the S&P BSE Sensex was up 331.09 points or 1% at 33,544.41.

On the BSE, 98,000 shares were traded on the counter so far as against average daily volumes of 55,000 shares in the past two weeks. The stock had hit a high of Rs 1298.30 and a low of Rs 1,255.40 so far during the day.

 

InterGlobe Aviation's earnings before interest, tax, depreciation, amortization and rentals (EBITDAR) grew by 61.8% to Rs 1581.10 crore in Q2 September 2017 over Q2 September 2016. EBITDAR margin expanded to 29.9% in Q2 September 2017, from 23.5% a year ago.

The company's profitability was favourably impacted due to better revenue management compared to last year as well as credits received from Pratt & Whitney and Airbus related to aircraft groundings and delivery delays.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo, which is India's largest airline with a market share of 38.4% in September 2017.

Powered by Capital Market - Live News