External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>INDIGO reported flat YoY EBITDA at INR51.6b and PAT of INR24.4b (est. INR36.9b) in 3QFY25. Excl. forex loss/gain, EBITDA was 5% above our estimate.</li><li>Revenue passenger kilometers (RPK) stood at 35.5b. Passenger load factor (PLF) was 87%, with available seat kilometers (ASK) of 40.8b (est. 40.9b) and yield of INR5.43 (est. INR5.37, down 1% YoY) in 3Q.</li><li>Management highlighted that the quarter saw robust air travel by customers thanks to the festive season, year-end holidays and a general rise in consumer demand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

INDIGO reported flat YoY EBITDA at INR51.6b and PAT of INR24.4b (est. INR36.9b) in 3QFY25. Excl. forex loss/gain, EBITDA was 5% above our estimate.Revenue passenger kilometers (RPK) stood at 35.5b. Passenger load factor (PLF) was 87%, with available seat kilometers (ASK) of 40.8b (est. 40.9b) and yield of INR5.43 (est. INR5.37, down 1% YoY) in 3Q.Management highlighted that the quarter saw robust air travel by customers thanks to the festive season, year-end holidays and a general rise in consumer demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation - Strong Quarter Led by Robust Air Travel Demand

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indigo posted robust results in Q3FY25, with SA EBITDA of Rs66.2bn – a 15% beat.</li><li>This was driven by a 3% beat each on RASK/yields, while fuel cost and rentals were also lower.</li><li>CASK ex-fuel and forex (Fx) was only 1% above our estimate, though net Fx loss was high at Rs14bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo posted robust results in Q3FY25, with SA EBITDA of Rs66.2bn – a 15% beat.This was driven by a 3% beat each on RASK/yields, while fuel cost and rentals were also lower.CASK ex-fuel and forex (Fx) was only 1% above our estimate, though net Fx loss was high at Rs14bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation - Strong Quarter with Beat on Yields

<ul><li>InterGlobe Aviation (IndiGo) has expanded its domestic network to 88 destinations and added new international routes, including 7 new destinations, while navigating fuel price volatility and economic risks.</li><li>With an order for nearly 985 aircraft, including that of Airbus A350-900s, the airline aims to enhance efficiency and meet the rising demand by CY30.</li><li>IndiGo aims to solidify its domestic leadership while preparing for global expansion through its Reassure, Develop, and Create strategy.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation (IndiGo) has expanded its domestic network to 88 destinations and added new international routes, including 7 new destinations, while navigating fuel price volatility and economic risks.With an order for nearly 985 aircraft, including that of Airbus A350-900s, the airline aims to enhance efficiency and meet the rising demand by CY30.IndiGo aims to solidify its domestic leadership while preparing for global expansion through its Reassure, Develop, and Create strategy.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation - Optimistic Business Outlook…

<ul><li>InterGlobe Aviation (INDIGO) reported an EBITDA growth of 4% YoY to INR51.5b in 1QFY25, while PAT declined 12% YoY to INR27.3b (vs. our est. of INR15.7b).</li><li>Revenue passenger kilometers (RPK) was 31.5b.</li><li>The passenger load factor (PLF) was 86.8% with available seat kilometers (ASK) at 36.3b (est. of 35.5b) and yield at INR5.24 (vs. est. of INR4.72, +1% YoY) in 1QFY25.</li><li> </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation (INDIGO) reported an EBITDA growth of 4% YoY to INR51.5b in 1QFY25, while PAT declined 12% YoY to INR27.3b (vs. our est. of INR15.7b).Revenue passenger kilometers (RPK) was 31.5b.The passenger load factor (PLF) was 86.8% with available seat kilometers (ASK) at 36.3b (est. of 35.5b) and yield at INR5.24 (vs. est. of INR4.72, +1% YoY) in 1QFY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation - Capacity Guidance and Outlook Remain Intact

<ul><li>Emkay Global Financial's research report onInterGlobe Aviation The stock, despite its recent strong runup, still has legs, given that competitors Air India/Akasa’s order books have higher exposure to Boeing (737 Max, facing safety issues) which implies risk to their near-term capacity adds.</li><li>Indigo, backed by a steady stream of Airbus deliveries, can gain mkt share &amp; improve yields.</li><li>New airports in Noida (NCR) / Navi Mumbai should boost passenger traffic in 1-2 years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emkay Global Financial's research report onInterGlobe Aviation The stock, despite its recent strong runup, still has legs, given that competitors Air India/Akasa’s order books have higher exposure to Boeing (737 Max, facing safety issues) which implies risk to their near-term capacity adds.Indigo, backed by a steady stream of Airbus deliveries, can gain mkt share &amp; improve yields.New airports in Noida (NCR) / Navi Mumbai should boost passenger traffic in 1-2 years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

InterGlobe Aviation - Exposure Solely to Airbus Props Capacity

India

InterGlobe Aviation Ltd. operates IndiGo, India's largest passenger airline by domestic market share, focusing on low fares, punctuality, and a hassle-free travel experience. The company provides air transportation services for passengers and cargo on scheduled flights, along with ancillary services like car rental, airport lounge access, and travel insurance. IndiGo is headquartered in Gurugram, Haryana, India, and was founded in 2004.

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IndiGo (INDIGO IN)

InterGlobe Aviation - Strong Quarter Led by Robust Air Travel Demand

INDIGO reported flat YoY EBITDA at INR51.6b and PAT of INR24.4b (est. INR36.9b) in 3QFY25. Excl. forex loss/gain, EBITDA was 5% above our estimate.

Motilal Oswal

InterGlobe Aviation - Strong Quarter with Beat on Yields

Indigo posted robust results in Q3FY25, with SA EBITDA of Rs66.2bn – a 15% beat.This was driven by a 3% beat each on RASK/yields, while fuel cost...

Emkay

InterGlobe Aviation - Optimistic Business Outlook…

IndiGo aims to solidify its domestic leadership while preparing for global expansion through its Reassure, Develop, and Create strategy.

Motilal Oswal

InterGlobe Aviation - Capacity Guidance and Outlook Remain Intact

InterGlobe Aviation (INDIGO) reported an EBITDA growth of 4% YoY to INR51.5b in 1QFY25, while PAT declined 12% YoY to INR27.3b (vs. our est. of...

Motilal Oswal

InterGlobe Aviation - Exposure Solely to Airbus Props Capacity

Indigo, backed by a steady stream of Airbus deliveries, can gain mkt share & improve yields. New airports in Noida (NCR) / Navi Mumbai should boost...

Emkay

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