InterGlobal Aviation Ltd (Indigo) is one of the most efficient low cost carriers (LCC) with a market share of 40% in Indian aviation sector. Despite robust passenger growth of 33% YoY in Q2FY19, the reported PAT loss was Rs652cr due to rise in fuel cost & forex loss. Engine issues have resolved and aircraft deliveries have picked-up with 20 aircraft deliveries this quarter. We expect earnings to pick-up in H2FY19 led by pass through of higher fuel cost and cost rationalisation....