InterGlobe Aviation Ltd. share price target

INDIGO reported EBITDA growth of 45% YoY to INR39.8b in 4QFY24, while
PAT more than doubled to INR18.9b (vs. our est. of INR23.7b). Revenue
passenger kilometers (RPK) at 30b. Passenger load factor (PLF) was 86.2%
with available seat kilometers (ASK) of 34.8b (est. 33.9b) and yield at INR5.2
(vs. est. of INR4.9, +7% YoY) in 4Q.

We reiterate our positive stance on Indigo, hoisting up our TP by ~34% to
Rs4,700 and rating to BUY from Add.

INDIGO, in the last week of Apr’24, placed its first order for wide-body
aircraft with the aim of expanding its long-haul international operations
starting in CY27

We maintain our positive stance on InterGlobe Aviation (IndiGo) on the basis of a conducive supply-demand balance in India’s domestic aviation. Management’s guidance on volumes in FY24 remains firm (>15% growth in ASK), which is reassuring in the context of global engine supply crisis.