IndiGo Posts Highest-Ever Quarterly Net Profit At Rs 3

Posted By: Vishal Maurya Posted On: Aug 02, 2023

IndiGo Q1 Results: InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Wednesday reported a profit after tax of Rs 3,090.6 crore in the June quarter. It is the highest-ever quarterly profit and “reflects strong operational performance, execution of our strategy and favourable market conditions," the airline said in a release.

The company had a loss of Rs 1,064.3 crore in the 2022 June quarter.

The company recorded its highest-ever quarterly revenue of Rs 17,160.9 crore in the first quarter of the current fiscal.

“We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023," IndiGo CEO Pieter Elbers said.

Recently, the company placed a new order for 500 aircraft and now it has an outstanding order book of nearly 1,000 aircraft.

Source: News18
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Why is Akasa Air taking 43 pilots to court

Posted By: Aditya Gogoi Posted On: Sep 17, 2023
The airline's flight cancellation rate last month was 1.17%, the second-highest since its launch in August 2022 (Photo: Akasa Air)

With the aggressive expansion of IndiGo and airlines under the Air India umbrella, industry experts have pointed out that India’s aviation industry faces a scarcity of senior pilots.

According to reports, more than 40 pilots left Akasa Air without serving the mandatory six-month notice period, causing the fledgling airline to cancel a large number of flights. Its flight cancellation rate last month was 1.17%, the second-highest since its launch in August 2022. This number was 0.45% in July and 0% in March. Akasa's share of the domestic market fell to 4.2% in August from 5.2% in July.

Such situations are not unusual in an emerging aviation market like India's. Currently, there are seven major carriers in India, of which Go First has been inactive since May. Industry experts say the Tata-backed Air India and India's largest airline IndiGo have the strongest promoter support of the lot.

This is evident in the order book of the two airline groups, with over 1,300 aircraft on order for IndiGo and 470 aircraft in the pipeline for the Air India group. In addition, the two entities are constantly eyeing opportunities to add capacity by wet-leasing or dry-leasing older aircraft as the supply of new planes has been constrained by global supply-chain issues since the pandemic.

Low-cost carrier SpiceJet, among others, has been under financial stress thanks to multiple legal cases with lessors, its former promoter group, and Credit Suisse over the payment of dues.

An industry executive said, “Akasa is a strong player and has been able to steadily increase its market share in domestic aviation. It will be important for the airline to either expand slowly or ensure a competitive offer to retain pilot talent. Flight cancellations are the biggest dampeners for customer sentiment. They need to be avoided at any cost."

In a claim filed in the Bombay High Court against the 43 pilots, Akasa Air has sought ₹21.6 crore in compensation. This includes ₹14.28 crore for reputational loss caused by the cancellation, re-scheduling and grounding of flights, ₹6.96 crore for loss of operational profits, and ₹36 lakh on account of the pilots' training agreement.

“We have sought legal remedy only against a small set of pilots who abandoned their duties and left without serving their mandatory contractual notice period. This was not only in violation of their contract but also the country's civil aviation regulation. Not only is this illegal in law but also an unethical and selfish act that disrupted flights in August, forcing last-minute cancellations that stranded thousands of customers and caused significant inconvenience to the traveling public," the airline said.

Source: Live Mint
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IndiGo To Launch Direct Goa-Abu Dhabi Flight From September 2

Posted By: Ramesh Sharma Posted On: Aug 29, 2023

In an exhilarating development, the Manohar International Airport in North Goa has collaborated with IndiGo Airlines to kickstart a thrice-weekly flight service connecting Goa and Abu Dhabi International Airport (AUH) from September 2, 2023.

According to an exclusive statement from a senior official at the airport powerhouse, GMR Goa International Airport Limited (GGIAL), the inaugural flight will take off on the first Saturday of September, 00:25 AM sharp.

The return journey is equally captivating. The Indigo flight from AUH to GOX will take off at 03:15 and land at GOX (Manohar International Airport) at 08:10 respectively. This outstanding service will be offered again on Mondays, Thursdays, and Saturdays.

IndiGo made headlines earlier this year in July when it announced the start of direct flight services from the cutting-edge North Goa airport to Abu Dhabi. This strategic route launch was made in response to the rising demand for travel to the Middle East and Goa, a coastal paradise known for its peaceful beaches.

With this new addition, IndiGo's already robust connectivity with Abu Dhabi, which includes significant Indian cities like Delhi, Mumbai, Chennai, Kochi, and Hyderabad—will be further strengthened.

Vinay Malhotra, the Head of Global Sales at IndiGo, shared his insights on the move. “The new route is planned to meet the substantial demand in India for travel to the Middle East," he affirmed, adding that these innovative connections align with IndiGo's proactive approach to cater to such demands.

With this expansion, IndiGo will now facilitate a staggering 52 flights per week to Abu Dhabi from eight key Indian cities, thus reinforcing the ties between India and the UAE.

Interestingly, IndiGo has not only set its sights on Goa. The airline has also unveiled new flight services to the UAE capital from Lucknow and Ahmedabad, further exemplifying its commitment to broadening its global presence.

Source: News18
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Indigo to Start Direct Flight Service on Delhi-Belagavi Route

Posted By: Vishal Maurya Posted On: Aug 28, 2023

In a move to expand the business network, the leading carrier in India Indigo is all set to operate the direct flight services on Delhi and Belagavi route. It has been reported that the service will kickstart from October 5, allowing flyers to book direct flight tickets on the above-mentioned route from its official or any third-party website.

Indigo?s Delhi to Belagavi Direct Flight Timing

As per the details shared by Indigo, it says that interested flyers will be able to opt for the direct flight from Delhi to Belgaum at 3:45 pm. While coming back from Belgaum to Delhi, the flight will depart at 6:35 pm.

Talking about the decision, one of the company's officials said that the newly added route will ease the flyer's expirence, and improve the connectivity between northern and southern parts of the country.

Indigo?s Head of Global Sales on Latest Route

Commenting about the same, Head of Global Sales at IndiGo, Vinay Malhotra said, “We are pleased to announce new direct flights between Belagavi and Delhi, providing a seamless connection between the two cities. Located in Karnataka, Belagavi, also known as Belgaum, reflects a medley of cultures and traditions with an enviable heritage, attracting tourists throughout the year. We continue to deliver on our promise of providing affordable, on-time, courteous, and hassle-free travel experiences across an extensive network for our valued customers."

Meanwhile, Indigo, which is considered one of the budget-friendly airlines, which has been working towards expanding its business, and reaching more cities nationwide. As per the data, the airline operates from more than 77 domestic locations, where it provides services with 1,800 daily flights or even more.

Indigo?s Upcoming Plans

Some report claims that Indigo has been working on growing its international reach, and will provide direct flight service to 32 overseas areas in the future. However, the company did not share detailed information regarding the same as yet.

Source: News18
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Fewer new aircraft lift mid-life plane demand

Posted By: Pawan George Posted On: Aug 24, 2023
IndiGo had said in January 2020 that it would begin retiring some aircraft from January 2021, but has since extended leases. (Mint)

A global shortage of new aircraft has lifted demand and lease rentals for mid-life planes or those that are five to eight years old.

According to Jared Ailstock, managing partner of AIP Capital, an aviation asset management and investment company, airlines are choosing to pay higher fees to extend leases and keep such aircraft on their fleets, a trend that is consistent worldwide.

“Mid-life aircraft, which would normally have been retired, are staying in fleet longer, so airlines are signing early extensions; you see lease rents go up on those aircraft, you are seeing extensions on those planes to keep them on the fleet," Ailstock said in an interview.

In India, too, airlines that had planned to retire older planes have often extended leases. IndiGo, the country's largest airline, had said in January 2020 prior to the pandemic outbreak that it would start retiring A320ceo aircraft from January 2021, with an aim to return all 126 A320ceos on its 257-aircraft fleet by December 2022. However, the airline has since extended some leases and postponed some redeliveries to ensure supply amid a post-covid surge in air travel demand in India. As of June, the airline had 20 A320ceos in its 316-aircraft fleet.

Ailstock said the shortage of new planes has also prompted recent large aircraft orders, as airlines aim for a more consistent delivery window in the future.

“I think the overall theme in the market today is that there is a shortage of aircraft that is causing airlines to do a few things. Some of this you have seen in IndiGo where they placed one of the largest aircraft orders in history to secure delivery slots over the next seven years or so. We think that sort of theme of lack of supply of aircraft manifests itself in a couple of different ways," he said.

AIP Capital doesn't have any Indian customer, but has held discussions with IndiGo and Akasa Air, among others, and is exploring a business case in terms of partnerships, Ailstock said.

“Broadly, we are looking at operating leases of Boeing 737 MAX and financing in the form of pre-delivery payment facilities to help airlines. We are actively looking at both these aspects and speaking to airlines in the country about it," he said.

AIP Capital, which recently took a 30% stake in Korean consulting and investment firm Dreamstone Aviation Partners, currently has a $1.6 billion portfolio with 30 aircraft, with another 68 Boeing 737 Max models on order.

While the legal developments related to leased planes of bankrupt Go First has instilled a sense of caution among the lessor community and can impact lease rentals in the future for secondary and startup airlines, the overarching sentiment towards India remains positive on the back of “unmatched" demand growth, Ailstock said.

In July, domestic air traffic stood at 12.1 million passengers, 1.6% above the pre-covid level of July 2019.

“If you are leasing aircraft into India—if it is IndiGo, Akasa, Air India or a healthier airline that is well-run—I think the community will get behind those airlines and participate there. But I think in India, we will probably see some caution around second-tier airlines, startup airlines because it has been clear that it is not easy to repossess your asset if there is default on lease rents," he said.

Source: Live Mint
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Brookfield India Real Estate Q1 results

Posted By: Ramesh Sharma Posted On: Aug 14, 2023
In May, Brookfield India REIT and Singapore's GIC had announced an equal partnership to acquire two commercial properties in India for $1.4 billion. REUTERS

Brookfield India Real Estate Trust on Monday said its net income rose 4.5% to ₹245.3 crore in the first quarter ended June 30 of the fiscal year 2024.

The company had reported net income at ₹234.6 crore in the same quarter a year ago.

Brookfield India also announced the distribution of ₹164.16 crore to its unitholders.

Income from operating lease rentals rose 3.9% year-on-year to ₹211,3 crore from ₹203.4 crore in the same period a year ago, Brookfield India Real Estate Trust said in a statement.

In the June quarter of FY24, the company did gross leasing of 298,000 square feet, which includes 63,000 square feet of new leasing and 235,000 square feet of renewals.

The company said it has financial commitment in place for the acquisition of two large commercial assets, totalling 6.5 million square feet, in an equal partnership with GIC, from Brookfield Asset Management's private real estate funds.

Brookfield India Real Estate Trust had recently raised ₹2,305.4 crore through the qualified institutional placement (QIP).

On August 4, the company said that it will raise ₹400 crore by issuing units to sponsor group entity Project Diamond Holdings on preferential basis. It also plans to raise up to ₹750 crore through issue of commercial papers to finance acquisition of two commercial assets in Gurugram and Mumbai.

The company said the acquisitions of Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram will add significant scale and diversification to its portfolio.

In May, Brookfield India REIT and Singapore's GIC had announced an equal partnership to acquire two commercial properties in India for $1.4 billion.

The transaction is on track to close in the second quarter of this fiscal, it added.

Brookfield India Real Estate Trust has five office parks in Mumbai, Gurugram, Noida, and Kolkata. Its portfolio consist of 18.7 million square feet comprising 14.3 million square feet of completed area, 0.6 million square feet of under construction and 3.9 million square feet of future development potential.

Source: Live Mint
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ITC Q1 net profit likely to rise 16%

Posted By: Vanshika Pathak Posted On: Aug 14, 2023
ITC?s cigarette business is likely to deliver volume growth of around 10% and see market share gains in the absence of competition from illicit trade.

ITC Ltd, the diversified conglomerate, is set to declare its Q1 results today. The cigarette manufacturer is expected to see decent double digit growth in the net profit for the first quarter of FY24, while its revenue is likely to remain flat on a year-on-year (YoY) basis.

ITC Q1 net profit is expected to rise 16.7% on-year to ₹4,886 crore led by steady growth in cigarette and fast-moving consumer goods (FMCG) businesses, as per brokerage poll by Livemint.

The company's topline growth in Q1FY24 is likely to remain muted at 1.5% with the company reporting revenue at ₹17,548 crore, according to the average analysts' estimates.

ITC's cigarette business is likely to deliver volume growth of around 10% and see market share gains in the absence of competition from illicit trade.

The FMCG - Others segment has also delivered strong growth across markets and product lines, and as input prices decline, and analysts anticipate an expansion in margins too.

Meanwhile, paperboards, paper, and packaging are expected to remain flattish on a YoY basis.

Motilal Oswal Financial Services expects gross margin and EBITDA margin to expand 720 bps and 460 bps YoY, respectively, on a weak base.

Going ahead, ITC's outlook on the agri, paper & packaging and Hotel businesses will remain a key monitorable, while outlooks on Cigarettes and other FMCG demand will also be watched out for.

Read ITC Q1 Results Live Updates here

HDFC Securities models 12% YoY growth in cigarette revenue, with volume growth of 10% YoY (4% 4-year CAGR). The non-cigarette business is expected to fall 9% YoY (impacted by agribusiness). The brokerage models 14% YoY growth in FMCG.

“We expect cigarette EBIT to grow by 13% YoY. We model FMCG EBIT margin at 8% versus 4.6% YoY. EBITDA to grow by 11% YoY," HDFC Securities said.

Yes Securities expects ITC's overall topline to be down by 2.3% YoY even while it expects 13.5% YoY revenue growth in cigarette business led by a volume growth of 11% YoY.

“Other-FMCG business is expected to grow at ~16% YoY. While decline in Agri Business (sitting on high base) and subdued PPP will drag ITC's overall revenue growth on a YoY basis. At the company level, we expect EBITDA margin to expand ~430 bps YoY to 37% led by gross margin improvement," Yes Securities said.

Catch Live Market Updates here

Source: Live Mint
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Amara Raja Batteries Q1 Results

Posted By: Preeti Dabar Posted On: Aug 13, 2023
Amara Raja Batteries reported a net profit of ?192 crore in June quarter (Pixabay)

Amara Raja Batteries Q1 Results: Amara Raja Batteries released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 12, reporting a rise of 46 per cent in net profit at ₹192.14 crore, compared to ₹132 crore in the corresponding period last year. The battery manufacturer's revenue from operations during the first quarter of current fiscal stood at ₹2,795.51 crore, registering a growth of 14 per cent, compared to ₹2,620.53 crore in the year-ago period.

The revenue growth was aided by strong volume growth registered in the automotive after-market as well as from the telecom and UPS segments, according to the company.

“We have witnessed significant growth in revenue and profits quarter on quarter, which is a direct testament to the customer's trust in our product's quality and reliability. With our rapid movement in the Li-ion initiatives, we are poised for a strong future," said Jayadev Galla, Chairman & Managing Director, Amara Raja Batteries.

Amara Raja Batteries is an energy and mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry. In India, Amara Raja is the preferred supplier to major telecom service providers, telecom equipment manufacturers, the UPS sector (OEM & Replacement), Indian Railways and to the power, oil & gas, among other industry segments, according to a regulatory filing by the company to the stock exchanges.

The company is a leading manufacturer of automotive batteries under the brands Amaron and PowerzoneTM, which are distributed through a large Pan-India sales & service retail network. It supplies automotive batteries under OE relationships to Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors. The Company's Industrial and Automotive Batteries are exported to countries in the Indian Ocean Rim, according to its exchange filing.

On August 11, shares of Amara Raja Batteries settled 0.99 per cent lower at ₹617.65 apiece on the BSE.

Source: Live Mint
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PTC India Q1 Results

Posted By: Anita Mamgai Posted On: Aug 12, 2023
Total income of the company rose to ?4,863.46 crore in the quarter under review, from ?4,310.74 crore in the same period a year ago.

Power trading solutions provider PTC India on Saturday posted a 5.62 per cent year-on-year rise in its consolidated net profit at ₹142.70 crore for the April-June quarter of this fiscal, mainly on the back of higher revenues.

The consolidated net profit of the company stood at ₹135.10 crore in the quarter ended on June 30, 2022, the company said in a regulatory filing.

Total income of the company rose to ₹4,863.46 crore in the quarter under review, from ₹4,310.74 crore in the same period a year ago.

"The company achieved an impressive 21 per cent growth in profitability, propelled by strong growth in volumes and effective working capital management," PTC India Chairman & Managing Director Rajib K Mishra said.

He noted that the company achieved the highest ever PBT (profit before tax) and PAT (profit after tax) for the first quarter of a financial year.

The subsidiary companies continued to perform well during the quarter reaffirming the robustness and overall resilience of the PTC Group's business model.

The challenges faced by our financial subsidiary, PFS, over the past couple of years have been effectively addressed which is validated by the sequential financial metrics, he added.

Moreover, he stated that the company is actively exploring avenues to monetize its wholly-owned subsidiary, PTC Energy Ltd, and has received expressions of interest from various leading corporates.

The process of bidding is on and is expected to be completed shortly, he added.

The Hindustan Power Exchange (HPX), sponsored by the PTC, is making significant strides in business volumes, and has garnered a third of the market in the Term Ahead Segment, he noted.

With the introduction of innovative products like HP-TAM and AS-RTM, designed to cater to the dynamic needs of the Indian Power Markets, HPX is expanding its market presence and is establishing its reputation as a credible platform, he noted.

The recent policy initiatives from the Government of India are anticipated to create a favorable business environment that will improve the growth prospects of HPX, he added.

Source: Live Mint
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Spicejet defers first quarter results for FY24

Posted By: Ramesh Sharma Posted On: Aug 12, 2023
Spicejet has lost to the tune of ?4,220 crore in last 11 quarter since outbreak of Covid-19 in Q4FY20.

Spicejet results date: Indian budget airline company Spicejet has deferred its Q1 results date from 11th August to 14th August 2023. The aviation company promoted by Ajay Singh said that board of directors of the company could only partially complete the agenda items during its meeting on 11th August 2023. The airline had earlier informed Indian exchanges that it would declare its Q1 results 2023 and Q4FY23 results on 11th August 2023. Now, both these results would be announced on 14th August 2023.

Spicejet results date

Spicejet informed Dalal Street exchanges about extension of results date citing, "The meeting of the Board of Directors of the Company is scheduled on 14/08/2023, inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b)The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. Further, pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company's Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till August 16, 2023 (end of the day) for declaration of above said financial results of the Company."

Earlier in an exchange communication, Spicejet had informed exchanges that it would declare Q1 results 2023 on 11th August 2023 i.e. on Friday last week.

In an exchange communication dated 4th August 2023, Spicejet had informed stock exchanges about the Spicejet results date citing, "The meeting of the Board of Directors of the Company is scheduled on 11/08/2023 ,inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b) The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. Further, in continuation of our earlier communication(s) on 'Closure of Trading Window' pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company's Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till August 13, 2023 (end of the day) for declaration of above said financial results of the Company."

The Indian budget airline company has been under financial stress. It has lost around ₹1,516 crore in first three quarters of the financial year 2022-23. Since, outbreak of Covid-19 in Q4FY20, the airline carrier has been losing money and in last 11 quarters, Spicejet has lost to the tune of ₹4,220 crore.

Source: Live Mint
Related Posts: SPICEJET RESULTS DATE,Q1 RESULTS 2023,SPICEJET RESULTS Q4,SPICEJET RESULTS 2023,SPICEJET RESULTS Q4FY23,SPICEJET Q1FY24 RESULTS,STOCK MARKET NEWS

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World Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv. Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv.
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Entertainment Filmmaker Anurag Kashyap recently gave a glowing review to Karan Johar's directorial comeback Rocky Aur Rani Kii Prem Kahaani. After Anurag revealed he loved, cried and watched the film twice, many users took to the comment section of his post and criticised the film. Responding to them all, Anurag c
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World China has released a new documentary about the army's preparation to attack Taiwan and showcasing soldiers pledging to give up their lives if needed as Beijing continues to ramp up its rhetoric against the self-ruled island. China has released a new documentary about the army's preparation to attac
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Bussiness Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform. Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform.