At Rs 919 crore, InterGlobe Aviation, the parent firm of low-cost airline IndiGo, posted its best-ever fourth quarterly net profit in the January-to-March quarter (Q4) of financial year 2022-23 (FY23). The bottom-line, however, was lower than the Street's expectations where estimates ranged from Rs 1,160 crore to Rs 2,180 crore. On the bourses, shares of IndiGo have added just 30 paise (0.01 per cent) since the announcement of the Q4-FY23 results on May 18.
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The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
IndiGo has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.
The feud between Gangwal and Bhatia came into the public after the former, in July, wrote to markets regulator Sebi seeking its intervention to address alleged corporate governance lapses at the company.
Under the new policy, external advice would be sought for related party transactions that are worth over Rs 2 crore and bidding process would be mandatory for any such contract.
The EGM would discuss deleting various Articles pertaining to transfer and acquisition of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association.
InterGlobe Aviation has already raised Rs 832 crore from anchor investors.
'On an average we have been getting four to five such proposals a month, but we aren't pursuing them as they don't tick the boxes.'
The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
The domestic hospitality industry is looking to 'fly' in 2023 cashing in on India's G20 presidency, having received the 'oxygen' to run in 2022 after being crippled in the past two years by the pandemic. Domestic travel, especially the leisure segment, gave wind to the industry this year and is expected to continue into the next. Industry players believe that as international arrivals are also likely to pick up even further, the outlook for 2023 is buoyant.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
IndiGo barred a specially-abled child from boarding a flight as he was in "a state of panic"
Since the company's senior management was privy to the price-sensitive information of Ghosh's resignation, Sebi wanted to check whether the information was disseminated properly to bourses
Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.
The decision has been taken after Kamra was found 'guilty' for alleged misbehaviour by an internal committee of IndiGo, an airline official said. The ban on Kamra comes into effect immediately.
IndiGo promoter Rakesh Gangwal has written a letter to markets regulator Sebi flagging governance issues at the company and has accused fellow co-founder Rahul Bhatia and his firms of indulging in questionable related-party transactions.
Encouraged by a steady recovery seen in the first two weeks of February, hospitality firms expect the business hotels in metros including Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad that have been lagging the leisure hotels in terms of revenue per available room (RevPar) to catch up in the coming months. Huge pent-up demand for MICE (meetings, incentives, conference and exhibitions) as companies slowly return to hosting physical events coupled with easing of the recently announced restrictions on international travel, will also help in getting closer to pre-Covid levels of revenue, they said. The Omicron wave that peaked in January had derailed the strong month-on-month recovery seen by the hotels since August.
Currently, there are related party transactions in four areas -- real estate leased to IGAL, simulator training facilities, General Sales Agreements (GSAs) for limited foreign markets and crew accommodation at Accor Hotels, the IGE statement said. Citing unaudited numbers for 2018-19, the statement said the related party transactions in the four areas accounted for Rs 150.12 crore or 0.53 per cent of IGAL's consolidated turnover.
While most of these commanders quit the airline for better prospects, some of them also parted ways due to the work culture
InterGlobe's IPO is India's biggest since the listing of around $750 million by Bharti Infratel Ltd in December 2012.
Despite Covid downturn, CEO salaries went up by an average of 19% in FY21.
A negative net worth implies the company's liabilities are more than its assets
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
India offices of MNCs like DHL, Google and Marriott ranked among the top workplaces in Asia.
In a bad start to the new year, hotels are counting their losses again. Weddings and corporate events for this month have either been called off or postponed. The blow has throttled the nascent recovery which had kicked in around August. It is primarily hurting the banquet-driven hotel chains, some of which are seeing cancellations running into lakhs for a single day.
Investment bankers handling the IPO had said marquee global investors made big-ticket applications.
This was the biggest IPO in the Indian market since Infratel's.
Rakesh Jhunjhunwala on Friday picked up 1.05 per cent stake in Jet Airways for Rs 50.5 crore.
Rahul Bhatia set up IndiGo and the Ibis hotels in India.
Swedish super sports car maker Koenigsegg Automotive AB has joined hands with Rahul Bhatia-promoted InterGlobe Enterprises to launch a range of high-end, high-performance models in India.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
CCI's ruling came on a complaint filed by Express Industry Council of India.
IndiGo had debt of Rs 3,912 crore at end of the June quarter.
Priced at $22.2 million, Hawker 4000 has redefined standards for business aviation.
The fresh bout of trouble has forced IndiGo to ground aircraft periodically since July, and on August 20, the number of grounded aircraft touched nine
India's top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. The combined net profit of these three cyclical sectors were up 87 per cent YoY to a record high of Rs 1.53 trillion, up from Rs 82,000 crore a year ago and Rs 1.08 trillion in Q1FY22.
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