IndiGo (Interglobe Aviation) India’s largest listed airline board has approved raising up to Rs 3000 crore via QIP. Just in the last quarter the management had shelved plans to raise money via QIP, however while we at ET NOW are yet to hear from the management, it seems that the impact of the covid second wave is probably leading to IndiGo considering fund raising. Aviation sector is one of the hardest hit in covid second wave too and unless we do see better capacity utilisation it will be difficult for airlines to improve their revenues.
In Q3 the Company 's CEO, Mr. Ronojoy Dutta has said , " We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilization are so very critical for our return to profitability.”
Management mentioned in the Q3FY21 conference call: Decided not to raise funds via QIP, Internal sources of fund sufficient for operations. Working hard to increase capacity, optimize cost and improve revenues. Optimistic on demand in absence of any new variants of covid and they are speaking to the Government to allow enhanced capacity. Want to get back to green as soon as possible however Can’t get back to green until there is increased capacity utilisation.
As of Q3Fy21
Total cash balance of `18365 cr , of which `7444 cr is free cash and `10921cr is restricted cash
Total debt (incl capitalized operating lease liability) at 27726 cr
GUIDANCE as given during Q3FY21: Q4fy21 capacity in ASKs is expected to be about 75-80% of Q4FY20 capacity
Lets listen in to Poonam Saney to catch more on IndiGo.
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