InterGlobe Aviation’s share price was a bit wobbly in early trade on Friday after the company posted its results for the March quarter.
What Happened: The aviation company’s revenue from operations surged over 76% to ₹14,160.5 crore as against ₹8,020.75 crore it did in the March quarter of 2022. The company’s welcomed 23.4 million passengers onboard in this quarter an increase of 60.5% from the year-ago period.
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The company’s earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) stood at ₹2,966.5 crore, up 1,627.1% from the ₹1,718 crore it reported in the same quarter last year. The company’s net profits for the quarter stood at ₹919.2 crore in the March quarter as against a loss of ₹1,681.8 crore loss it booked in the corresponding quarter last year. Earnings per share for the quarter stood at ₹23.84.
The flying giant’s numbers impressed analysts across the board. Morgan Stanley maintained its ‘overweight’ rating for the stock with a price target of ₹3,126. JP Morgan also maintained its ‘overweight’ rating on the stock with a price target of ₹2,700. Goldman Sachs also maintained its ‘buy’ call for the stock with a target price of ₹2,600. Credit Suisse also maintained the ‘outperform’ rating on the stock with a price target of ₹2,450.
Price Action: InterGlobe Aviation’s share price was up 0.55% to trade at ₹2,277 as the markets opened on Friday.
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