BAJAJ BROKING
InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is to sell a 2% stake in IndiGo via block deals valued at ₹3,293 crore. Recently, IndiGo has reported a record profit of ₹8,172 crore for FY2024.
InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is reportedly considering selling a 2% stake in low-cost carrier Indigo through block deals. The transaction involves the sale of 77 lakh shares at a base price of ₹4,266 per share, indicating a 7% discount, valuing the deal at ₹3,293 crore.
Explore: INDIGO PAINTS LIMITED
Rahul Bhatia is constrained by regulatory requirements and prohibited from selling additional shares in the market for at least one year.
InterGlobe Aviation, IndiGo's parent company, announced a record-breaking profit of ₹8,172 crore for the fiscal year 2024. Additionally, it reported a net profit of ₹1,894 crore for the fourth quarter, marking its sixth consecutive quarter of profitability.
In the corresponding quarter, InterGlobe Aviation's net profit surged to ₹919.2 crore, with a 26% increase in revenue from operations to ₹17,825.3 crore.
Additional Read: IndiGo’s Stock Crashes! Buy, Hold, or Sell Going Ahead?
EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortisation, and Rentals) witnessed a significant increase of 48.7% to ₹4,412.3 crore in the fourth quarter, with the EBITDAR margin reaching 24.8%.
IndiGo achieved a noteworthy reduction in its fuel cost per available seat kilometre (CASK), decreasing by 6.9% to ₹1.72. However, the CASK excluding fuel witnessed a rise of 14.7% at ₹2.90, indicating potential challenges in cost management.
This stake sale and IndiGo's robust financial performance underscore the company's strategic moves in navigating the aviation industry amidst challenging economic conditions.
Share this article:
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading