{"id":96269,"date":"2018-10-25T06:40:20","date_gmt":"2018-10-25T06:40:20","guid":{"rendered":"http:\/\/www.bnreport.com\/interglobe-aviation-stock-gains-despite-reporting-losses-in-q2\/"},"modified":"2018-10-25T06:40:20","modified_gmt":"2018-10-25T06:40:20","slug":"interglobe-aviation-stock-gains-despite-reporting-losses-in-q2","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/interglobe-aviation-stock-gains-despite-reporting-losses-in-q2\/","title":{"rendered":"InterGlobe Aviation stock gains despite reporting losses in Q2"},"content":{"rendered":"

Shares of InterGlobe Aviation<\/a> ran into a rough weather today, but came out of it quickly even as many brokerages cut their target price on the stock. <\/p>\n

The brokerages slashed the target price following a big loss the airline reported for the September quarter. <\/p>\n

At 9.28 am, the stock was 0.52 per cent higher at Rs 821.35 on the BSE, but not before falling 5.4 per cent to hit a low of Rs 773 in early session. <\/p>\n

The airline on Wednesday posted a loss of Rs 652.10 crore for the quarter ended September 30, due to higher fuel prices and currency depreciation. The company had posted a net profit of Rs 551.60 crore in the corresponding quarter last year. <\/p>\n

"Crude oil remains volatile. We have seen a sharp reduction in the past few days. If that persists, lower fuel cost (40 per cent of total cost) would be beneficial. However, a rising competitive intensity will weigh on profitability over FY19-20. Thus, we remain cautious on the stock," said Motilal Oswal Securities. <\/p>\n

The firms target for the stock at Rs 785 is 4 per cent lower than Wednesdays closing price. <\/p>\n

With resolution of A320Neo delivery issues, the management has increased FY19 ASKM growth guidance to 30 per cent from 25 per cent, said Edelweiss Securities. <\/p>\n

\u201cHowever, pricing pressure continues to persist, especially in the highly-profitable business segment (less than 15 days). Hence, we are revising down FY19-FY20E Ebitdar by 25 per cent and 10 per cent, respectively. lowering our target to Rs 1,073 from Rs 1,153 earlier,\u201d the brokerage said. <\/p>\n

JP Morgan has maintained neutral stance on the stock, with a target of Rs 900. Price war drove higher-than-expected loss in Q2, it said. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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