IndiGo: Optimistic outlook for Q4; entry of new rivals may eat into Indigo’s market share

InterGlobe Aviation (INDIGO) reported a lower-than-expected Q3FY23 PAT of Rs 1,420 crore led by higher-than-expected fuel and employee costs. Revenue passenger kilometers (RPK) were in line with our estimates at 24.5b. Passenger load factor (PLF) was higher at 85.1% with available seat kilometers (ASK) of 28.8b and yield at `5.4.