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InterGlobe Aviation, parent of the country's largest airline <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">IndiGo</keyword>, on Tuesday reported a net loss of Rs 3,174 crore for the three months to June, primarily due to a sharp <keyword id="6354942" type="UNKNOWN" weightage="20" keywordseo="decline">decline</keyword> in revenues amid the second wave of the coronavirus pandemic.The airline, which had a fleet of 277 planes at the end of June 2021, incurred a net loss of Rs 2,844 crore in the year-ago period. The carrier's consolidated total income increased by 177.2 per cent to Rs 3,170 crore in the first quarter of the current fiscal, it said in a statement. The total income stood at Rs 1,143 crore in the first quarter of the previous financial year. The airline's total expenses increased by 59.2 per cent to Rs 6,344 crore in Q1 of 2021-22, compared to Rs 3,986 crore earlier. The company's CEO <keyword id="7255265" type="UNKNOWN" weightage="20" keywordseo="Ronojoy-Dutta">Ronojoy Dutta</keyword> said, "Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers traveling declined sharply in the months of May and June." With the second wave receding, IndiGo is seeing a measured recovery in bookings for July and August, he added. "Notwithstanding the industry's present challenges, we remain firmly optimistic about IndiGo's future. Our entire focus during this pandemic has been to manage our cash balances, run a high- quality airline and to continue to build our capabilities and be prepared for the post Covid environment," he stated. The carrier had reported a net loss of Rs 1,147 crore in the last quarter of 2020-21. The airline operated a peak of 1,262 daily flights and a minimum of 318 flights during the first quarter of FY22, including non-scheduled flights, the statement said. "During the quarter, provided scheduled services to 66 domestic destinations and various international locations through passenger charters and air bubble flights," it added. <keyword id="11729733" type="UNKNOWN" weightage="20" keywordseo="see-also">SEE ALSO</keyword> <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

IndiGo's loss widens to ₹3,174 crore as number of passengers 'declined sharply' in May and June

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<ul><li>Sensex on Friday opened on a positive note, with a healthy buying in healthcare, capital goods and energy stocks. </li><li>Nifty50 was trading nearly 51.10 points higher or 0.45% from its previous close.</li><li>Here’s a list of stocks buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market opened on a positive note on Friday with the BSE Sensex surpassing the 38,500-mark during the initial trade. Healthy buying was witnessed in healthcare, capital goods and energy stocks. Nifty50 was trading nearly 51.10 points higher or 0.45% from its previous close. These are the <keyword id="35164" type="PERSON" weightage="20" keywordseo="top-stocks">top stocks</keyword> that are buzzing the D-street today. IndiGo’s parent Interglobe Aviation shares trading over 2% lower during the morning trade The overall domestic air passenger traffic declined 83% to 21 lakh passengers in July. This led to domestic carrier Indigo’s shares coming under pressure. IndiGo’s passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. Shares of its rival airline SpiceJet, was trading flat during the morning session. Hero MotoCorp declined nearly two per cent during the morning trade Shares of the country’s largest two-wheeler maker Hero was trading nearly 2% lower after the company posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. Eicher Motors declines 3% during the morning trade After reporting a consolidated net loss of ₹55 crore for the first quarter ended June 30, the shares of Eicher Motors were trading nearly 3% lower during the early trade. Bank of India trades nearly 2% lower The <keyword id="1922421" type="PERSON" weightage="20" keywordseo="Bank-of-India-shares">Bank of India shares</keyword> were trading nearly 2% lower after the board approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. Cipla gains over 3% during the morning trade Cipla shares gain over 3% led by a rally in pharma stocks. Cipla is one of the companies in India manufacturing the antiviral drug Remdesivir. Glenmark Pharmaceuticals gains over 3% during the morning trade Shares of Glenmark Pharma was trading nearly 3% higher ahead of first quarter earnings due later today. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/stocks-to-watch-indigo-spicejet-hero-motocorp-bpcl-tata-steel-glenmark-pharma-eicher-motors-bank-of-india-hindalco/articleshow/77536933.cms" data-type="tilCustomLink">Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others</a> <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a>

Top stock movers on Dalal Street today — IndiGo, Cipla, Hero MotoCorp, Glenmark Pharma and others

No-frills carrier <keyword id="6354706" type="CITY" weightage="80" keywordseo="Indigo">IndiGo</keyword>'s parent <keyword id="139851" type="COMPANY" weightage="80" keywordseo="InterGlobe">InterGlobe</keyword> <keyword id="31907" type="COMPANY" weightage="80" keywordseo="Aviation">Aviation</keyword>, which is gearing up for Rs 3,200-crore initial share sale, may be profitable, but its net worth has come down significantly in three months ended this June. 
 After a prolonged wait, InterGlobe -- which is running the country's most profitable carrier under the brand name IndiGo -- will be hitting the market for its little over Rs 3,200-crore <keyword id="6354763" type="EVENT" weightage="80" keywordseo="IPO">IPO</keyword> on October 27. 
 
The IPO will be the largest in nearly three years. 
 
"The net worth of our company was Rs 4,262.20 million (Rs 426.22 crore) and Rs (1,393.87) million (Rs 139.39 crore) as of March 31, 2015 and June 30, 2015, respectively, as per the restated financial statements of our company prepared in accordance with Indian GAAP and restated in accordance with the ICDR Regulations," it said in the offer document. 
 
Noting that it had a net negative worth at the end of June, InterGlobe said if this financial position continues, it may be "more difficult or expensive to obtain future financing or meet our liquidity needs". 
 
"Further, there can be no assurance that we will be able to achieve a positive net worth in periods going forward," the document said. 
Net worth is the aggregate of the paid-up share capital, share premium account, reserves and surplus. The figure excludes aggregate of miscellaneous expenditure. 
 
A negative net worth implies the company's liabilities are more than its assets. 
 
The carrier has been profitable since fiscal 2009. 
 
In the latest June quarter, IndiGo posted a net profit of Rs 640.44 crore. During the same period, total revenues stood at Rs 4,317.19 crore. 
 
For the year ended March 2015, the carrier recorded a net profit of Rs 1,295.58 crore on revenues of Rs 14,309.14 crore. 
 The Gurgaon-based entity is also the largest domestic carrier by market share, having flown over one-third of the total passenger traffic carried by <keyword id="1446" type="CITY" weightage="80" keywordseo="indian-airlines">Indian airlines</keyword> in August. 
 
The company has fixed the price band for its initial share sale at Rs 700-765, through which it could raise up to Rs 3,268 crore. It will run on October 27-29. 
 
Under the offer, InterGlobe will have fresh issue worth Rs 1,272.2 crore as well as an offer for sale of little over 2.61 crore shares. 
 
Proceeds from the fresh share issue will be utilised towards aircraft acquisition, purchase of ground support equipment for airline operations and general corporate purposes. 
 
Image credit: Indiatimes

IPO-bound Indigo has negative net worth despite being profitable

Fresh clarifications have been sought from <keyword id="6354706" type="CITY" weightage="100" keywordseo="Indigo">IndiGo</keyword> on its proposed Rs 2500 crore initial public offer (IPO) by the capital market regulator <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>. 

	Without disclosing the details of clarifications sought, the Securities and Exchange Board of India (Sebi) has said it is awaiting response from lead manager for the proposed public offer. 
 

	According to the latest weekly update on the processing status of draft offer documents filed with Sebi, the market regulator has said clarifications are awaited on IndiGo's IPO as of July 31, 2015. 
 

	The next update will be uploaded on Sebi's website on August 10. 
 

	The market watchdog said it might issue observations on draft offer document within 30 days after receiving a satisfactory reply from the lead merchant banker regarding the clarification or additional information sought from it. 
 

	Sebi had earlier this month also sought clarification from InterGlobe Aviation, which runs the country's biggest airline by market share under IndiGo brand. 
 

	The regulator received last communication from the merchant banker on July 29. Indigo had filed its draft offer document with Sebi on June 30, 2015. 
 

	As per the draft papers, the company has offered to issue fresh shares worth Rs 1,272 crore. An equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders. 
 Citigroup, JPMorgan India, Morgan Stanley, Barclays, UBS Securities India and <keyword id="106209" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword> are managers for the share sale. 

	IndiGo is one of the two profit-making domestic airlines. The only other profitable airline is GoAir. 
 The already-listed airlines in the country include <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> and SpiceJet while trading in long-grounded <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> has been suspended for a long time due to penal reasons. Last month, Sydney-based aviation think-tank <keyword id="109712" type="ORGANIZATION" weightage="100" keywordseo="Centre-for-Asia-Pacific-Aviation">Centre for Asia Pacific Aviation</keyword> (CAPA) had said IndiGo is estimated to have recorded a profit of USD 150-175 million in 2014-15. 

	The low-cost model using a single type of narrow-body planes is one of the contributing factors for IndiGo's profitability. 
 

	IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal.

	 
	 
	(Image credits: Indiatimes)

IndiGo’s Rs. 2,500 crore IPO comes under the scanner of SEBI

<ul class="summary-list"><li>Southwest Airlines and Archer Aviation are developing electric air taxi operations in California.</li><li>Southwest plans to use Archer Midnight eVTOL aircraft to cut customer travel time to the airport.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/southwest-changes-activist-investstor-free-bags-open-seating-fees-2024-6">Southwest Airlines</a> and <a target="_blank" class="" href="https://www.businessinsider.com/united-electric-air-taxi-archer-evtol-2023-6">Archer Aviation</a> plan to develop an electric air taxi network for California airports.The two companies signed an agreement on Friday that would allow Southwest Airlines customers to use Archer's Midnight electric vertical takeoff and landing (eVTOL) aircraft as a speedy means of getting to and from airports in the future."This is a pretty huge deal for us and the industry," Archer Aviation chief commercial officer Nikhil Goel told Business Insider. "This is the first time Southwest has done anything like this, and so at this point, we're working with two of the biggest airlines in the US and three of the five largest airlines in the world by market cap."<div type="image" title="A Southwest Airlines Boeing 737 MAX 8 jet takes departs from San Diego International Airport en route to Denver on January 13, 2024 in San Diego, California." height="2672" width="4008" msid="111698219" hostid="261" sizebytes="525048"></div>Archer has also been working with <a target="_blank" class="" href="https://www.businessinsider.com/united-electric-air-taxi-archer-evtol-2023-6">United Airlines</a>, which ordered $1 billion worth of the company's Midnight eVTOL aircraft for similar use in 2021.The firm has inked deals internationally, as well. <a target="_blank" class="" href="https://investors.archer.com/news/news-details/2023/InterGlobe-Enterprises-and-Archer-Aviation-Announce-Plans-to-Launch-All-Electric-Air-Taxi-Service-Across-India-in-2026/default.aspx">Interglobe Enterprises</a>, the parent company of India's largest airline, <a target="_blank" class="" href="https://www.businessinsider.com/best-low-cost-airlines-in-the-world-according-to-skytrax-2024-7">IndiGo</a>, signed an agreement in late 2023 with Archer that includes the purchase of 200 Midnight eVTOL aircraft for air taxi service in India.The Southwest deal aims to shorten airport commutes for customers flying through any of the 14 California airports where the airline operates.For example, let's say someone in Los Angeles wants to fly to Napa — but skip traffic to and from the airport.With Archer, they would go to the <a target="_blank" class="" href="https://smdp.com/2024/02/14/air-taxi-start-up-to-operate-from-santa-monica-airport-and-expects-to-be-flying-by-2025/">Archer Vertaport, under development in Santa Monica</a>, for a short hop to Burbank Airport. There, they would board an 80-minute Southwest flight to San Francisco International Airport and then a 15-minute Archer flight to Napa. (For context, Napa is roughly 60 miles from SFO).<div type="image" title="The interior of Archer's Midnight eVTOL with wide seats with headrests." height="1333" width="2000" msid="111698220" hostid="261" sizebytes="60206"></div>Goel said this route could shave one to two hours off customers' travel time.Beyond the new partnership with Southwest, Archer said it is focused on completing the development and certification process and building up the manufacturing infrastructure to support the Midnight eVTOL, which is at the heart of the deal."For us at Archer, the next 18 months are almost solely dedicated to certifying and manufacturing the aircraft," Goel said.<a target="_blank" class="" href="https://www.businessinsider.com/flying-taxi-firm-archer-gets-faa-approval-for-commercial-operations-2024-6">Archer received FAA certification to commence commercial operations</a> in June, allowing the company to refine its systems before launching customer service.However, the Midnight eVTOL, a four-seat electric tilt-rotor aircraft, has not been certified.<div type="image" title="Concept drawing of an Archer manufacturing facility." height="1389" width="2000" msid="111698221" hostid="261" sizebytes="147092"></div>Archer is also working to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stellantis-invests-additional-55-million-in-archer-following-recent-flight-test-milestone-1033522905">complete its </a><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stellantis-invests-additional-55-million-in-archer-following-recent-flight-test-milestone-1033522905">350,000-square-foot production facility</a> in Covington, Georgia, which will be operated in partnership with Stellantis. When fully operational, the factory is expected to be able to produce up to 650 aircraft a year, with room to expand capacity to 2,300 aircraft annually.Archer isn't the only player in the eVTOL business that's working with major airlines.<a target="_blank" class="" href="https://www.businessinsider.com/delta-makes-a-60-million-investment-in-evtols-joby-aviation-2022-10">Delta</a> and Japan's <a target="_blank" class="" href="https://www.businessinsider.com/airlines-investing-in-evtol-aircraft-united-american-2022-8">All Nippon Airways</a> are working with fellow mobility startup Joby Aviation for future air taxi services.

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