The Airlines business is extremely competitive in India. Companies are struggling to maintain their financial health and compete with each other while Low cost carriers like Indigo are changing the way people fly. In this constant state of flux we decided to compare the financial positions of a few listed airlines to understand areas where they draw competitive strength from and areas of weaknesses which can be exploited.
| INTERGLOBE AVIATION | |||||||||||||
| Market Price | 52 week H/L | Market Cap | FV | Equity | Reserves | Networth | Debt | BV | PAT | EPS | P/E | Market Share | Passenger Load Factor |
| 924 | 1520/697 | 35511 | 10 | 384.4 | 6693 | 7077.4 | 2241.3 | 184.12 | 2242.3 | 58.33 | 15.8 | 40.90% | 87% |
| JET AIRWAYS | |||||||||||||
| Market Price | 52 week H/L | Market Cap | FV | Equity | Reserves | Networth | Debt | BV | PAT | EPS | P/E | Market Share | Passenger Load Factor |
| 225 | 883/163 | 2558 | 10 | 113.6 | -7252.73 | -7139.13 | 5295.12 | -628.44 | -636.45 | -56.03 | NA | 13.70% | 83.50% |
| SPICE JET | |||||||||||||
| Market Price | 52 week H/L | Market Cap | FV | Equity | Reserves | Networth | Debt | BV | PAT | EPS | P/E | Market Share | Passenger Load Factor |
| 77.4 | 156/60 | 4627 | 10 | 599.45 | -642.42 | -42.97 | 1008.39 | -0.72 | 557.2 | 9.30 | 8.3 | 12.80% | 94.7% |
A Common Size statement is the best way to compare companies which do not operate at the same scale but are competitors.
| COMMON SIZE P/L ACCOUNT FOR THE YEAR ENDED 31/3/2018 | |||||||||
| Company | INDIGO | JET AIRWAYS | SPICE JET | ||||||
| Particuars | Cr | % | Cr | % | Cr | % | |||
| Income | |||||||||
| Revenue from Operations | 23020 | 96.05 | 24510.7 | 97.35 | 7727.8 | 97.41 | |||
| Other Income | 946.8 | 3.95 | 666.8 | 2.65 | 205.6 | 2.59 | |||
| Total Income | 23967 | 100.00 | 25177.5 | 100.00 | 7933.5 | 100.00 | |||
| Expenses | |||||||||
| Aircraft Fuel | 7760 | 32.38 | 7419.8 | 29.47 | 2432.6 | 30.66 | |||
| Aircraft Engine Rentals | 3610 | 15.06 | 2456.8 | 9.76 | 1037 | 13.07 | |||
| Purchase of Stock in Trade | 123.8 | 0.52 | 0 | 0.00 | 9.16 | 0.12 | |||
| Changes in inventories of stock-in-trade | 1.26 | 0.01 | 0 | 0.00 | -6 | -0.08 | |||
| Employee benefits expense | 2455 | 10.24 | 3174.2 | 12.61 | 861.7 | 10.86 | |||
| Finance costs | 339.8 | 1.42 | 848.9 | 3.37 | 92.3 | 1.16 | |||
| Depreciation and amortisation expense | 436.8 | 1.82 | 621.14 | 2.47 | 231.3 | 2.92 | |||
| Airport charges | 0 | 0.00 | 0 | 0.00 | 660.5 | 8.33 | |||
| Aircraft Maintenance | 0 | 0.00 | 0 | 0.00 | 1188 | 14.97 | |||
| Selling and Distributuon | 2828 | 11.23 | 0.00 | ||||||
| Other expenses | 6114 | 25.51 | 8553.4 | 33.97 | 631.2 | 7.96 | |||
| Total expenses | 20841 | 86.96 | 25902.4 | 102.88 | 7376.33 | 92.98 | |||
| PBT | 3126.6 | 13.05 | -725 | -2.88 | 557.2 | 7.02 | |||
| Current tax | 669 | 2.79 | 0 | 0.00 | 0 | 0.00 | |||
| Deferred tax (credit) / charge | 215.3 | 0.90 | 0 | 0.00 | 0 | 0.00 | |||
| Total Tax | 884.3 | 3.69 | 0 | 0.00 | 0 | 0.00 | |||
| NET PROFIT/LOSS | 2242.3 | 9.36 | -636.45 | -2.53 | 557.2 | 7.02 | |||
