InterGlobe Aviation (IndiGo) share price fell over 5 per cent in morning trade on BSE on Thursday a day after the company reported record quarterly profit for the June quarter of the current financial year (Q1FY24). The stock opened at ₹2,630 against the previous close of 2,565.75 and soon fell 5.3 per cent to the level of ₹2,430.15. The stock hit its 52-week high of ₹2,745.95 on July 13 this year and a 52-week low of ₹1,676 on November 9 last year on BSE.
The stock traded 3.58 per cent lower at ₹2,474 around 10:40 am on BSE. IndiGo Q1 Results: IndiGo's net profit rose to ₹3,090.6 crore in the quarter ended 30 June from a loss of ₹1,064.3 crore. Total income rose by 32 per cent to ₹17,161 crore from a year earlier.
Total expenditure fell by 0.1 per cent to ₹14,070 crore from a year earlier. While fuel expenses declined by 13 per cent to ₹5,228 crore, non-fuel expenses rose over 9 per cent to ₹8,842 crore in the quarter. Read more: IndiGo Q1 profit soars to record Brokerage firms appear slightly cautious about the prospects of IndiGo stock.
Brokerage firmJM Financial has a 'hold' call on IndiGo stock with a target price of ₹2,270 as it said Rakesh Gangwal’s impending stake sale will continue to weigh on the stock performance. "IndiGo's Q2 profitability is expected to be adversely impacted given (a) lower fares due to seasonally weak quarter (b) higher ATF prices, (c) forex gain of ₹110 crore in 1Q," JM Financial said. "Competitive intensity is expected to increase with (a) SpiceJet receiving funds through promoter infusion ( ₹500 crore), (b) likely resumption of Go First post DGCA conditionally allowing the grounded airline to resume its operations, (c) Jet airways receiving Indian air operators permit (by DGCA) taking it
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