Friday, May 27, 2011

Result Flash - SpiceJet - 4QFY2011 - Neutral

Dear All,

 

Forwarding you the Result Flash on SpiceJet for 4QFY2011 with a Neutral Recommendation.

 

 

SpiceJet – 4QFY2011 & FY2011 financial result highlights-  

 

·         For 4QFY2011, SpiceJet’s net sales increased by 35.6% yoy to `759cr on the back of a strong increase in passenger traffic as well as fleet additions during the year. The company ended FY2011 with a 35.5% yoy increase in net sales to `2,934cr.

 

·         EBITDA came in at (`72.6cr) in 4QFY2011 despite strong growth in revenue due to an 84.7% yoy increase in fuel cost to `399cr. Fuel cost per ASKM stood at 1.37/ASKM in 4QFY2011 vs. 1.0/ASKM in 4QFY2010 and 1.15/ASKM in 3QFY2011. Consequently, because of higher fuel prices, EBITDA margin also took a bad hit, coming in at negative 9.6%. EBITDAR came in at `50cr, down 53%yoy and 77.4% qoq. EBITDAR margin stood at positive 6.5%.

 

·         For FY2011, EBITDA witnessed a huge increase of 342% yoy to `116cr. The company’s margin also increased by 274bp to 3.9% on the back of strong numbers in 9MFY2011. EBITDAR came in at `544cr, up 30.8% yoy, but margin declined by 53bp to 18.5%.

 

·         4QFY2011 witnessed a 314% yoy decrease in PAT to (`59cr) on the back margin compression during the quarter. Consequently, PAT margin also declined by 1,263bp yoy to negative 7.7%.

 

·         FY2011 witnessed a strong increase of 64.7% yoy in PAT to `101cr on the back of higher revenue as well as margin expansion. Consequently, PAT margin also expanded by 65bp to 2.5%.

 

·         Outlook: Given the sharp increase in fuel prices, we have a cautions view on the whole sector. We continue to maintain our Neutral rating on the stock.  We may change our rating and numbers post an interaction with the management and come out with a detailed report.

 

4Q and FY2011 – Performance highlights

 

Particulars (` cr)

4QFY2011

4QFY2010

%chg (yoy)

3QFY2011

%chg (qoq)

FY2011

FY2010

%chg(yoy)

Net Sales

759

559.6

35.6

830.1

(8.6)

2,934.4

2,181.1

34.5

Total Expenditure

831.4

548.9

51.5

716.1

16.1

2,818.7

2,154.9

30.8

EBITDA

(72.6)

10.7

(776.4)

114.0

(163.6)

115.7

26.1

342.6

EBITDA Margin (%)

(9.6)

1.9

(1,148)

13.7

(2,330)

3.9

1.2

274

EBITDAR

49.7

105.7

(53.0)

220.0

(77.4)

544.2

416.0

30.8

EBITDAR Margin (%)

6.5

18.9

(1,234)

26.5

(1,996)

18.5

19.1

(53)

Depreciation

2.4

1.9

30.2

2.3

6.3

8.9

7.7

16.3

EBIT

(75.0)

8.9

(946.9)

111.7

(167.1)

106.8

18.5

477.8

Interest

1.2

1.4

(16.7)

1.0

21.0

4.8

6.1

(21.1)




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