Kingfisher Airlines Limited
NSE Symbol KFA
KINGFISHER AIRLINES
has declared dismal results for the third quarter ending Dec,2011.
Net Sales
in Q3 FY 12 stands at Rs.1342.33 cr – down by -12.16% from Q2 FY 12(previous
qtr); down by -28.66% from Q1 FY 12(first qtr); and down
by -15.23% from Q3 FY 11(corresponding
qtr).
Raw Materials consumption
in Q3 FY 12 stands at Rs.1011.06 cr – down by -5.12% from Q2 FY 12(previous
qtr); down by -7.45% from Q1 FY 12(first qtr); and up by 28.89%
from Q3 FY 11(corresponding qtr).
Employees Cost in Q3 FY 12 stands at Rs.175.66 cr – down by -4.13% from Q2 FY 12(previous qtr); down by 1.15%
from Q1 FY 12(first qtr); and up by 4.54%
from Q3 FY 11(corresponding qtr).
Other Expenditure
in Q3 FY 12 stands at Rs.507.76 cr –
down by -2.04% from Q2 FY 12(previous
qtr); down by -20.41% from Q1 FY 12(first qtr); and down by -25.69% from Q3
FY 11(corresponding qtr.
Total Expenditure
in Q3 FY 12 stands at Rs.1778.07 cr – down by -10.14%
from Q2 FY 12(previous qtr); down by -10.68%
from Q1 FY 12(first qtr); and up by 4.77%
from Q3 FY 11(corresponding qtr).
Loss from Operations
in Q3 FY 12 stands at Rs(-)435.74 cr – down by -3.28% from Q2 FY 12(previous
qtr); up by 299.73% from Q1 FY 12(first
qtr); and up by 1035.57% from Q3 FY
11(corresponding qtr).
Other Income
in Q3 FY 12 stands at Rs.205.09 cr – up by 100.88%
from Q2 FY 12(previous qtr); up by 598.41%
from Q1 FY 12(first qtr); and up by 1086.52% from Q3 FY 11(corresponding qtr).
Interest Expense in Q3 FY 12 stands at Rs.347.23 cr – up by 3.84%
from Q2 FY 12(previous qtr); up by 13.55%
from Q1 FY 12(first qtr); and up by 2.25% from Q3 FY 11(corresponding qtr).
Exceptional Items
in Q3 FY 12 stands at Rs.79.76 cr – up by 627.09%
from Q2 FY 12(previous qtr); up by 1606.45%
from Q1 FY 12(first qtr); and up by 315.56%
from Q3 FY 11(corresponding qtr).
Loss before tax
in Q3 FY 12 stands at Rs(-)657.64 cr – down by -5.21% from Q2 FY 12(previous
qtr); up by 68.58% from Q1 FY 12(first
qtr); and up by 73.12% from Q3 FY
11(corresponding qtr).
Tax expense
in Q3 FY 12 stands at Rs(-)213.37 cr – down by -5.21% from Q2 FY 12(previous
qtr); up by 68.58% from Q1 FY 12(first qtr); and up by 69.09% from Q3 FY 11(corresponding qtr.
Net Loss
in Q3 FY 12 stands at Rs(-)444.27 cr –
down by -5.21% from Q2 FY 12(previous qtr);
up by 68.58% from Q1 FY 12(first
qtr); and up by75.12% from Q3 FY 11(corresponding qtr).
Face Value
is Rs.10 and Paid Up Equity is Rs.497.78 Cr.
Public share holding
is 41.39%.
Basic EPS
is Rs(-)9.18 in Q3 FY 12; Rs(-)9.67 in Q2 FY 12; Rs(-)5.49 in Q1 FY 12; Rs(-)9.54
in Q3 FY 11.
As we can see from the further details below, there is need for improving seat occupancy considerably and cutting down expenses. Fuel expenses depends on Government Policies. Interest charges need to come down significantly. this again depends on RBI Policies and bank interest Rates.
Profitable Domestic and Foreign routes must be exploited more by the airlines.
OTHER DETAILS
DOMESTIC OPERATING ENVIRONMENT
Ø The
aviation Industry recorded 12% growth in domestic demand in Q3 FY 12 YoY.
Ø Capacity
Addition outstripped Demand with 17% capacity being added YoY.
Ø Seat
Factor declined to 74% in Q3 FY 12 vs 77% in Q3 FY 11.
Ø Crude
Oil price has remained well above USD 100 mark and fluctuating up to USD 120
during this qtr.
Ø Steep
depreciation of Indian Rupee coupled with high crude prices has led to a
challenging quarter
Financial performance Q3
FY 12
Ø Operating
Revenue of Rs.1342 Cr (-19% over Q3 FY 11).
o Passenger
Revenue declined by 16% and other operating revenue declined
by 37%
Ø EBITDA loss
of Rs.147 cr vs profit of Rs.40 cr in Q3 FY 11
o -Negative EBITDA margin primarily due to
Rs.199 Cr of addl. Fuel cost impact
o EBITDA
margin declined from +2.5% to -9.5%
Ø EBTDAR
profit of Rs.125 Cr vs. Rs.284 Cr in Q3 FY 11 –
margin declined from +17.5% to +8.1%
Ø Total RASK
declined to Rs.4.3 from Rs.4.04 in Q4 FY 11. – Passenger RASK declined by 12%
from Rs.3.55 to Rs.3.12
Ø CASK
(EBITDA) increased to Rs.4.42 from Rs.3.94 - Ex-fuel EBTDA CASK declined by 4% over Q3 FY
11 (Rs.2.60 to s.2.49)
COMPANY OPERATING PARAMETERS
NO. OF DEPARTURES
:- 26,757 VS 30,883 (13%)
ASKMs :- 3,835 VS
4,026 (5%)
RPKMs :-
2,886 VS 3364 (5%)
PASSENGER LF% :- 75.2%
VS 83.6% (8.4 POINTS)
BLOCK HOURS :- 49,232
vs 55,463 (11%)
REVENUE PASSENGERS (MNs)
:- 2.63 vs 3.10 (15%)
TOTAL REVENUE PER
ASKM (INR) :4.03 vs 4.04 (0.1%)
COST PER ASKM
(INR) :- 4.42
vs 3.94 (12%)
EX-FULE COST PER
ASKM (INR) :- 2.49
vs 2.60 4%
AVERAGE GROSS
REVENUE PER PASSENGER (INR) :- 4560
vs 4606 (1%)
PERIOD ENDED FLEET
SIZE :- 64
vs 66
RESULTS TABLE
|
Kingfisher Airlines
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
%dif2
|
31-Dec-10
|
%dif3
|
|
Net Sales
|
134232.97
|
152816
|
-12.16
|
188164.05
|
-28.66
|
158343.27
|
-15.23
|
|
Raw Materials
|
101106.31
|
106560.13
|
-5.12
|
109243.39
|
-7.45
|
78442.13
|
28.89
|
|
Employees Cost
|
17565.72
|
18321.54
|
-4.13
|
17366.72
|
1.15
|
16803.35
|
4.54
|
|
Depreciation
|
8358.85
|
7852.85
|
6.44
|
8654.6
|
-3.42
|
6127.96
|
36.41
|
|
Other Expenditure
|
50775.77
|
65131.68
|
-22.04
|
63799.99
|
-20.41
|
68333.75
|
-25.69
|
|
Total Expenditure
|
177806.65
|
197866.2
|
-10.14
|
199064.7
|
-10.68
|
169707.19
|
4.77
|
|
Profit from Operations
|
-43573.68
|
-45050.2
|
-3.28
|
-10900.65
|
299.73
|
-3837.17
|
1035.57
|
|
Other Income
|
20509.05
|
10209.49
|
100.9
|
2936.53
|
598.41
|
1728.51
|
1086.52
|
|
Interest
|
34723.53
|
33438.13
|
3.84
|
30580.24
|
13.55
|
33959.59
|
2.25
|
|
Exceptional Items
|
7975.94
|
1096.96
|
627.1
|
467.4
|
1606.5
|
1919.31
|
315.56
|
|
Profit before tax
|
-65764.1
|
-69375.8
|
-5.21
|
-39011.76
|
68.58
|
-37987.56
|
73.12
|
|
Tax expense
|
-21337.15
|
-22508.98
|
-5.21
|
-12657.36
|
68.58
|
-12618.52
|
69.09
|
|
Net Profit
|
-44426.95
|
-46866.82
|
-5.21
|
-26354.4
|
68.58
|
-25369.04
|
75.12
|
|
Face Value (In Rs
|
10
|
10
|
0
|
10
|
0
|
10
|
0
|
|
Paid Up Equity
|
49777.92
|
49777.92
|
0
|
49777.92
|
0
|
26590.89
|
87.2
|
|
Basic EPS
|
-9.18
|
-9.67
|
-5.07
|
-5.49
|
67.21
|
-9.54
|
-3.77
|
|
Public holding (%)
|
41.39
|
41.39
|
0
|
41.39
|
0
|
33.73
|
22.71
|
·
Aircraft fuel expenses increased from Rs.540 cr
to Rs. 739 cr.
·
Kigfisher
has been recording losses for quite some time now.
·
In
2010-11, on Net sales of Rs.6233.38 cr, it had a OPT of Rs(-)252.52 cr; PBT of
Rs(-)1520.78 cr; and NPT of Rs(-)1027.39 cr and a basic EPS of Rs(-) 36.23 on
an equity of Rs.497.78 cr (Public : 41.39%)
·
In
2009-10, on Net sales of Rs.5067.92 cr, it had a OPT of Rs(-)1166.88 cr; PBT of
Rs(-)2417.92 cr; and NPT of Rs(-)1647.22 cr and a basic EPS of Rs(-) 52.96 on
an equity of Rs.265.91 cr (Public : 33.73%)
·
In
2008-09, on Net sales of Rs.5269.17 cr, it had a OPT of Rs(-)1529.74 cr; PBT of
Rs(-)2155.20 cr; and NPT of Rs(-)1608.83 cr and a basic EPS of Rs(-) 65.28 on
an equity of Rs.265.91 cr (Public : 33.73%)
·
In
July2007-Mar 08, on Net sales of Rs.1441.40 cr, it had a PBT of Rs(-)707 cr;
and NPT of Rs(-)188 cr and a basic EPS of Rs(-)14.85 on an equity of Rs.135.80
cr.(Public : 33.05%)
·
In
2006-07(July to June), on Net sales of Rs.1774.55 cr, it had a PBT of Rs(-)416.17
cr; and NPT of Rs(-)419.58 cr and a basic EPS of Rs(-) 42.24 on an equity of
135.47 cr (Public :83.64%)
·
In
April2006-June 06, on Net sales of Rs.397.99 cr, it had a PBT of Rs(-)110.31
cr; and NPT of Rs(-)110.26 cr and a basic EPS of Rs(-)13.58 on an equity of Rs.98.18
cr.(Public : n/a)
*
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