IndiGo profit soars to record high of Rs 3,090 cr

NEW DELHI: With tailwinds of strong operational performance and favourable market conditions, InterGlobe Aviation on Wednesday reported a record profit after tax of Rs 3,090.6 crore in the three months ended June.

The parent of the country’s largest airline also reported its highest-ever quarterly total income of Rs 17,160.9 crore in the first quarter of the current fiscal, according to a release. The carrier, which had 316 planes in its fleet at the end of June 2023, had registered a loss of Rs 1,064.3 crore in the 2022 June quarter.

In a release, the airline said in the latest June quarter, it had the highest-ever quarterly profit of Rs 3,090.6 crore and that “reflects strong operational performance, execution of our strategy and favourable market conditions”. Total income or revenues stood at Rs 13,018.8 crore in the three months ended June 2022. “We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023,” IndiGo CEO Pieter Elbers said.

In the 2023 June quarter, the carrier’s fuel costs declined 12.7 per cent to Rs 5,228.1 crore, while the total expenses marginally fell to Rs 14,070.1 crore.

“Second quarter of fiscal year 2024 capacity in terms of available seat kilometres (ASKs) is expected to increase by around 25 per cent as compared to the second quarter of fiscal year 2023,” the release said.

At the end of June, IndiGo had a fleet of 316 planes, including 166 A320 neos, 87 A321 neos and two planes on wet lease.

IndiGo had a total cash balance of Rs 27,400 crore, comprising Rs 15,691.1 crore of free cash and Rs 11,709 crore of restricted cash.