IndiGo Q3 profit doubles to Rs 2,998 cr

NEW DELHI: Remaining profitable for the fifth straight quarter, the country’s largest airline IndiGo on Friday reported more than doubling of its profit after tax to Rs 2,998.1 crore in the 2023 December quarter while more than 70 planes of the carrier are grounded due to Pratt & Whitney engine issues.

Helped by higher capacity and increased passenger traffic, InterGlobe Aviation, the parent of IndiGo, saw its profit after tax jump in the third quarter of the current fiscal from Rs 1,422.6 crore in the year-ago period.

Excluding foreign exchange loss, the company’s profit stood at Rs 3,049.1 crore in the latest quarter under review compared to Rs 2,009.1 crore in the same period a year ago, as per a release.

The company’s total income in the Q3 of the current fiscal rose to Rs 20,062.3 crore from Rs 15,410.2 crore in the same period a year ago.

“For the third quarter of financial year 2024, we reported a profit after tax of 30 billion rupees with a profit after tax margin of 15.4 per cent. With these five consecutive quarters of profit we continue to recover from the losses of Covid and have now become net worth positive again,” IndiGo CEO Pieter Elbers said.