Fifth year of profits: IndiGo net rises 516%
IndiGo, India's biggest airline by market share, has reported a profit of Rs 787 crore for fiscal 2012-13. This is a 516% increase in profits as compared to the last fiscal.india Updated: Sep 24, 2013 23:34 IST
IndiGo, India's biggest airline by market share, has reported a profit of Rs 787 crore for fiscal 2012-13. This is a 516% increase in profits as compared to the last fiscal when the company had posted a profit of Rs 128 crore. This is the fifth year in a row that the unlisted IndiGo has reported a profit.
The total revenue of the airline, which has a fleet of 70 aircraft, increased 65% to Rs 9,458 crore. Of this, ancillary revenue was Rs 543 crore.
Aditya Ghosh, president, IndiGo said the airline wasn't in talks with any foreign carrier for an investment deal nor was it interested in joining any of the airline alliances. He said there were no plans of an IPO.
"Our expansions have always been through internal accruals and we have no pressure from shareholders so there is no compelling reason for an IPO," he said.
"We are a net debt free company and we have no working capital loans," Ghosh added.
Kapil Kaul, South Asia CEO of aviation consultancy firm Centre for Asia Pacific Aviation, lauded the airline for outperforming benchmarks. However, he felt the company should go public as "market dynamics are changing fast and IndiGo needs maintain standards and be target driven."