India's largest airline, IndiGo's parent company InterGlobe Aviation, reported doubling profits in the three months until March 2024. Their profit after tax increased from ₹919.2 crore in the same period last year to ₹1,894.8 crore this year.
By March, the airline owned 367 planes, with 13 on a damp lease. (Reuters)
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The airline's total income for the last quarter also went up from ₹14,600.1 crore to ₹18,505.1 crore, PTI reported.
IndiGo CEO Pieter Elbers said, “FY24 has been a year of many remarkable achievements and milestones. For the full financial year 2024, we reported our highest ever total income of around 712 billion rupees ( ₹71,200 crore) with a net profit of around 82 billion rupees ( ₹8,200 crore) and a net profit margin of 11.9 per cent. The 4th quarter financial results were positive, making it all four quarters in FY24 profitable.”
He also mentioned that the company's plan was working well and bringing good results regularly. By March, the airline owned 367 planes, with 13 on a damp lease.
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As per data from the London Stock Exchange Group (LSEG), IndiGo was expected to make a profit of ₹1,717 crore in the quarter.
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As per data from the London Stock Exchange Group (LSEG), IndiGo was expected to make a profit of ₹1,717 crore in the quarter.
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In the said quarter, the number of people travelling domestically increased by 13 per cent from the same time last year. However, as per India's aviation regulator data, the number of people flying on other domestic flights fell by 6 per cent.
IndiGo, the world's third-largest airline in terms of market value, commands a market share of 60.3 per cent.
Revenue of the low-cost carrier grew by around 26 per cent, which was enabled by higher fares. IndiGo also saw a rise in how much the airline makes per passenger for each kilometre by about 7 per cent, Reuters reported.
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Even though fuel costs, which are IndiGo's biggest expense, went up by 6.5 per cent, the airline saw a growth in revenues. However, IndiGo did see a foreign exchange loss, unlike last year when they recorded gains.
IndiGo's load factor, which shows how much a plane's seating capacity is used, improved to 86.3 per cent from 84.2 per cent a year ago.
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