Updated February 2nd, 2024 at 16:48 IST
IndiGo's profit soars 110.68% on strong air travel demand
The standalone profit for the quarter ending December 31 reached Rs 2,998 crore, marking a significant increase from Rs 1,423 crore.
IndiGo's Q3 profit: Interglobe Aviation Ltd, the operator of IndiGo, announced a 110.68 per cent growth in third-quarter profit, propelled by robust air travel demand. The standalone profit for the quarter ending December 31 reached Rs 2,998 crore, marking a significant increase from Rs 1,423 crore in the same period last year.
During the quarter, revenue from operations surged by 30.26 per cent, reaching Rs 19,452 crore, compared to Rs 14,933 crore in the corresponding period of the previous fiscal year. IndiGo CEO Pieter Elbers highlighted the achievement, stating, "For Q3 FY24, we reported a profit after tax of Rs 3,000 crore 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."
The airline's passenger ticket revenues for the quarter amounted to Rs 17,157 crore, showcasing a 30.3 per cent increase, while ancillary revenues stood at Rs 1,760 crore, marking a 23.8 per cent rise compared to the same period last year.
Total expenses for the quarter reached Rs 17,063.7 crore, reflecting a 22 per cent increase over the corresponding quarter in the previous year. IndiGo reported a total cash balance of Rs 32,428 crore as of December 31, 2023, with free cash totaling Rs 19,199.6 crore and restricted cash at Rs 13,228.5 crore. The capitalised operating lease liability amounted to Rs 44,556.5 crore, and the total debt, including the capitalised operating lease liability, reached Rs 51,187.5 crore.
Additionally, the company announced the resignation of Sanjay Gupta as the company secretary and chief compliance officer, who will be taking up a different role within the organization. Neerja Sharma has been appointed as the new company secretary and CCO.
Post-market hours, IndiGo shares rose by 1.94 per cent to settle at Rs 3,127 today.
(With PTI inputs)
Published February 2nd, 2024 at 16:48 IST
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