The country’s largest airline IndiGo on Thursday reported more than doubling of its profit after tax to Rs 1,894.8 crore in the 2024 March quarter, fuelled by higher traffic, increased capacity and favourable external environment.
For the year ended March 2024, the airline posted a net profit of Rs 8,172.5 crore on record total income of Rs 18,505.1 crore.
In the first quarter of the current financial year, the airline has projected the capacity in terms of ASK to rise by 10-12 per cent compared to the year-ago period.
Available Seat Kilometre (ASK) is an indicator of capacity.
InterGlobe Aviation, the parent of IndiGo, recorded a profit after tax of Rs 1,894.8 crore for the fourth quarter of 2023-24 compared to Rs 919.2 crore in the same period a year ago, a release said.
Total income rose nearly 27 per cent to Rs 18,505.1 crore in the three months ended March 2024. It stood at Rs 14,600.1 crore in the year-ago period.
In the latest quarter under review, fuel cost increased 6.5 per cent while overall expenses climbed 22.3 per cent.
For the full year 2023-24, profit after tax touched Rs 8,172.5 crore as against a loss of Rs 305.8 crore in 2022-23.
“Yield increased by 7 per cent to Rs 5.19 and load factor improved by 2.1 points to 86.3 per cent,” it added.
According to the airline, it delivered another quarter of strong financial performance led by a range of initiatives and supported by favourable external environment.
“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 with a net profit of around 82 billion rupees 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,” IndiGo CEO Pieter Elbers said.
He also said the strong execution of the company’s strategy has yielded consistent results.
For the March quarter, IndiGo said its passenger ticket revenues rose 25.5 per cent to Rs 15,600.9 crore and ancillary revenues climbed 18.9 per cent to Rs 1,719.4 crore on an annual basis.
At the end of March, the airline had a fleet of 367 planes, including 13 on damp lease.
The airline, which started flying nearly 18 years ago, has about 1,000 planes on order and those are to be delivered through 2035.
IndiGo’s domestic market share rose to 60.6 per cent in April, as per the latest official data.
As of March this year, the total cash balance stood at Rs 34,737.5 crore, including Rs 20,823 crore of free cash.
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