New Delhi: The country's largest airline IndiGo on Thursday reported doubling of its net profit to Rs 1,894.8 crore for the three months ending March 2024 and announced the introduction of business class on select routes this year.
The strong performance in the latest March quarter, which also marks two consecutive quarters of profitability, was driven by higher traffic, increased capacity and a favorable external environment.
According to the release, for the year ending March 2024, the airline reported the highest annual net profit of Rs 8,172.5 crore, while record total income stood at Rs 18,505.1 crore.
After flying for nearly 18 years, the airline will introduce business class on select routes this year as it looks to provide more choice for passengers amid rising economic growth.
The airline will launch a "tailor-made business product", details of which will be unveiled around August, which will also be the airline's 18th anniversary.The latest announcement also comes less than a month after the profitable carrier said it would buy 30 wide-body aircraft.
In the first quarter of the current financial year, the airline estimates capacity to grow by 10-12 per cent in ASK terms compared to year-on-year.
Available seat kilometers (ASK) is an indicator of capacity.
IndiGo's parent company InterGlobe Aviation reported a profit after tax of Rs 1,894.8 crore in the fourth quarter of 2023-24, compared to Rs 919.2 crore in the same period a year ago, a release said.
Total income grew by nearly 27 per cent to Rs 18,505.1 crore in the three months ending March 2024.It was Rs 14,600.1 crore in the year-ago period.
In the latest quarter under review, fuel costs increased by 6.5 percent, while total expenses increased by 22.3 percent.
For the full year 2023-24, profit after tax reached Rs 8,172.5 crore, against a loss of Rs 305.8 crore in 2022-23.
"Yields rose 7 per cent to Rs 5.19 and load factor rose 2.1 points to 86.3 per cent," it said.
According to the airline, it delivered another quarter of strong financial performance led by several initiatives and supported by a favorable external environment.“FY24 has been a year of many notable achievements and milestones. For the full financial year 2024, we have recorded our highest ever total income of approximately R 712 billion with a net profit of approximately Rs 82 billion and a net profit margin of 11.9%. IndiGo CEO Peter Elbers said, “The fourth quarter financial results were positive, making all four quarters profitable in FY 2024.”
He also said that the company's strong execution of its strategy has delivered consistent results.
IndiGo said its passenger ticket revenue for the March quarter rose 25.5 per cent to Rs 15,600.9 crore, and ancillary revenue rose 18.9 per cent year-on-year to Rs 1,719.4 crore.“Our current pending order book of slightly less than 1,000 aircraft to be delivered by 2035 provides us with long-term visibility into the next decade. The airline will receive at least one new aircraft every week.
“It says a lot about India that, perhaps, this is the last frontier of such high-level aviation development and IndiGo is ready to play a role in it,” Albers said during a conference call to discuss the results.
During the conference call, IndiGo Chief Financial Officer Gaurav M Negi said the number of aircraft on the ground is in the mid-70s, and as more wet lease aircraft are brought in, the situation will further reduce.
The planes have been grounded due to Pratt & Whitney (P&W) engines.At the end of March, the airline had a fleet of 367 aircraft, with 13 leased.
The airline, which started flying about 18 years ago, has an order for around 1,000 aircraft and they are to be delivered by 2035.
According to the latest official data, IndiGo's domestic market share increased to 60.6 percent in April.
Total cash balance as of March this year stood at Rs 34,737.5 crore, including free cash of Rs 20,823 crore.
The strong performance in the latest March quarter, which also marks two consecutive quarters of profitability, was driven by higher traffic, increased capacity and a favorable external environment.
According to the release, for the year ending March 2024, the airline reported the highest annual net profit of Rs 8,172.5 crore, while record total income stood at Rs 18,505.1 crore.
After flying for nearly 18 years, the airline will introduce business class on select routes this year as it looks to provide more choice for passengers amid rising economic growth.
The airline will launch a "tailor-made business product", details of which will be unveiled around August, which will also be the airline's 18th anniversary.The latest announcement also comes less than a month after the profitable carrier said it would buy 30 wide-body aircraft.
In the first quarter of the current financial year, the airline estimates capacity to grow by 10-12 per cent in ASK terms compared to year-on-year.
Available seat kilometers (ASK) is an indicator of capacity.
IndiGo's parent company InterGlobe Aviation reported a profit after tax of Rs 1,894.8 crore in the fourth quarter of 2023-24, compared to Rs 919.2 crore in the same period a year ago, a release said.
Total income grew by nearly 27 per cent to Rs 18,505.1 crore in the three months ending March 2024.It was Rs 14,600.1 crore in the year-ago period.
In the latest quarter under review, fuel costs increased by 6.5 percent, while total expenses increased by 22.3 percent.
For the full year 2023-24, profit after tax reached Rs 8,172.5 crore, against a loss of Rs 305.8 crore in 2022-23.
"Yields rose 7 per cent to Rs 5.19 and load factor rose 2.1 points to 86.3 per cent," it said.
According to the airline, it delivered another quarter of strong financial performance led by several initiatives and supported by a favorable external environment.“FY24 has been a year of many notable achievements and milestones. For the full financial year 2024, we have recorded our highest ever total income of approximately R 712 billion with a net profit of approximately Rs 82 billion and a net profit margin of 11.9%. IndiGo CEO Peter Elbers said, “The fourth quarter financial results were positive, making all four quarters profitable in FY 2024.”
He also said that the company's strong execution of its strategy has delivered consistent results.
IndiGo said its passenger ticket revenue for the March quarter rose 25.5 per cent to Rs 15,600.9 crore, and ancillary revenue rose 18.9 per cent year-on-year to Rs 1,719.4 crore.“Our current pending order book of slightly less than 1,000 aircraft to be delivered by 2035 provides us with long-term visibility into the next decade. The airline will receive at least one new aircraft every week.
“It says a lot about India that, perhaps, this is the last frontier of such high-level aviation development and IndiGo is ready to play a role in it,” Albers said during a conference call to discuss the results.
During the conference call, IndiGo Chief Financial Officer Gaurav M Negi said the number of aircraft on the ground is in the mid-70s, and as more wet lease aircraft are brought in, the situation will further reduce.
The planes have been grounded due to Pratt & Whitney (P&W) engines.At the end of March, the airline had a fleet of 367 aircraft, with 13 leased.
The airline, which started flying about 18 years ago, has an order for around 1,000 aircraft and they are to be delivered by 2035.
According to the latest official data, IndiGo's domestic market share increased to 60.6 percent in April.
Total cash balance as of March this year stood at Rs 34,737.5 crore, including free cash of Rs 20,823 crore.
