InterGlobe Aviation announced a remarkable financial performance in the three months ended June, benefiting from strong operational results and favorable market conditions. The parent company of India’s largest airline achieved a record profit after tax of ₹3,090.6 crore in the first quarter of the current fiscal year, along with its highest-ever quarterly total income of ₹17,160.9 crore.
During the same quarter in the previous year (June 2022), the airline had faced a loss of ₹1,064.3 crore, but in the latest June quarter, they proudly reported a record profit of ₹3,090.6 crore. This achievement was attributed to the airline’s robust execution of its strategy and a positive market environment.
IndiGo CEO Pieter Elbers expressed satisfaction with the operational performance and highlighted the significant increase in the number of quarterly passengers, which contributed to the highest-ever quarterly revenue and net profit in June 2023.
Furthermore, the company’s fuel costs dropped by 12.7 per cent to ₹5,228.1 crore in the June 2023 quarter, and total expenses slightly decreased to ₹14,070.1 crore.
Looking ahead, the release stated that the second quarter of fiscal year 2024 is expected to witness around a 25 per cent increase in capacity in terms of available seat kilometers (ASKs) compared to the same period in 2023.
As of June 2023, IndiGo operated a fleet of 316 planes, including 166 A320 neos, 87 A321 neos, and two planes on wet lease.
The company’s strong financial position is evident from its total cash balance of ₹27,400 crore, comprising ₹15,691.1 crore of free cash and ₹11,709 crore of restricted cash.
Despite this positive financial news, shares of the company closed almost flat at ₹2,565.75 apiece on the BSE.
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