 "IndiGo Q4 results: Net profit zooms 106% to Rs 1,895 crore, revenue up 26%")
IndiGo operator Interglobe Aviation on Thursday reported a consolidated net profit of Rs 1,894.82 crore for the quarter ending on March 31 (Q4) in the financial year 2023-24 (FY24). Net profit of the low-cost airline zoomed 106 per cent compared to Rs 919.20 crore reported in the year-ago period. Sequentially, however, profit dropped 36.8 per cent from Rs 2,998.12 crore.
The company reported a 25.9 per cent year-on-year (Y-o-Y) growth in revenue from operations at Rs 17,825.27 crore, from Rs 14,160.6 crore. Sequentially, revenue dropped 8.4 per cent from Rs 19,452.148 in Q3.
For the entire financial year, the airlines reported a 22.3 per cent drop in net profit at Rs 1,894.82 crore Y-o-Y from Rs 2,998.12 crore.
IndiGo to unveil business class in select routes
Indigo, which holds around 60 per cent of the domestic aviation market share, announced that it will use business class in its busiest routes this year. Details of this are expected to be unveiled in August, coinciding with the airlines’ 18th anniversary.
"In a groundbreaking move to redefine business travel in India, IndiGo, India's most preferred airline, announces the plan to launch a tailor-made business product for India's busiest and business routes," the airline said in an exchange filing.
IndiGo CEO Pieter Elbers said, "We believe, as India gears up to become the third largest economy in the world, it's our privilege to provide New India even more options to choose from as they travel business. We are excited with this new phase and tailor-made product in IndiGo's evolution and strategy and aim to further give wings to the nation, by connecting people and aspirations."
Shares of Indigo closed trading at Rs 4,414.90 ahead of the company's quarter earnings report.