InterGlobe Aviation skids 11% on weak June quarter results

The stock dipped 11% to Rs 891, also its 52-week low on the BSE after the company reported a 96% year on year (yoy) decline in net profit at Rs 278 million in June 2018 quarter.

InterGlobe Aviation (owner of airline IndiGo) has dipped 11% to Rs 891, also its 52-week low on the BSE in early morning trade, after the company reported a 96% year on year (yoy) decline in net profit at Rs 278 million in June 2018 (Q1FY19) quarter. The analysts on an average had expected a profit of Rs 5 billion.

The profitability was majorly impacted by the adverse impact of foreign exchange, high fuel prices and the competitive fare environment.

Total income grew 14.5% yoy at Rs 68.18 billion against Rs 59.55 billion in the corresponding quarter of previous