Interglobe Aviation Q3 profit rises 24 percent

MUMBAI (Reuters) - Interglobe Aviation Ltd, which operates India's largest airline IndiGo, reported a 23.7 percent increase in net profit for the third quarter on higher passenger traffic and lower oil prices.

The company, which made its market debut in November, said net profit was 6.57 billion Indian rupees ($97 million) for its fiscal third quarter to Dec. 31, compared with 5.31 billion rupees a year earlier.

Revenue for the quarter rose 11.9 percent from a year earlier to 44.07 billion rupees as passengers grew 27.6 percent.

The company, which raised 30.1 billion rupees in India's biggest initial public offering (IPO) in three years, has outperformed rivals Jet Airways and SpiceJet Ltd by keeping costs low.

 

Interglobe shares have gained 56.6 percent from its IPO price of 765 rupees.

($1 = 67.8631 Indian rupees)

(Reporting by Himank Sharma; editing by Susan Thomas)