IndiGo's median salary increase drops to 4.42% in 2023-24: Annual reports

The median salary at IndiGo increased by 4.42 per cent year-on-year (Y-o-Y) in 2023-24. This was lower than the 10.5 per cent Y-o-Y jump recorded in 2022-23, according to the airline's annual reports.

Airline sources stated that the growth was higher in 2022-23 because the airline was normalising the remuneration of employees who had suffered salary cuts during the peak of the COVID-19 pandemic. They added that the median salary increase in 2023-24 at 4.42 per cent was closer to aviation industry standards. IndiGo did not respond to Business Standard's questions on this matter.

In 2023-24, IndiGo carried 106.7 million passengers, marking 24.7 per cent Y-o-Y growth. Consequently, its annual consolidated net profit reached a record Rs 8,157 crore in 2023-24, a significant turnaround from a consolidated net loss of Rs 2,980 crore in 2022-23.

 

The airline's recent annual report also mentioned that the number of permanent employees increased by 13.7 per cent Y-o-Y to 36,860 in 2023-24. In 2022-23, the number of permanent employees saw a remarkable 23.9 per cent Y-o-Y jump to 32,407.

IndiGo's salary and employee strength over the years

Financial year	Median remuneration increase (in %)	Number of permanent employees by the end of financial year	Increase in permanent employees (in %)
2017-18	-7%	18060	NA
2018-19	3.89%	23531	30.3%
2019-20	5.60%	27812	18.2%
2020-21	-4.72%	23711	-14.7%
2021-22	-0.50%	26164	10.3%
2022-23	10.50%	32407	23.9%
2023-24	4.42%	36860	13.7%

Source: IndiGo annual reports