New Delhi: Driven by strong demand for air travel, airline market leader IndiGo Thursday reported a profit of Rs 1,895 crore for January-March 2024 quarter — more than double from Rs 919.2 crore in the corresponding period last fiscal.
In a significant move, the low-cost carrier also announced plans to introduce ‘tailor-made’ business class on select routes by the end of the current year.
For the full year 2023-24, the airline has posted a profit of Rs 8,172.5 crore against a loss of Rs 306 crore in the previous fiscal. While for the quarter under review the company’s revenues grew 26.7 percent to Rs 18,505 crore, the revenues stood at Rs 71,231 crore on an annual basis, up 27.5 percent.
“FY24 has been a year of many remarkable achievements and milestones. For the full financial year 2024, we reported our highest ever total income of around 712 billion rupees with a net profit of around 82 billion rupees and a net profit margin of 11.9 percent,” IndiGo CEO Pieter Elbers said.
“The 4th quarter financial results were positive, making it all four quarters in FY24 profitable. The strong execution of our strategy has yielded consistent results for us as we achieved the targets that we had set for ourselves as a team at the beginning of the year,” he added.
The company’s scrip closed at Rs 4,400.55 per share on the BSE, up 0.94 percent from the previous close. The results were announced post market hours.
In a statement, IndiGo also announced plans to launch a tailor-made business product for “the nation’s busiest and business routes”. Since Indigo is a low-cost carrier, it currently only offers the option to travel in economy class.
“Almost 18 years back, IndiGo revolutionised air travel in India by focusing on 3 customer promises of affordable fares, on-time performance, and hassle-free and courteous service. Today — almost 18 years and all grown up — it’s time to take the next step in the evolution of IndiGo,” it said.
The Gurugram-headquartered airline added that considering India’s soaring economy and the evolving aspirations of the society, it sees now as the correct time to “redefine premium travel” in India and create a desired option for many who are “aiming to travel business, perhaps for the first time in their lives”.
“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,” Elbers added
While the company did not share more details, it said the service will be available before the end of this year and more details will be announced this August.
At the end of FY2024, IndiGo’s total cash balance stood at Rs 34,737 crore, and the total debt was Rs 51,280 crore. Further, it has a fleet of 367 aircraft including 31 A320 CEOs, 192 A320 NEOs, 94 A321 NEOs, 45 ATRs, 3 A321 freighters and 2 B777s (damp lease; i.e., lessor offering only a partial crew along with the aircraft).
(Edited by Tony Rai)
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