IndiGo Q4FY24 net profit multiplies more than double YoY to Rs 18,948 million on strong demand

This is the sixth consecutive quarter IndiGo has remained profitable as strong demand helped tide over increase in fuel prices.

For the entire FY24, IndiGo reported a net profit of Rs 81,725 million, compared to net loss of Rs 3,058 million in the previous financial year.

The company attributed the growth during the quarter to “a range of initiatives and support from favourable external environment.”

For the quarter ended March 31, 2024, compared to the same period last year

• Capacity increased by 14.4% to 34.8 billion

• Passengers increased by 14.0% to 26.7 million

• Yield increased by 7.0% to Rs 5.19 and load factor improved by 2.1 pts to 86.3%

• Revenue from Operations increased by 25.9% to Rs 178,253 million

• Reduction in fuel CASK by 6.9% to Rs 1.72

• CASK ex fuel increased by 14.7% to Rs 2.90

• EBITDAR of Rs 44,123 million (24.8% EBITDAR margin), compared to EBITDAR of Rs 29,665 million (20.9% EBITDAR margin)

• Excluding foreign exchange loss, profit amounted to Rs 20,602 million compared to profit of Rs 6,664 million

For the year ended March 31, 2024, compared to year ended March 31, 2023

• Capacity increased by 21.8% to 139.3 billion

• Passengers increased by 24.7% to 106.7 million

• Yield decreased by 1.0% to Rs 5.08 and load factor improved by 3.8 pts to 85.9%

• Revenue from Operations increased by 26.6% to Rs 689,043 million

• Reduction in fuel CASK by 17.0% to Rs 1.72

• CASK ex fuel decreased by 3.6% to Rs 2.66

• EBITDAR of Rs 175,447 million (25.5% EBITDAR margin), compared to EBITDAR of

Rs 73,116 million (13.4% EBITDAR margin)

• Excluding foreign exchange loss, profit amounted to Rs 88,899 million compared to profit of Rs 26,540 million

• Basic earnings per share of Rs 211.84

IndiGo CEO Pieter Elbers said, “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%. 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. My sincere gratitude to our 107 million customers for placing their trust in us and to all my IndiGo colleagues for their great work and relentless dedication.

Here is a quick look at some other aspects of the company's performance:

Revenue and cost comparisons

Total income for the quarter ended March 2024 was Rs 185,051 million, an increase of 26.7% over the same period last year. For the quarter, our passenger ticket revenues were INR 156,009 million, an increase of 25.5% and ancillary revenues were INR 17,194 million, an increase of 18.9% compared to the same period last year.

Total expenses for the quarter ended March 2024 were INR 167,341 million, an increase of 22.3% over the same quarter last year.

Cash and debt

As of 31st March 2024

• IndiGo had a total cash balance of Rs 347,375 million comprising Rs 208,230 million of free cash and Rs 139,145 million of restricted cash.

• The capitalized operating lease liability was Rs 434,886 million. The total debt (including the capitalized operating lease liability) was Rs 512,800 million.

Network and fleet

• As of 31st March 2024, fleet of 367 aircraft including 31 A320 CEOs, 192 A320 NEOs, 94

A321 NEOs, 45 ATRs, 3 A321 freighters and 2 B777 (damp lease); a net increase of 9 passenger aircraft during the quarter.

• IndiGo operated at a peak of 2,021 daily flights during the quarter including non-scheduled flights.

• During the quarter, provided scheduled services to 88 domestic destinations and 30 international destinations.

Operational Performance

For the period January-March’24

• IndiGo had a Technical Dispatch Reliability of 99.91%.

• IndiGo had an on-time performance of 71.4% at four key metros and flight cancellation rate of 2.06%.

Future Capacity Growth

• First quarter of fiscal year 2025 capacity in terms of ASKs is expected to increase by 10-12% as compared to the first quarter of fiscal year 2024.