Gurgaon, February 2, 2024: InterGlobe Aviation Ltd, the parent company of India's largest airline IndiGo reported a net profit of Rs 29,981 million for the quarter that ended December 2023, compared to Rs 1,418 crore in the year-ago period.
This marks more than two-fold growth in third-quarter profit driven by air travel demand and higher fares in a seasonally strong period.
Key highlights of the Q3 FY 2024 report include:
Profitability: Excluding foreign exchange losses, the airline achieved a profit of Rs 30,491 million, a significant increase compared to the profit of Rs 20,091 million in the same period last year. The net profit for Q3 FY 2024 amounted to Rs 29,981 million, showcasing a notable growth from Rs 14,226 million in the corresponding quarter of the previous fiscal year.
“Profitable results over the last 5 consecutive quarters is an outcome of focused execution of strategy and robust demand,” IndiGo said.
Capacity Surge: The airline reported a substantial increase in capacity, marking a growth of 26.8% compared to the corresponding quarter in the previous year.
Passenger Uptake: InterGlobe Aviation witnessed a significant rise in the number of passengers, with a 23.4% increase, reaching 27.5 million.
Yield and Load Factor: The yield experienced a positive growth of 2.0%, amounting to Rs 5.48, and the load factor showed improvement by 0.7 points, reaching 85.8%.
Revenue Boost: Revenue from Operations witnessed a notable surge, soaring by 30.3% to Rs 194,521 million.
Cost Efficiency: The airline achieved cost efficiencies, with a 6.7% reduction in fuel Cost per Available Seat Kilometer (CASK), reaching Rs 1.88. Additionally, CASK excluding fuel decreased by 4.2%, reaching Rs 2.64.
EBITDAR Performance: InterGlobe Aviation reported an EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) of Rs 54,751 million, reflecting a robust 28.1% EBITDAR margin. This compares favorably to the Q3 FY 2023 EBITDAR of Rs 33,990 million with a margin of 22.8%.
Total income for the quarter ended December 2023 was Rs 200,623 million, an increase of 30.2% over the same period last year. For the quarter, our passenger ticket revenues were Rs 171,572 million, an increase of 30.3% and ancillary revenues.
CEO Pieter Elbers said, “For the third quarter of financial year 2024, we reported a profit after tax of 30 billion rupees with a profit after tax margin of 15.4%. With these 5 consecutive quarters of profit, we continue to recover from the losses of Covid and have now become net worth positive again.
Elbers attributed the performance to customers’ confidence and its staff. “We served 100 million plus passengers in a calendar year and joined the select club of global carriers operating at this scale.”
In 2023, the airline started operating 2,000 plus daily flights to 118 destinations.
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