InterGlobe Aviation, operator of IndiGo, India’s biggest airline, posted a net profit of ₹2,736 crore for the quarter ended June 2024, down 11.5% from ₹3,090.6 crore in the June quarter last year. The fall in profit was due to higher fuel costs, even as revenue rose significantly.
IndiGo’s revenue from operations rose by 17.3% to ₹20,249 crore from ₹16,683.1 crore in the same quarter last year. This surge was fueled mainly by strong domestic travel demand, rebounding for the second consecutive quarter in a row.
While the market expectations were pegged at a net profit of ₹ 2,430.2 cr on revenues of ₹ 17,851.2 cr, sequentially IndiGo had reported a net profit of ₹ 1,894.8 crore on sales of ₹ 17,825.3 crore in Q4 FY24.
IndiGo carried 245.33 lakh domestic passengers during the quarter to corner a market share of 61 per cent, which was at 234.09 lakh passengers with a 60.7 per cent market share in Q1FY24.
CEO Pieter Elbers thanked the customers and employees of the airline and added, “I would like to express my deepest gratitude to our 28 million customers this quarter for their continued loyalty and trust in choosing IndiGo for their travels. A few days from now, we will celebrate our 18th anniversary during which we roll out our recently announced new initiatives to address the evolving market developments and our customer’s feedback. I would also like to thank all my 6E colleagues for their continued dedication, professionalism, and commitment to serving our customers.” What’s interesting is the continuation of market leadership and operational performance of IndiGo while the going gets really tough with fluctuating fuel prices and an evolving travel landscape.
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Source: MoneyControl
News Desk
