Q1 Results: IndiGo Posts Profit Of INR 3,090 Crore The net revenue from operations rose to INR1,668.3 crore, up 29.7 per cent on year, compared with 12,855 crore in the year-ago period
By Shrabona Ghosh •
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InterGlobe Aviation Limited (IndiGo) reported a net profit of INR 3,090 crore for the quarter ended June 2023 on the back of strong operational performance, execution of strategy and favorable market conditions. The low cost airline had reported a net loss of INR 1,064.2 crore in the corresponding period of the previous year (Q1FY23), it said in a regulatory filing.
"I am pleased to report a solid start to the year building on the positive momentum from the last two quarters. We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023. During this quarter, we placed a new order for 500 aircraft that takes our outstanding order book to c.1,000 aircraft and further strengthens our position for future growth," said Pieter Elbers, CEO, IndiGo.
The net revenue from operations rose to INR1,668.3 crore, up 29.7 per cent on year, compared with 12,855 crore in the year-ago period. For the quarter, the company said its passenger ticket revenues stood at INR 1668.31 crore increased by 29.8 percent YoY and ancillary revenues at INR 47.78 crore nearly tripled when compared to the same period last year.
As of 30th June 2023, the fleet size stands at 316 aircraft, a net increase of 12 passenger aircraft during the quarter. IndiGo operated at a peak of 1,873 daily flights during the quarter including non-scheduled flights. In the Paris Air Show, IndiGo, defining its long-term future, placed a firm order for 500 Airbus A320 Family aircraft. This will provide IndiGo a further steady stream of deliveries between 2030 and 2035. This 500 aircraft order is not only IndiGo's largest order, but also the largest-ever single aircraft purchase by any airline with Airbus. The engine selection for this order will be done in due course and so will be the exact mix of A320 and A321 aircraft.
IndiGo remains India's largest airline, crossing another milestone, the market valuation of InterGlobe Aviation, the parent of IndiGo, reached INR 1 lakh crore mark in the last week of June. It is the first Indian airline to achieve this breakthrough. Recently, it has also announced plans to expand international connectivity with six new destinations and 174 new weekly flights. On June 26th, IndiGo announced Nairobi, the capital of Kenya, as the 27th international and 105th overall destination in the 6E network. The airline opened bookings for daily non-stop flights between Mumbai and Nairobi, Kenya's largest city starting August 5, 2023.
