GURUGRAM- Today, IndiGo Airlines (6E) parent company InterGlobe Aviation reported a strong profit of around 1900 crore INR for the fourth quarter (Q4) of 2023.
This is the sixth consecutive profitable quarter for the Gurugram-based carrier. In Q4 of 2022, the airline reported a loss of 1,680 crore INR.
IndiGo Reports $1 Billion Profit
The airline reported an annual profit of ₹8,172.5 crore for FY2023-24, compared to a loss of ₹306 crore in the previous fiscal year.
On Thursday, the airline’s stock closed at ₹4,414.9 on the BSE, up 1.3%, while the broader market increased by 1.6%.
The airline faced financial difficulties in the first two-quarters of FY23 due to rising fuel costs and currency volatility. However, it has since benefited from a robust post-pandemic recovery in domestic air travel within the world’s third-largest aviation market.
IndiGo has also capitalized on the struggles of its grounded competitor, Go First, which filed for bankruptcy last year. Despite this, it faces competition from new entrants like Akasa Air (QP) and the Tata Group, which has taken over Air India (AI) and is merging it with Vistara (UK).
During the quarter, IndiGo carried 23.6 million passengers, capturing a market share of 60.3 percent. This is an increase from last year when it carried 20.9 million passengers with a market share of 55.7 percent.
The airline’s fleet grew to 367 aircraft by the end of the quarter, up from 358 in the previous quarter. IndiGo operated up to 2,021 daily flights during this period, including non-scheduled flights.
Introducing Business Class on Busiest Routes
IndiGo also said that it will introduce a business class on its busiest routes this year. Details about the product offering, launch date, and specific routes will be revealed around the airline’s 18th anniversary in August.
“In a groundbreaking move to redefine business travel in India, IndiGo, the nation’s most preferred airline, plans to launch a tailor-made business product for India’s busiest business routes,” the airline said in a release.
“As India gears up to become the third largest economy in the world, it’s our privilege to provide New India with even more travel options. We are excited about this new phase and tailor-made product in IndiGo’s evolution and strategy. We aim to further empower the nation by connecting people and their aspirations,” the statement added.
CEO Pieter Elbers Insights
IndiGo CEO Pieter Elbers in his LinkedIn post wrote,
“Zabardast Saal! / An amazing year!
Today, we reported another very strong quarter (Q4) and our Full Year 2024 (Apr23-Mar24) results with the highest ever annual total income of 712 billion rupees (+27%) and profit of 82 billion rupees (almost $1 billion) resulting in a 12% margin.
A year filled with many milestones and highlights on customers, people, fleet, and network. The execution of our strategy ‘Towards new heights and across new frontiers’ over the past 6 quarters, is yielding results.
A big thank you to our 107 million customers (+25%) for placing their trust in us and to all my IndiGo colleagues for their great work and relentless dedication.
In addition to our earnings, we also communicated a big next step in the IndiGo journey. In a groundbreaking move to redefine business travel in India, we announced the launch of a tailor-made business service on the busiest and business routes of the country. IndiGo’s path has been unprecedented, and it will continue to be!”
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