Amid ongoing tussle between two promoter groups - Rahul Bhatia and Rakesh Gangwal, InterGlobe Aviation, the parent company that operates IndiGo, reported sharp rise in its top and bottom line growth during the first quarter earnings for fiscal year 2019-20 (Q1FY20).
"The low-cost carrier's profit after tax (PAT) zoomed 43 times to Rs 1,203.10 crore during Q1FY20 compared with Rs 27.80 crore in the same quarter last year," InterGlobe Aviation said in a filing to the Bombay Stock Exchange.
The company claimed that this was the highest-ever profit reported by the airline.
Revenue from operations surged 44.7 per cent to Rs 9,420.10 crore as against Rs 6,512 crore in the corresponding quarter, driven by a 30.3 per cent increase in capacity compared with the year-ago period.
During April-June period, revenue from passenger ticket jumped 46.4 per cent year-on-year to Rs 8,445.10 crore, while ancillary revenue increased 32.2 per cent y-o-y to Rs 902.60 crore.
Commenting on Q1 earnings, IndiGo CEO Ronojoy Dutta said, "Strong passenger revenue along with a sharp improvement in cargo performance were key drivers to this improved profitability. We are particularly pleased with this quarter because it demonstrated our ability to grow rapidly while expanding our margin performance," he added.
Total expenses for the quarter were Rs 8,277.50 crore, an increase of 22 per cent, over the same quarter last year. Cost per available seat-kilometer (CASK) excluding fuel was Rs 2.11, a decrease of 2.8 per cent over the same quarter last year.
"Excluding the impact of foreign exchange, our CASK excluding fuel increased by 2.6 per cent for the quarter," the company said.
As of June 30, 2019, lndiGo had a total cash balance of Rs 17,337.10 crore, which includes Rs 7,696.80 crore of free cash and Rs 9640.20 crore of restricted cash.
The InterGlobe Aviation had fleet of 235 aircraft, including 129 A320ceos, 83 A320neos, 5 A32Ineo and 18ATRs as of June 30, 2019; a net increase of 18 aircraft during the quarter.
Ahead of Q1, InterGlobe Aviation shares closed 0.32 per cent higher at Rs 1,463.35 apiece on the Bombay Stock Exchange. The company announced the first quarter earnings post market hours on Friday.
Edited by Chitranjan Kumar