IndiGo Q3 results: Profit more than doubles to Rs 2,998 crore

IndiGo operator Interglobe Aviation Ltd on Friday reported a 110.68 per cent growth in third-quarter profit on the back of strong air travel demand. The company reported a standalone profit of Rs 2,998 crore for the quarter ended December 31, compared to Rs 1,423 crore in the year-ago period.

During the quarter under review, revenue from operations increased by 30.26 per cent to Rs 19,452 crore from Rs 14,933 crore in the same period last fiscal. "For Q3 FY24, we reported a profit after tax of Rs 3,000 crore with a profit after tax margin of 15.4 per cent. With these five consecutive quarters of profit we continue to recover from the losses of Covid and have now become net worth positive again," said IndiGo CEO Pieter Elbers.

For the quarter, the airline's passenger ticket revenues were Rs 17,157 crore, an increase of 30.3 per cent and ancillary revenues were Rs 1,760 crore, an increase of 23.8 per cent compared to the same period last year.

Total expenses for the quarter ended December 2023 were Rs 17,063.7 crore, an increase of 22 per cent over the same quarter last year.

As of December 31, 2023, IndiGo said it had a total cash balance of Rs 32,428 crore comprising Rs 19,199.6 crore of free cash and Rs 13,228.5 crore of restricted cash.

The capitalised operating lease liability was at Rs 44,556.5 crore. The total debt (including the capitalized operating lease liability) was Rs 51,187.5 crore.

Separately, IndiGo said Sanjay Gupta has resigned as the company secretary and chief compliance officer (CCO). He will be taking up a different role within the organisation. And, Neerja Sharma has been appointed as the company secretary and CCO.

The Q3 results were declared post-market hours today. Shares of IndiGo rose 1.94 per cent to settle at Rs 3,127 today.

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