IndiGo Q3 profit declines 75% to Rs 191 crore on high fuel prices, currency depreciation
The airline had a profit after tax of Rs 762 crore in the corresponding period of 2017-18. The carrier's total income rose over 28 per cent to Rs 8,229.4 crore in the three months ended December 2018.
PTI New Delhi Last Updated: January 23, 2019 | 18:02 IST
InterGlobe Aviation, parent of IndiGo, Wednesday reported a 75 per cent fall in profit after tax at Rs 190.9 crore in the December quarter as high fuel prices and currency depreciation adversely impacted the bottomline.
The airline had a profit after tax of Rs 762 crore in the corresponding period of 2017-18. According to a release, the carrier's total income rose over 28 per cent to Rs 8,229.4 crore in the three months ended December 2018.
In the year-ago period, the same stood at Rs 6,409 crore.
"Profitability was adversely impacted by high fuel prices and currency depreciation," the airline said in a presentation to analysts and institutional investors. IndiGo's co-founder and interim CEO Rahul Bhatia said the airline posted a profit of Rs 1.9 billion in a continued difficult environment and have grown its fleet by one aircraft a week for a 33 per cent capacity increase for the December quarter.
"Very few airlines around the world have the operational resilience to absorb such rapid growth and I want to thank all our employees for being up for this challenge. Just as importantly, we find that the markets we serve are responding very positively to this new capacity," he said. Shares of IndiGo settled at Rs 1,107.95 apiece, down 0.89 per cent on the BSE.