InterGlobe Aviation Ltd, the operator of India’s largest airline IndiGo, reported a 106% year-on-year rise in net profit at ₹1,894.8 crore for the January-March quarter of FY2023-24 against ₹919.2 crore profit in the year-ago period, driven by strong financial performance and favorable external environment.

The budget airline's full-year profit zoomed to ₹8,172.5 crore in FY24 compared to a net loss of ₹305.8 in FY23.

For the quarter ended March 31, 2024, compared to the same period last year, the company’s revenue surged 25.9% to ₹17,825.3 crore, with an EBITDAR of ₹4,412.3 crore and margin of 24.8%, up from EBITDAR of ₹2,966.5 crore (20.9% margin) in the year-ago period.

IndiGo’s capacity increased 14.4% to 34.8 billion, while passengers increased 14.0% to 26.7 million. Yield increased by 7.0% to ₹5.19 and load factor improved by 2.1 pts to 86.3%.

For the year ended March 31, 2024, compared to the year ended March 31, 2023, IndiGo’s revenue surged 26.6% to ₹68,904.3 crore. EBITDAR was ₹17,544.7 crore with a 25.5% margin compared to EBITDAR of ₹7,311.6 crore (13.4% margin).

The basic earnings per share came in at ₹211.84. The capacity for FY24 surged 21.8% to 139.3 billion and passengers increased 24.7% to 106.7 million. Yield dipped 1.0% to ₹5.08 and load factor improved 3.8 pts to 85.9%.

On Q4 and FY24 financial results, CEO Pieter Elbers says for the full financial year 2024, IndiGo reported its highest ever total income of around ₹71,200, with around ₹8,200 crore profit and a profit margin of 11.9%.

“The 4th quarter financial results were positive, making it all four quarters in FY24 profitable. The strong execution of our strategy has yielded consistent results for us.”

In terms of cash and debt as of March 31, 2024, IndiGo had a total cash balance of ₹34,737.5 crore comprising ₹20,823 crore of free cash and ₹13,914.5 crore of restricted cash.

The company’s total debt stood at ₹51,280 crore. As of March 31, 2024, its fleet of 367 aircraft included 31 A320 CEOs, 192 A320 NEOs, 94 A321 NEOs, 45 ATRs, 3 A321 freighters, and 2 B777 (damp lease); up 9 aircraft during Q4 FY24. During the quarter, IndiGo provided scheduled services to 88 domestic destinations and 30 international destinations.

IndiGo to launch 'business class'

The budget airline IndiGo has said for the first time, it will now offer "business class" services on the busiest and business routes from the 2024-end.

"Considering India’s soaring economy and the evolving aspirations of Indian society, it’s time for IndiGo to redefine premium travel in India, increasing the availability of this service for the nation," the company says in a statement.

CEO Pieter Elbers says as India gears up to become the third largest economy in the world, it aims to provide New India more options to choose from as they travel business. "We are excited with this new phase and tailor-made product in IndiGo’s evolution and strategy."

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