InterGlobe Aviation Ltd., the parent company of IndiGo, reported profit for the third straight quarter due to strong demand for air travel in the April-June period.
The operator of India's largest airline's net profit of Rs 3,090.6 crore in the first quarter compares with a net loss of Rs 1,064.3 crore over the same period last year, according to an exchange filing on Wednesday. A consensus estimate of analysts tracked by Bloomberg projected the net profit at Rs 1,719 crore.
Both overall revenue and net profit were the highest ever for the company in a quarter, helped by strong operational performance and a favourable market.
Profit for the quarter includes foreign exchange gains of Rs 116 crore. Excluding these gains, the net profit stood at Rs 2,974.5 crore.
InterGlobe Q1 FY24 Highlights (Consolidated, YoY)
Revenue rose 30% to Rs 16,683 crore, against a forecast of Rs 15,622 crore.
Ebitda grew 679% to Rs 5,169.5 crore vs. Rs 663.9 crore.
Ebitda margin at 31% vs. 5%
The airline carried 30% more passengers, at 2.62 crore, during the quarter as compared with the previous year.
"I am pleased to report a solid start to the year, building on the positive momentum from the last two quarters," Chief Executive Officer Pieter Elbers said. "We produced strong operational performance and welcomed the highest number of quarterly passengers, which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023."
IndiGo's yield, a measure of profitability per seat, fell 1.2% year-on-year to Rs 5.18 per km.
Shares of InterGlobe Aviation closed 0.2% higher at Rs 2,574.9 apiece before the results were announced, as against an over 1% decline in the benchmark NSE Nifty 50.
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