InterGlobe Aviation Ltd.'s net profit more than doubled in the third quarter beating analysts' estimates, aided by the strong demand for travel during the festive season.
The operator of India's largest airline, IndiGo, reported a 19% rise in the consolidated net profit to Rs 2,998 crore, according to an exchange filing on Friday. A consensus estimate of analysts tracked by Bloomberg projected a profit of Rs 2,519 crore.
The low-cost carrier incurred a foreign exchange loss of Rs 51 crore in the quarter. Excluding these losses, the net profit aggregated to Rs 3,049 crore in the period. In the corresponding period last year, the airline incurred a foreign exchange loss of over Rs 586 crore.
InterGlobe Aviation Q3 FY24 Earnings Highlights (YoY)
Revenue rose 30% to Rs 19,452 crore (Bloomberg estimate: Rs 18,266 crore).
Ebitda grew 40% to Rs 5,200 crore.
Ebitdar margin at 28% versus 25%.
The airline carried 2.75 crore passengers in the December quarter, a jump of 23% over the same period last fiscal. IndiGo's carrying capacity improved by nearly 27% in the period.
IndiGo's yield, a measure of profitability per seat, rose 2% to Rs 5.48 per km.
Shares of IndiGo's parent company closed 1.94% higher at Rs 3,127 apiece on the BSE before the results were announced, as compared with a 0.61% advance in the benchmark Sensex.
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