Thursday, Apr 25, 2024 | Last Update : 02:21 PM IST
97 per cent dip in net for Indigo operator
The budget carrier had posted a net profit of Rs 811.10 crore in the same quarter last year.
Mumbai: InterGlobe Aviation, which runs IndiGo, on Monday reported a steep 96.6 per cent fall in net profit to Rs 27.8 crore in June quarter, owing to adverse impact of foreign exchange, high fuel prices, lower yields and higher maintenance cost.
The budget carrier had posted a net profit of Rs 811.10 crore in the same quarter last year.
However, sales from operations rose 13.2 per cent to Rs 651.20 crore in the quarter, compared with Rs 575.29 crore in the year-ago period.
For the quarter, the passenger ticket revenues stood at Rs 576.94 crore, an increase of 13.6 per cent over the year-ago period, and ancillary revenues rose 16 per cent to Rs 68.27 crore.
“The profit during the quarter was primarily impacted by rupee depreciation, increase in fuel prices, continuous pressure on yields and increase in maintenance cost,” said Rahul Bhatia, co-founder and interim CEO, IndiGo.
However, Mr Bhatia said he is unhappy with the frequent issues with P&W engines, which power the airline’s Airbus A320 Neo fleet, and hoped for an early resolution.
Since the induction of A320 neos, IndiGo has intermittently been facing engine issues and has been forced to ground these aircraft on several occasions.
