IndiGo looking at GE engines for its planes; expects 20 ATRs planes by January 2019

Key Highlights

• IndiGo’s 14 AGM was held on August 28.
• The airline expects to garner 20 ATR planes by January 2019.
• IndiGo’s share price was trading flat on BSE Sensex intraday.

InterGlobe Aviation Ltd held its 14th annual general meeting (AGM) on Monday at 10:30 am. The company’s president Aditya Ghosh at the AGM said IndiGo expects to receive 20 ATR planes by January 2019.

However share price of the company was trading just 2.30 points or 0.19% up at Rs 1189.55 per share on BSE Sensex at 1134 hours.

Intraday the company’s share price fell 0.11% or 1.25 points to trade at Rs 1186 per share.

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IndiGo has already placed orders for a staggering 430 planes with Airbus.
 
The AGM was held to consider and adopt the audited financial statements of the company for the financial year ended March 31, 2017 and also to declare the final dividend of Rs 34 per equity share for the financial year ended March 31, 2017.

The company will also be looking at GE engines for later orders, Ghosh said. Its plane purchases from profit will likely reduce DIV, Ghosh added.

Ghosh said he is confident that the airline chose the right engine for A320 NEOs.

Recently the company rubbished reports that the airline was cancelling up to 85 flights a day due to engine issues. Although it did state the Pratt and Whitney engines on its new aircraft wear out sooner than they should and the company was working to resolve those issues.

“Pratt and Whitney is working to resolve these design issues on their Worldwide fleet of engines and we believe, that the final design changes will be implemented over the next twelve to eighteen months,” IndiGo said.