IndiGo net profit falls 24%; to buy 50 new planes

Interglobe Aviation parent company of IndiGo on Tuesday announced its financial results for the quarter ending March 31 that recorded a fall in standalone net profit by 24.5%.

The net profit fell to Rs 440.3 crore year-on-year in comparison to Rs 583.7 crore in the same period last year.

The company said that its consolidated profit for the year ending March 31 was at Rs 1659.1 crore.

Fuel costs for the quarter ended March 31 was up 71% from the previous quarter at Rs 1750.5 crore while full year ended March 31,2017 was at Rs 6341.5 crore.

Quarter-on-quarter profit of the company fell 9% from Rs 487.2 crore in the third quarter.

However, the company’s net income for the period increased 20% YoY to Rs 5141.9 crore from Rs 4275.8 crore during the same period last year.

Consolidated net income for the year ending March 31 garnered a net income of Rs 19369.5 crore.

The company recorded higher expenditure of Rs 4523.036 crore as compare to Rs 3458.2 crore in Q4 FY16.

The company recorded an EBITDAR of Rs 1449.106 crore and an EBITDAR margin of 29.9% for the quarter ended March 2017.

In its announcement of Q4 results the Indian carrier said that it has signed a $1.3 billion deal for the purchase of 50 (Avions de Transport Regional (ATR) 72-600 turboprops Regional Aircraft to boost its regional footprint.

The deal included flexibility to reduce deliveries under certain conditions, the company said and the planes will enter service from end of 2017.

The order coincides with launch of Indian government’s Regional Connectivity Scheme - UDAN, to build 100 new airports in next 3 years.