IndiGo Q1 results: Airline beats analysts' estimates with record net profit of Rs 3,090.6 crore

InterGlobe Aviation — which owns and operates the IndiGo airline — on Wednesday reported a consolidated net profit of Rs 3,090.6 crore for the quarter ended June, as against a net loss of Rs 1,064.3 crore for the corresponding period a year ago. The company said the net profit was its highest ever, reflecting its strong operational performance, execution of strategy and favourable market conditions.

Its revenue for the first quarter of the current financial year came in at Rs 16,683.1 crore as against Rs 12,855.3 crore for the year-ago period, according to a regulatory filing. 

The airline operator's profit as well as revenue beat analysts' estimates. According to Zee Business research, IndiGo's quarterly net profit was estimated at Rs 1,320 crore and revenue at Rs 15,200 crore.  

“I am pleased to report a solid start to the year building on the positive momentum from the last two quarters. 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," said Pieter Elbers, CEO, IndiGo. 

"My deepest gratitude to all our loyal customers and dedicated 6E stars for the progress we have made towards our (new) growth strategy - towards new heights and across new frontiers," he said. 

IndiGo's passenger ticket revenue increased 30.8 per cent to Rs 14,995.6 crore for the three-month period, according to a statement.   

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The company said its capacity increased by 18.8 per cent to 32.7 billion and the number of passengers grew 30.1 per cent to 26.2 million in the June quarter. IndiGo said it operated at a peak of 1,873 daily flights during the quarter including non-scheduled flights.

Its fuel cost decreased 12.7 per cent to Rs 5,228.1 crore for the three-month period. 

As of June 30, the airline had a fleet of 316 aircraft, comprising 20 A320 CEOs, 166 A320 NEOs, 87 A321 NEOs, 39 ATRs, two A321 freighters and two B777 (damp lease), the airline said.

IndiGo shares finished 0.2 per cent lower at Rs 2,565.8 apiece on BSE amid a market-wide sell-off ahead of the earnings announcement. 

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