IndiGo operator InterGlobe Aviation Ltd today reported a net profit of ₹188.9 crore for the July-September quarter of 2023-24 as compared to a net loss of ₹1,583.3 crore in the same quarter during the previous year.
In Q2 FY24, which is considered the seasonally weakest quarter, IndiGo’s profit excluding foreign exchange loss was ₹806 crore. “Including a foreign exchange loss of ₹6,171 million (₹617.1 crore), net profit for the quarter aggregated to ₹1,889 million (₹188.9 crore) as compared to the net loss of ₹15,833 million (₹1,583.3 crore) in the same quarter last year,” IndiGo says via a stock exchange filing.
The company’s total revenue for the quarter ended September 2023 stood at ₹15,502.9 crore, an increase of 20.6% over the same period last year. Its passenger ticket revenue was ₹13,069 crore, an increase of 17.6% and ancillary revenue surged 20.05% to ₹1,551 crore.
Total expenses for the quarter ended September 2023 were INR 153,138 million, an increase of 6.1% over the same quarter last year. Of this, fuel cost stood at ₹5,856 crore, down 6.4% from ₹6,257.9 crore in the year-ago period.
Gurgaon-based aviation company saw its capacity increase by 27.7% in the said quarter, while the number of travellers surged 33.4% to 26.3 million. Yield declined by 12.4% to ₹4.44 and load factor improved by 4.1 points to 83.3%, while reduction in fuel CASK by 26.7% to INR 1.66.
The company's EBITDAR was at ₹2,446.4 crore, while its EBITDAR margin was 16.4%, compared to EBITDAR of ₹229.2 million and 1.8% EBITDAR margin.
IndiGo CEO Pieter Elbers says the company had yet another profitable quarter despite the “seasonal fluctuations and external headwinds”. “We continued to augment our network both domestically and internationally as we added 10 new destinations in the past few months, taking the total number of destinations to 115 as of today.”
IndiGo had a total cash balance of ₹30,665.8 crore comprising ₹18,082.7 crore of free cash and ₹12,583.1 crore of restricted cash. The capitalised operating lease liability was ₹45,523 crore, while the total debt, including the capitalised operating lease liability, was ₹49,391.7 crore.
In terms of fleet, as of September 30, 2023, IndiGo had a fleet of 334 aircraft, including 20 A320 CEOs, 176 A320 NEOs, 93 A321 NEOs, 41 ATRs, 2 A321 freighter and 2 B777 (damp lease), a net increase of 18 passenger aircraft during the quarter.
IndiGo operated at a peak of 1,958 daily flights during the quarter, including non-scheduled flights.
In operational performance, the recorded technical dispatch reliability of 99.89%, while it saw an on-time performance of 86.5% at four key metros and a flight cancellation rate of 0.64%
In its guidance for future capacity growth, IndiGo says the third quarter of the fiscal year 2024 capacity in terms of (available seat kilometers) ASKs is expected to increase by around 25% as compared to the third quarter of the fiscal year 2023.
Amid the development, IndiGo shares closed up 0.76% or 19 points at ₹2,508.45 on the BSE.
