Indigo reports best ever fourth quarter net profits

Business Friday 19/May/2023 10:57 AM
Indigo reports best ever fourth quarter net profits

New Delhi: IndiGo continued on the path of profitability as it reported its best-ever fourth-quarter net profit of Rs 9,192 million for the quarter ended March 2023, a 155 per cent jump year-on-year.

Excluding foreign exchange gain of Rs 2,528 million, the net profit for the quarter aggregated to Rs 6,664 million. For the year ended March 2023, IndiGo reported a profit of INR 26,540 million, excluding foreign exchange impact. Including foreign exchange impact, IndiGo reported a net loss of INR 3,058 million for the year.

"The profits of the third and the fourth quarters largely compensated for the losses incurred in the first and the second quarters," Indigo said.

Revenue from Operations increased by 76.5 per cent to Rs 141,606 million in the March quarter and increased by 110 per cent to Rs 544,465 million in 2022-23.

Coming to passengers number, it increased by 60.5 per cent to 23.4 million during the March quarter. For the entire year, passenger numbers increased by 71.9 per cent to 85.6 million.

"With a combination of robust market demand and focused execution of our strategy, this was the second consecutive quarter wherein we produced strong operational and financial results, as we reported the highest ever fourth-quarter net profit of 9,192 million rupees," Pieter Elbers, CEO, Indigo said.

"The companywide initiatives undertaken based on the three strategic pillars of Reassure, Create and Develop enabled us to end the year on a strong note with record revenues. I would like to thank the 86 million customers for choosing to fly with us in the financial year ended March 2023 and the 6E employees for their immense hard work and dedication."

IndiGo is amongst the fastest-growing low-cost carriers. It had a fleet of 304 aircraft and provided scheduled services to 78 domestic and 22 international destinations as of March 2023.