IndiGo soars to record in FY24; Unveils premium business class for top routes

Business Friday 24/May/2024 08:17 AM
IndiGo soars to record in FY24; Unveils premium business class for top routes

New Delhi: InterGlobe Aviation Ltd, the parent company of IndiGo, on Thursday announced profit of Rs 8,172 crore for the fiscal year 2024.

The airline also reported a net profit of Rs 1,894 crore for the fourth quarter, marking its sixth consecutive quarter of profitability.

For the quarter ended March 2024, IndiGo reported a net profit of Rs 18,948 million, more than doubling its previous year's profit of Rs 9,192 million for the same quarter.

The annual net profit for FY24 stood at Rs 81,725 million, an increase compared to the previous fiscal year, underscoring the airline's robust financial health and operational efficiency.

In conjunction with the financial announcement, IndiGo revealed plans to introduce a bespoke business class product tailored for India's busiest and most business-centric routes.

This move aims to redefine business travel in India, reflecting the country's booming economy and the rising aspirations of its society.

Pieter Elbers, CEO of IndiGo, shared his enthusiasm about this new initiative, stating, "As India's most preferred airline, we are constantly innovating our service offerings for our millions of customers. Over the past 18 years, the growth stories of India and IndiGo have been closely intertwined."

Elbers added, "As India prepares to become the third largest economy in the world, we are privileged to offer the New India even more options for business travel. We are excited about this new phase in IndiGo's evolution and strategy, and we aim to further give wings to the nation by connecting people and aspirations."

The new business class product, designed to cater to the needs of premium travellers, will be available on routes that see the highest volume of business traffic.

This service is expected to be operational before the end of this year, with more details to be unveiled around August, coinciding with IndiGo's anniversary.

This initiative is set to provide an attractive option for many who are looking to experience business class travel for the first time, making premium air travel more accessible to a broader segment of the population.

The business class announcement follows a period of growth for IndiGo, driven by a range of strategic initiatives and supported by a favorable external environment.