IndiGo reports highest-ever profit of Rs 3,091 cr in Q1FY24, revenue up 30%

IndiGo Q1FY24 results: Sequentially, the profit jumped 236 per cent from Rs 919.8 crore profit

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Nikita Vashisht New Delhi

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IndiGo Q1FY24 results: InterGlobe Aviation-owned IndiGo was back in the black in the April-June quarter (Q1) of financial year 2023-24 (FY24) as it clocked highest-ever quarterly net profit of Rs 3,090.6 crore during the period. 
In the corresponding period of the previous fiscal (Q1FY23), the low-cost airline had reported net loss of Rs 1,064.2 crore.

Sequentially, the profit jumped 236 per cent from Rs 919.8 crore profit seen in the March quarter of FY23 (Q4FY23).
Riding on the back of high ticket prices and weak competition, IndiGo clocked net sales of Rs 16,683 crore, up 29.7 per cent on year, from sales of Rs 12,855.3 crore seen in Q1FY23. 
This was a 17.8 per cent rise over the March quarter.
IndiGo reported its highest-ever quarterly total revenue of Rs 17,160.9 crore, reflecting strong operational performance, execution of strategy, and favorable market conditions.
" 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. During this quarter, we placed a new order for 500 aircraft that takes our outstanding order book to 1,000 aircraft and further strengthens our position for future growth," said Pieter Elbers, CEO, IndiGo.
The bottomline beat Street estimate which had pegged PAT of Rs  1,958.8 crore. The topline, too, beat Street expectations of Rs 16,743 crore revenue.

For the quarter, passenger ticket revenues were Rs 14,995.6 crore, an increase of 30.8 per cent and ancillary revenues were Rs 1,548.4 crore, an increase of 20.4 per cent compared to the same period last year.

Total expenses , however, stayed flat at Rs 14,070.1 crore. 
Operationally, the airline's Ebitdar came in at Rs 5,210.9 crore as against Rs 716.9 crore reported last year, up 626.8 pe cent YoY. Ebitdar margin came in at 31.2 per cent as against 5.6 per cent YoY.

"In Q1FY24, ASK stood at 32.7 billion. Second quarter of fiscal year 2024 capacity in terms of ASKs is expected to increase by around 25 per crnt as compared to the second quarter of fiscal year 2023," the company said.

IndiGo had a total cash balance of Rs 27,400 crore, comprising Rs 15,691.1 crore of free cash and Rs 11,709 crore of restricted cash.

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The capitalized operating lease liability was Rs 43,086.2 crore. The total debt (including the capitalized operating lease liability) was Rs 46,291.9 crore.
At the bourses, shares of IndiGo closed 3.7 per cent higher at Rs 2,666 apiece as against 1 per cent slide in the benchmark S&P BSE Sensex.  

First Published: Aug 02 2023 | 4:24 PM IST

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