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IndiGo swings back into profit, net soars 1,000%
Business Standard
|February 04, 2023
Record ₹1,422-cr quarterly profit comes on the back of best ever revenue
InterGlobe Aviation, which operates the country's largest airline IndiGo, swung to a record 1,422 crore net profit in Q3FY23, after three consecutive loss-making quarters. For the same period last year, the airline posted a net profit of ₹129 crore.
The airline's best quarterly profit came on the back of 60.7 per cent year-on-year (YoY) growth in revenue from operations, which stood at ₹14,933 crore, driven by high passenger loads and strong yield.
Bloomberg consensus estimates put the airline's adjusted revenue and adjusted net profit at ₹14,198 crore and ₹1,274 crore, respectively.
IndiGo's passenger load factor rose to 85.1 per cent (up from 79.7 per cent) and the yield rose nearly 22 per cent to 25.38 on a YoY basis. While the yield is likely to have softened in the fourth quarter due to seasonality, it continues to be higher than that during the pre-Covid period.
This story is from the February 04, 2023 edition of Business Standard.
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