India's IndiGo says Q3 profit soars eleven-fold as air travel takes off
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Loading... - Disha Agarwal
- 03 Feb 2023
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InterGlobe Aviation Ltd INGL.NS, the operator of India's top airline IndiGo, on Friday reported an eleven-fold jump in quarterly profit, led by a pick up in demand for air travel.
The airline has been contending with surging fuel costs and currency volatility that hit profit for the past three quarters.
However, a sharp recovery in demand for air travel to near pre-COVID levels in the domestic and international markets more than offset the fuel expenses.
IndiGo projects capacity in available seat per kilometre this quarter to expand to 45% from a year earlier.
Yields, a metric for profitability, rose 21.9% to 5.38 rupees per kilometre from a year earlier, while the carrier's load factor, or the passenger carrying capacity being utilized, improved 5.4 percentage points to 85.1%.
"Third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel," Chief Executive Officer Pieter Elbers said in a statement.
The company's profit came in at 14.18 billion rupees ($173.22 million) in the quarter that ended Dec. 31, from 1.28 billion rupees a year earlier.
Revenue from operations surged about 61% to 149.33 billion rupees. Read More…
