IndiGo Reports INR 29,981 Million Net Profit in Q3 2023, Marks 5 Consecutive Profitable Quarters
IndiGo reported a net profit of INR 29,981 million for the quarter ended December 2023.
Gurgaon, February 2, 2024: InterGlobe Aviation Ltd. (“IndiGo”) today reported its third quarter fiscal year 2024 results
For the quarter ended December 31, 2023, compared to the same period last year
- Capacity increased by 26.8%
- Passengers increased by 23.4% to 27.5 million
- Yield increased by 2.0% to INR 5.48 and load factor improved by 0.7 points to 85.8%
- Revenue from Operations increased by 30.3% to INR 194,521 million
- Reduction in fuel CASK by 6.7% to INR 1.88
- CASK ex fuel decreased by 4.2% to INR 2.64
- EBITDAR of INR 54,751 million (28.1% EBITDAR margin), compared to EBITDAR of INR 33,990 million (22.8% EBITDAR margin)
- Excluding foreign exchange loss, profit amounted to INR 30,491 million compared to profit of INR 20,091 million
- Net profit of INR 29,981 million, compared to net profit of INR 14,226 million
The Company’s CEO, Mr. Pieter Elbers said, “For the third quarter of financial year 2024, we reported a profit after tax of 30 billion rupees with a profit after tax margin of 15.4%. With these 5 consecutive quarters of profit we continue to recover from the losses of Covid and have now become net worth positive again.
This series of profitable growth is attributable to the confidence shown by passengers who chose to fly with us. We are grateful for our customers’ confidence and our thousands of employees who continue to put their best foot forward each day to serve them.
The year 2023 was marked by numerous milestones. We served 100 million plus passengers in a calendar year and joined the select club of global carriers operating at this scale. We started operating 2,000 plus daily flights to 118 destinations. Each achievement is a testament to our focused strategy, loyalty of our customers and dedication of 6E employees.”
Revenue and Cost Comparisons
Total income for the quarter ended December 2023 was INR 200,623 million, an increase of 30.2% over the same period last year. For the quarter, our passenger ticket revenues were INR 171,572 million, an increase of 30.3% and ancillary revenues were INR 17,600 million, an increase of 23.8% compared to the same period last year.
Total expenses for the quarter ended December 2023 were INR 170,637 million, an increase of 22.0% over the same quarter last year.
Cash and Debt As of 31st December 2023
IndiGo had a total cash balance of INR 324,280 million comprising INR 191,996 million of free cash and INR 132,285 million of restricted cash.
The capitalized operating lease liability was INR 445,565 million. The total debt (including the capitalized operating lease liability) was INR 511,875 million.
Network and Fleet
As of 31st December 2023, fleet of 358 aircraft including 31 A320 CEOs (11 damp lease), 184 A320 NEOs, 94 A321 NEOs, 44 ATRs, 3 A321 freighters and 2 B777 (damp lease); a net increase of 23 passenger aircraft and 1 freighter during the quarter.
IndiGo operated at a peak of 2,016 daily flights during the quarter including non-scheduled flights.
During the quarter, provided scheduled services to 86 domestic destinations and 29 international destinations.
Operational Performance
For the period October - December’23
IndiGo had a Technical Dispatch Reliability of 99.91%
IndiGo had an on-time performance of 78% at four key metros and flight cancellation rate of 0.94%
Future Capacity Growth
Fourth quarter of fiscal year 2024 capacity in terms of ASKs is expected to increase by around 12% as compared to the fourth quarter of fiscal year 2023.
Awards and Accolades
IndiGo was awarded with the ‘World’s youngest aircraft fleet 2024’ in 100+ aircraft category by Ch- Aviation
IndiGo was recognized amongst the ‘Top 25 Safest Workplaces in India’ by KelpHR PoSH Awards 2023
IndiGo was awarded the prestigious 'Asia Environmental Sustainability Airline of the Year’ by the Centre for Asia Pacific Aviation (CAPA)
IndiGo won Eight Awards at the “Chief Learning Officer (CLO) Awards 2023” organized by Tata Institute of Social Sciences
IndiGo was awarded ‘Airline of the Year (Indian)’ at the 4th annual South-East Air Cargo Conclave and Awards 2023
IndiGo won the ‘Gold’ award at ‘Afaqs Brand Storyz Awards 2023’ for the social media content series – “License to fly”
Conference Call
The Company will conduct a live audio earnings call today, February 02 at 5 pm IST which will be available to the public on a listen only mode followed by Q&A session. The dial-in details are given below:
About IndiGo
IndiGo is amongst the fastest growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, and a courteous, hassle-free travel experience. It had a fleet of 358 aircraft as of 31st December 2023.
Disclaimer
This document may contain some statements on the Company’s business or financials which may be construed as forward-looking. The actual results may be materially different from these forward-looking statements.