 "IndiGo posts profit in Q3, appoints co-founder Rahul Bhatia as MD")
Airline major InterGlobe Aviation, which operates IndiGo flights, on Friday reported standalone net profit of Rs 130 crore for the quarter ending December 31, 2021 due to a rebound in travel demand during the holiday season, though fuel costs surged. It reported net loss of Rs 620 crore in the year-ago period.
Revenue from operations rose 90% to Rs 9,295 crore as against Rs 4,910 crore in Q3FY21.
The company announced the appointment of its co-founder Rahul Bhatia as the company's Managing Director with immediate effect.
"The Board of Directors have unanimously approved the appointment of Rahul Bhatia, currently a Non-Executive Director, as the Managing Director of the Company effective 4 February 2022," said InterGlobe Aviation in a stock exchange filing.
Bhatia said his agenda would be transformational and would focus on expanding the airline's presence in India and in international markets and building for the long term.
IndiGo Chairman Meleveetil Damodaran said the move will further strengthen the airline in the years ahead. Bhatia would oversee all aspects of the airline, and actively lead the management team, he added.
The company said its fuel cost in Q3FY22 was at Rs 3,269 crore, up 64% on a sequential basis and a 184% jump on an annual basis.
Total debt as of Q3-end was at Rs 35,153 crore, up 27% on an annual basis, said the company, which expects Q4FY22 capacity to reduce by around 10%-15% as against Q3FY22.
"I am pleased that we were able to report a profit for the third quarter. It demonstrates that our business model is fundamentally strong.
"Our employees have remained a pillar of strength throughout this health crisis and have steadfastly provided superior service to our customers," IndiGo CEO Ronojoy Dutta said in a statement.
On Friday, the company's scrip on BSE closed 1.5% higher at Rs 1,969.
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