InterGlobe Aviation, the owner of India's largest airline by market share, said on Monday its net profit for the March quarter rose more than 400 per cent in the year-ago period as IndiGo flew more passengers and clocked higher yields.
But, on an annual basis, the profit for 2018-19 plunged 93 per cent. However, it forecast a strong year ahead. IndiGo and other low-cost airlines like SpiceJet have gained passengers in recent weeks after the grounding of Jet Airways.
IndiGo reported profit after tax of Rs 589.6 crore during January to March quarter, up 401.2 per cent from Rs 117.6 crore a year ago. But in the full financial year 2018-19, profit after tax totalled Rs 156.1 crore, down 93 per cent from Rs 2,242.4 crore in the previous fiscal.
Revenue during the period grew nearly 36 per cent to Rs 7,883 crore from Rs 5,799 crore in the same period. Fuel costs rose to Rs 2,781 crore from Rs 2,337.7 crore. IndiGo said its total debt at the end of the March 2019 quarter stood at Rs 2,429.2 crore.
For the fiscal year 2018-19, IndiGo reported a profit of Rs 156 crore, down 93 per cent from Rs 2,242 crore in 2017-18. The airline's revenue stood at Rs 28,497 crore during FY 19, up 22.8 per cent from Rs 23,021 crore in FY 18.
"Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment. However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," said Chief Executive Officer Ronojoy Dutta.
"Looking ahead, it is difficult not to be bullish about the future. We see plenty of opportunities for profitable growth in our network and with a robust delivery stream of new aircraft, we are well positioned to capitalize on this growth," he said in a statement.
The airline's fleet size stood at 217 aircraft -- including 130 Airbus A320 CEOs, 71 A320 Neos, 1 A321 Neo and 15 ATR.
Interglobe said it expected a 30 per cent rise in available seat kilometres in the fiscal 2020, a measure of the airline's passenger carrying capacity.
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