IndiGo Q1 Results: Airline back-to-black, reports net profit at ₹3,090 crore, revenue up 30% YoY

InterGlobe Aviation Limited (Indigo) on Wednesday announced the results for the June quarter and said that it reported a net profit of ₹3,090 crore for Q1 of financial year 2023-24, and is its highest-ever quarterly net profit.

The low cost airline had reported net loss of ₹1,064.2 crore in the corresponding period of the previous year (Q1FY23), it said in a regulatory filing. 

Apart from this, the firm said that the profit jumped 236 per cent from ₹919.8 crore profit compared to Q4FY23.

The net revenue from operations too surged, due to the high ticket prices and weak competition, to ₹1,668.3 crore, up 29.7 per cent on year, from sales of ₹1285.53 crore seen in the corresponding period of the previous year (Q1FY23). The total revenue in Q1FY24 was reported at ₹1,176.09 crore, up 31.8 percent, from ₹1301.88 crore seen in Q1FY23.

Total expenses for the quarter ended June 2023 were ₹140,7.01 crore, a decrease of 0.1% over the same quarter last year, the firm said, adding EBITDA of ₹521.09 crore (31.2% EBITDAR margin) was reported during the period, compared to EBITDA of ₹71.69  crore (5.6% EBITDAR margin) in Q1FY23.

Pieter Elbers, CEO, said, “I am pleased to report a solid start to the year building on the positive momentum from the last two quarters. We produced strong operational performance and welcomed the highest number of quarterly passengers which enabled us to generate the highest ever quarterly revenue and net profit for the quarter ended June 2023. During this quarter, we placed a new order for 500 aircraft that takes our outstanding order book to c.1,000 aircraft and further strengthens our position for future growth.”

"My deepest gratitude to all our loyal customers and dedicated 6E stars for the progress we have made towards our (new) growth strategy - towards new heights and across new frontiers,” he added.

InterGlobe Aviation Limited shares traded 0.18% lower at ₹2565.75 apiece on the BSE on Wednesday.