InterGlobe Aviation, the owner of India's biggest airline by market share IndiGo, on Wednesday, reported a third-quarter profit loss of 74.95 per cent.
InterGlobe Aviation, the owner of India’s biggest airline by market share IndiGo on Wednesday reported a third-quarter profit loss of 74.95 percent, dragged down by higher crude prices, rupee depreciation and fierce competition. The net profit was Rs 190.9 crore in the three months ended December, compared with Rs 762 crore a year earlier, the airline said in a regulatory filing.
“Looking at this last quarter, I would like to make the following points – We have posted a profit of INR 1.9 billion in a continued difficult environment and have grown our fleet by one aircraft a week for a 33% capacity increase for the quarter. Very few airlines around the world have the operational resilience to absorb such rapid growth and I want to thank all our employees for being up for this challenge,” Rahul Bhatia, interim CEO of IndiGo said.
InterGlobe Aviation also said in the statement that it had a strong balance sheet with total cash of Rs 14,136.1 crore, including free cash of Rs 4,618.3 crore. The airline reported a fleet of 208 aircraft in the quarter ended December.
The expenses of the airline increased 50.6 percent to Rs 8,038 crore over October to December, while its revenue per available seat kilometre fell 3 percent to Rs 3.70 in the third quarter. However, the passenger yields climbed 3.7 percent.