GURUGRAM- In the first quarter of the fiscal year 2023-24 (FY24), India’s largest carrier IndiGo (6E), owned by InterGlobe Aviation [NSE: INDIGO], surged into profitability, achieving an all-time high quarterly net profit of Rs 3,089.21 Crore.
This turnaround marked a significant contrast from the same period in the prior fiscal year (Q1FY23) when the low-cost airline had recorded a net loss of Rs 1,064.2 crore.
IndiGo Record 3091 Crore Profit
Notably, the sequential comparison also revealed remarkable growth, with the profit soaring by 236 percent compared to the Rs 919.8 crore profit recorded in the preceding March quarter of FY23 (Q4FY23).
Benefiting from elevated ticket prices and a subdued competitive landscape, IndiGo achieved net sales of Rs 16,683 crore in the first quarter, marking a significant year-on-year increase of 29.7 percent compared to the sales of Rs 12,855.3 crore recorded in Q1FY23.
Moreover, this performance indicated a substantial 17.8 percent growth over the sales figures of the previous quarter, ending in March.
“Through our exceptional operational performance and a substantial surge in quarterly passenger numbers, we have achieved our highest-ever quarterly revenue and net profit for the period ending in June 2023. Within this quarter, we secured a fresh order for 500 aircraft, expanding our existing order book to 1,000 aircraft and reinforcing our strategic stance for future expansion”.commented Pieter Elbers, CEO of IndiGo
IndiGo announced a record-breaking total quarterly revenue of Rs 17,160.9 crore. Underscoring robust operational excellence, effective strategy implementation, and favorable market dynamics.
Airbus Order Breakup
IndiGo Airbus deal stands as the largest single transaction ever recorded in the aviation industry. This feat was earlier achieved by another Indian carrier, Air India (AI), when it placed 470 aircraft orders.
According to Airbus’ June 2023 statistics, IndiGo Airlines have a firm order for 500 A320 family aircraft. This includes 125 Airbus A320neo and 375 A321neo. Subsequently, Airbus will finalize the split between A320neo and A321neo in the later stages.
Furthermore, the A321neo also includes A321LR and A321XLR. However, the exact breakup of this is yet to be revealed by Airbus and Indian airline.
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