The airline had registered a net loss of ₹1,681.8 crore in the year-earlier period.
| Photo Credit: Velankanni Raj B
India’s biggest carrier by market share IndiGo on Friday reported a net profit of ₹919 crore for the fourth quarter ended March.
The airline had registered a net loss of ₹1,681.8 crore in the year-earlier period.
For the fiscal year 2023, the airline reported a profit of ₹2,654 crore, excluding foreign exchange impact. Including foreign exchange impact, IndiGo reported a net loss of ₹305 crore for the year.
Financial year 2023 was a year of recovery and growth as demand continued to remain robust, said IndiGo’s CEO Pieter Elbers during the post-earnings call. He said the year was marked by two distinct double quarters as the first six months witnessed high costs due to rise in fuel prices and depreciating rupee, and the next six months saw external factors stabilising allowing the airline to see its best quarters.
Charting out the vision for the airline, Mr. Elbers said that the airline aimed to “double in size and scale by the end of the decade. In other words what we achieved in 16 years, will be achieved in half that time period.”
Mr Elbers said the aircraft impacted due to delays in the delivery of engines by Pratt and Whitney were in “high 30s” and that the number had remained stable. But he sought to downplay the impact and said this was a small number of planes out of the total 300 in the airline’s fleet, and the airline had taken mitigating measures such as extension of lease for its older aircraft and getting two Boeing 777 from Turkish Airlines on damp lease.
The PW engine issue has forced Go First to seek voluntary insolvency. The CEO also declined to comment when he was asked whether the airline was interested in some of Go First’s planes becoming available given that lessors have terminated leases over pending dues.
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