Interglobe Aviation Q4 Result 2024: Net Profit Zooms 106% to ₹1,895 crore, Revenue Up 26%

Synopsis

The company's revenue from operations grew by 25.9% year-over-year, reaching ₹17,825.27 crore from the previous year's ₹14,160.6 crore.

Result Performance

Interglobe Aviation, the operator of low-cost carrier IndiGo, announced a consolidated net profit of ₹1,894.82 crore for the quarter that ended on March 31, 2023 (Q4) of the fiscal year 2023-24 (FY24).

In the previous year, the largest budget airline based on market share had recorded a net profit of ₹919 crore, but in Q4FY22, it reported a loss of ₹1,680 crore. The company's revenue from operations saw a 25.9% year-over-year increase, rising from ₹14,160.6 crore to ₹17,825.27 crore.

IndiGo's profits surged by 111% in the October-December quarter, reaching ₹1,900 crore. This figure aligns with the average projection of five brokerages.

The carrier's EBITDAR (earnings before interest, tax, depreciation, amortization, and rent) witnessed a surge from ₹2,966.5 crore to ₹4,412.3 crore year-over-year, while its margin expanded from 20.9% to 24.8%.

IndiGo did not provide a breakup of its passenger ticket revenues and ancillary revenues in Q4FY24.

Last year, the airline generated passenger ticket revenue of ₹12,435 crore and ancillary revenue of ₹1,445 crore.  IndiGo's profitability metric, known as yields, increased by 7% year-over-year to ₹5.19 per kilometer. The carrier's load factor, representing the percentage of passenger carrying capacity utilized, improved by 2.1 percentage points to 86.3%.

High fuel costs negatively impacted the airline's operating performance, with revenue per available seat kilometer (RASK) at ₹5.14 and cost per ASK (CASK) at ₹4.62. In the corresponding period the previous year, RASK was ₹4.68 and CASK was ₹4.38, indicating a decline in efficiency.

The company's total debt rose 14.3% on-year to ₹51,280 crore in the March quarter, while total cash rose by 48.3% to ₹34,737.5 crore including free cash of ₹20,823 crore.

Indigo Management Commentary

“The strong execution of our strategy has yielded consistent results for us as we achieved the targets that we had set for ourselves as a team at the beginning of the year. My sincere gratitude to our 107 million customers for placing their trust in us and to all my IndiGo colleagues for their great work and relentless dedication," IndiGo CEO Pieter Elbers said.