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Home business Highest ever quarterly profit in Q1 by IndiGo

Highest ever quarterly profit in Q1 by IndiGo

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InterGlobe Aviation on Friday reported its highest-ever quarterly profit at `1,203 crore in the April-June quarter – a surge of 42 times compared to Q1FY19 – due to higher passenger revenues aided by complete grounding of Jet Airways.

Revenue rose 45% to Rs 9,420 crore. Revenue per available seat kilometer rose 10.7% to Rs 4.10 while yield per kilometer rose 13% to Rs 4.08. Cost per available seat kilometer reduced by 6.3%.

Full-service carrier Jet terminated all operations on April 17 due to financial crisis, leading to 15% y-o-y fall in overall domestic capacities. According to the analysts, average domestic fares went up 25-30% y-o-y during Q1FY20.IndiGo added several new flights linking cities like Delhi, Mumbai, Bengaluru and Guwahati as it got around 150 slots at domestic airports which were earlier operated by Jet. It also added 84 weekly international flights to Bangkok, Dubai, Doha, Dhaka and Kuwait.

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IndiGo’s capacities, measured in terms of available seat kilometres, grew 30.3% y-o-y during Q1FY20.

The budget carrier beat street expectations by clocking higher passenger revenues; the analysts tracked by Bloomberg had estimated `754 crore net profit for the budget carrier during the quarter.

As of June end, IndiGo had cash reserves of Rs 17,337 crore. As a result of an accounting standard change which makes it capitalize its operating leases, IndiGo's debt increased almost eightfold to Rs 18,430 crore. In the PnL account, this reflected in a decline in rental expenses and an increase in finance and depreciation costs.

The As of June end, IndiGo had cash reserves of Rs 17,337 crore. As a result of an accounting standard change which makes it capitalize its operating leases, IndiGo's debt increased almost eightfold to Rs 18,430 crore. In the PnL account, this reflected in a decline in rental expenses and an increase in finance and depreciation costs.

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