IndiGo, the preeminent air carrier of the nation, proclaimed its fifth uninterrupted profitable period, disclosing a notable surge in its post-tax earnings to Rs 2,998.1 crore during the December quarter (Q3) of 2023. Nevertheless, notwithstanding this financial prosperity, over 70 aircraft of the carrier persist inactive due to ongoing Pratt & Whitney (P&W) engine complications.

InterGlobe Aviation, the progenitor enterprise of IndiGo, witnessed a striking upsurge in its post-tax profits in the third quarter of the fiscal cycle, skyrocketing from Rs 1,422.6 crore in the prior year to an impressive Rs 3,049.1 crore in the most recent quarter, excluding foreign exchange setbacks. The aggregate revenue of the company in Q3 of the present fiscal surged to Rs 20,062.3 crore, manifesting a substantial escalation from Rs 15,410.2 crore in the corresponding timeframe of the antecedent year.

Chief Executive Officer Pieter Elbers conveyed his contentment, articulating, “For the third fiscal quarter of 2024, we documented a post-tax profit of 30 billion rupees with a post-tax profit margin of 15.4 per cent. With these five successive quarters of profitability, we persist in recuperating from the adversities of Covid and have now attained a net worth affirmative status.”

Throughout an earnings discourse, IndiGo’s Chief Financial Officer Gaurav M Negi conceded that nearly 70 aircraft are currently idled owing to sundry issues, albeit there has been a slight amelioration from prior approximations. He expressed optimism regarding the scenario enhancing in the forthcoming quarters.

As of December 2023, IndiGo’s fleet encompassed 358 aircraft, comprising a blend of A320 ceos, A320 neos, A321 neos, ATRs, A321 freighters, and B777s.

Negi addressed apprehensions concerning the grounded aircraft, particularly those equipped with P&W engines, asserting that alleviating measures are in situ, encompassing endeavours to work on supplementary engines and optimize the air carrier’s network to cater to burgeoning demand amidst constraints in the supply chain.

During the December quarter, IndiGo’s ticket revenues from passengers surged by 30.3 per cent, reaching Rs 171,572 million, while additional revenues experienced a 23.8 per cent augmentation to Rs 17,600 million compared to the analogous period in the preceding year. The airline also underwent a capacity augmentation of 26.8 per cent and transported 23.4 per cent more passengers, totalling 27.5 million. Looking ahead, the air carrier foresees a capacity expansion of 12 per cent in the fourth quarter.

At the culmination of December 2023, IndiGo boasted a total cash reserve of Rs 32,428 crore, encompassing Rs 19,199.6 crore of disposable cash and Rs 13,228.5 crore of restricted cash.

Elbers pondered upon the milestones accomplished in 2023, accentuating the airline’s feat of serving over 100 million passengers and broadening its operations to 118 destinations with more than 2,000 daily flights.