Domestic carrier IndiGo on May 2 announced that a one-time bonus of 1.5 times the monthly salary will be given to its employees with the salary of May 2024. The amount will be disbursed as an ex-gratia payment.
In a statement, the airline mentioned that it started recovering losses incurred during the Covid-19 pandemic in the second half of 2022. Since then, IndiGo has “demonstrated a solid and strong performance.”
This announcement comes after IndiGo swung back to profit in its Q3FY24 results, reporting a surge of 110 percent in its third-quarter profit owing to strong air travel demand. The company reported a standalone profit of Rs 2,998 crore for the quarter ended December 31, compared to Rs 1,423 crore in the year-ago period.
“For Q3 FY24, we reported a profit after tax of Rs 3,000 crore with a profit after tax margin of 15.4 per cent. With these five consecutive quarters of profit, we continue to recover from the losses of Covid and have now become net worth positive again,” IndiGo CEO Pieter Elbers had said earlier.
Elbers added, “From here, we can start further building our future, and obviously, the recent momentous wide-body fleet announcement is a further testament to both our belief and commitment towards the future of IndiGo.”
The one-time bonus announcement is a recognition of the airline’s employees’ efforts, which have contributed to IndiGo’s strong financial performance and its continued recovery from the pandemic-induced losses.
