Interglobe Aviation Ltd, the parent company of low-cost airline IndiGo, reported a 12% drop in net profit for the first quarter ending June 30, 2024. The company’s net profit fell to ₹2,729 crore from ₹3,091 crore in the same period last year.
Despite the profit decline, revenue from operations increased by 17% to ₹19,571 crore, up from ₹16,683 crore in the previous year. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 4% to ₹5,160 crore, though the EBITDA margin decreased to 26.4% from 29.8% last year.
IndiGo’s cash reserves were robust, with a total cash balance of ₹36,100.6 crore. This includes ₹22,087.6 crore in free cash and ₹14,013 crore in restricted cash. The company’s total debt, including capitalised operating lease liabilities, stood at ₹52,526.4 crore.
The airline saw an 11.5% increase in EBITDAR, reaching ₹5,811 crore compared to ₹5,211 crore last year. Available Seat Kilometers (ASK) grew by 11% to 36.3 billion, although the yield decreased slightly by 1.3% to ₹5.24.
Following the announcement, Interglobe Aviation’s shares rose by 1.00% to close at ₹4,474.85 on the Bombay Stock Exchange.
