IndiGo share price jumps over 5% in morning trade to Rs 3,300 against its previous close of Rs 3,145 after the company’s 5th consecutive quarter of posting profit. The stock has hit its all-time high today, delivering returns of over 55% in the last one year.
Brokerages continue to remain upbeat on the country’s top domestic airline – IndiGo (Interglobe Aviation) after the company posted its fifth consecutive quarter of profit. Top brokerages like JPMorgan. UBS and Morgan Stanley have raised their target price on the stock significantly higher from the Friday’s closing price of Rs 3,145 after the company’s Q3 earnings. Morgan Stanley has revised its target price for IndiGo to Rs 4,145, implying a 31% upside on the stock. UBS and JPMorgan have also raised their target price for IndiGo to Rs 3,900 and Rs 3,470 respectively.
IndiGo’s Q3 net profit surged 111% on a YoY basis at Rs 2,998 crore against a net profit of Rs 1,423 crore posted in the same period last year. The company’s revenue from operations also jumped 30% to Rs 19,452 crore against Rs 14,933 crore in Q3FY23.
