On Monday, InterGlobe Aviation, the parent company of IndiGo airline, witnessed a surge in demand as it revealed a robust quarterly financial performance, buoyed by the consistent demand for air travel.
IndiGo shares climbed by as much as 1.39%, reaching ₹2,544.00 apiece in morning deals on the NSE.
Post market hours on Friday, InterGlobe Aviation reported a surprising net profit of Rs 189 crore for the July-September period, despite a 93.8 percent decrease on a quarter-on-quarter basis. This marked the company’s fourth consecutive profitable quarter.
For the quarter ended September 2023, IndiGo, India’s largest airline, recorded a profit of Rs 188.9 crore, a remarkable turnaround from the net loss of Rs 1,583.33 crore in the same period the previous year. The airline’s revenue from operations soared by 19.5 percent to Rs 14,943 crore, compared to the year-ago period when it reported a revenue of Rs 12,497 crore.
The significant revenue surge was driven by a sharp increase in domestic travel, a trend observed over the past three quarters. During the quarter ended September 2023, IndiGo carried 234.09 lakh passengers, commanding a market share of 60.7 percent.
In contrast, during the same period last year, IndiGo transported 175.16 lakh passengers, holding a market share of 58 percent. This growth demonstrates the robust demand for domestic travel in India, with IndiGo’s performance surpassing its pre-pandemic levels. During the same period in 2019, IndiGo had carried 167.93 lakh passengers, commanding a market share of 49 percent.
