India’s leading carrier IndiGo has reported around eleven-fold growth in its net profit to INR 1,422 crore against INR 129.8 crore for the same period last year. The growth can be attributed to the return of air travel following the removal of pre-pandemic restrictions and surging passenger demand. During the quarter, the airline carried 22.3 million passengers, an increase of 25.8% compared to last year.
Pieter Elbers, CEO, IndiGo, said that the carrier’s third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel and that a wide range of initiatives set in motion across the organisation had started to yield results. The airline surged to these record profits despite a 52.4% increase in fuel prices.
IndiGo’s total income during the quarter was INR 15,410 crore, an increase of 62.6% over the same period last year. Revenue from operations grew by 60.7% to INR 14,933 crore. Passenger yield increased by 21.9%, and load factors grew to 85.1%
Passenger ticket revenues for the quarter grew by nearly 25% to INR 13,162 crore compared to a year ago. Its total cash balance now stands at INR 21,924.7 crore, comprising INR 106,12.5 crore free cash.
As of 31 December 2021, IndiGo’s fleet size stood at 302 aircraft, including 23 A320 CEOs, 160 A320 NEOs, 78 A321 NEOs, 39 ATRs and 2 A321 freighter, a net increase of 22 passenger and one freighter aircraft.
IndiGo operated at the peak of 1,685 daily flights during the quarter, including non-scheduled flights, providing scheduled services to 75 domestic and 22 international destinations.