For four consecutive quarters, IndiGo has delivered profitable growth demonstrating effective
execution of its plans and strategy coupled with strong demand. For the quarter ending September
2023, seasonally the weakest quarter, IndiGo reported a profit of INR 8,061 million excluding foreign
exchange loss. Including a foreign exchange loss of INR 6,171 million, net profit for the quarter
aggregated to INR 1,889 million.
InterGlobe Aviation Ltd. (“IndiGo”) today reported its second quarter fiscal year 2024 results
For the quarter ended September 30, 2023, compared to the same period last year
• Capacity increased by 27.7%
• Passengers increased by 33.4% to 26.3 million
• Yield declined by 12.4% to INR 4.44 and load factor improved by 4.1 points to 83.3%
• Revenue from Operations increased by 19.6% to INR 149,439 million
• Reduction in fuel CASK by 26.7% to INR 1.66
• CASK ex fuel decreased by 12.1% primarily due to reduction in foreign exchange loss
• EBITDAR of INR 24,464 million (16.4% EBITDAR margin), compared to EBITDAR of INR 2,292 million (1.8% EBITDAR margin)
• Excluding foreign exchange loss, profit amounted to INR 8,061 million compared to loss of INR 3,818 million
• Net profit of INR 1,889 million, compared to net loss of INR 15,833 million
The Company’s CEO, Mr. Pieter Elbers said,
“I am pleased to report yet another profitable quarter despite the seasonal fluctuations and external headwinds coming into play. With our clear strategy and focus on execution, we have completed a full cycle and remained profitable for the last four quarters. We continued to augment our network both domestically and internationally as we added 10 new destinations in the past few months, taking the total number of destinations to 115 as of today.
My deepest gratitude to all 6E employees for their hard work, determination, and passion they bring to their roles in serving our loyal IndiGo customers.”
Revenue and Cost Comparisons
Total income for the quarter ended September 2023 was INR 155,029 million, an increase of 20.6% over the same period last year. For the quarter, our passenger ticket revenues were INR 130,690 million, an increase of 17.6% and ancillary revenues were INR 15,510 million, an increase of 20.5% compared to the same period last year.
Cash and Debt
As of 30th September 2023
• IndiGo had a total cash balance of INR 306,658 million comprising INR 180,827 million of free cash and INR 125,831 million of restricted cash.
• The capitalized operating lease liability was INR 455,230 million. The total debt (including the capitalized operating lease liability) was INR 493,917 million.
Network and Fleet
• As of 30th September 2023, fleet of 334 aircraft including 20 A320 CEOs, 176 A320 NEOs, 93 A321 NEOs, 41 ATRs, 2 A321 freighter and 2 B777 (damp lease); a net increase of 18 passenger aircraft during the quarter.
• IndiGo operated at a peak of 1,958 daily flights during the quarter including non-scheduled flights.
• During the quarter, provided scheduled services to 79 domestic destinations and 28 international destinations.
For the period July – September’23
• IndiGo had a Technical Dispatch Reliability of 99.89%
• IndiGo had an on-time performance of 86.5% at four key metros and flight cancellation rate of 0.64%
Future Capacity Growth
• Third quarter of fiscal year 2024 capacity in terms of ASKs is expected to increase by around 25% as compared to the third quarter of fiscal year 2023
Awards and Accolades
• IndiGo won the prestigious ‘DEI Power Award’ for inclusion of Persons with Disability (PwD) at the Global Inclusion Summit 2024