Low Cost Carrier IndiGo has registered a 400 per cent increase in its profit to Rs 589 crore for the quarter ended March 31 compared to Rs 117.6 crore in the corresponding period of FY18. IndiGo’s total income was up by 35.5 per cent to Rs 8,259.8 crore in the quarter ended March 2019 compared to Rs 6,097.7 crore in the year-ago period, the company said in a statement. However, IndiGo’s full-year profit was down by 93 per cent at Rs 156.1 crore compared to Rs 2,242.4 crore. The net profit for the entire fiscal was down due to high fuel prices and a weak rupee. However, the crude oil prices stabilised in the latter part of fiscal.
“Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment. However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery. Looking ahead, it is difficult not to be bullish about the future. We see plenty of opportunities for profitable growth in our network and with a robust delivery stream of new aircraft, we are well positioned to capitalize on this growth,” Ronojoy Dutta, CEO, IndiGo, said.
