IndiGo Q4 profit remains flat at Rs 579 crore
IndiGo's parent InterGlobe Aviation on Friday saw its net profit remain flat at Rs 579.31 crore in the three months ended March as higher expenses hit the no-frills carrier even as it flew more passengers during the period.
The largest domestic airline by market share had posted a net profit of Rs 577.33 crore in the year-ago period. Total income from operations stood at Rs 4,090.68 crore in the latest quarter compared with Rs 3,823.27 crore registered in the same period a year ago, the airline said in a release.
Despite lower fuel costs, IndiGo witnessed its total expenses in the March quarter jump nearly 12% to Rs 3,409.86 crore. In the comparable period, the same was at Rs 3,049.79 crore.
During the latest quarter, the airline flew 24% more passengers at 8.93 million compared to the year-ago period. The load factor -- an indicator of seat occupancy -- too improved to 85.1% during the period.
For the year ended March 31, IndiGo's net profit climbed to Rs 1,989.72 crore from Rs 1,304.17 crore in the same period a year ago. Total income from operations went up to Rs 16,139.90 crore in the year ended March from Rs 13,925.34 crore in 2014-15 fiscal.
IndiGo's President and Whole Time Director Aditya Ghosh said the company made profits for the eighth consecutive year, "with highest ever yearly profits".
"We have started getting deliveries of A320 neos. The A320 neos powered by Pratt and Whitney's fuel efficient geared turbo fan engine will enable use to structurally reduce our costs as fuel continues to be the single largest element of our cost structure," Ghosh said. InterGlobe Aviation's board has recommended a final dividend of Rs 15 per share for the financial year ended March 31.