IndiGo declares Q1FY24 revenue up 30% and its highest-ever profit of Rs 3,091 cr

Results for IndiGo Q1FY24: Sequentially, the profit increased by 236 percent from Rs.

Results for IndiGo Q1FY24: The April–June quarter (Q1) of the fiscal year 2023–24 (FY24) saw InterGlobe Aviation-owned IndiGo return to profitability thanks to its highest-ever quarterly net profit of Rs 3,090.6 crore.

During the similar quarter of the preceding fiscal year (Q1FY23), the low-cost airline reported a net loss of Rs 1,064.2 crore.

Sequentially, the profit increased by 236 percent from the Q4FY23 gain of Rs. 919.8 crore in the March quarter of FY23.

IndiGo reported net sales of Rs 16,683 crore, up 29.7% year over year from sales of Rs 12,855.3 crore in Q1FY23, driven by high ticket prices and a lack of competition. This represented an increase of 17.8% over the March quarter.

With Rs 17,160.9 crore, IndiGo recorded its highest-ever quarterly total revenue, which was a result of excellent operational performance, strategic execution, and favourable market circumstances.

"For the quarter that ended in June 2023, we generated the highest-ever quarterly revenue and net profit thanks to our great operational performance and the highest-ever quarterly passenger volume.

We added 500 additional aircraft to our order book this quarter, bringing it to 1,000 total, significantly bolstering our capacity for future expansion, according to IndiGo CEO Pieter Elbers.

The final result above the Street expectation, which had PAT at Rs 1,958.8 crore. The topline of Rs 16,743 crore in sales also exceeded market forecasts.

In comparison to the same quarter last year, passenger ticket sales for the quarter increased by 30.8% to Rs 14,995.6 crore, while ancillary revenues increased by 20.4% to Rs 1,548.4 crore.

However, overall spending remained constant at Rs 14,070.1 crore. Operationally, the airline's Ebitdar increased by 626.8% YoY to Rs 5,210.9 crore from Rs 716.9 crore recorded the previous year. Ebitdar margin was 31.2% compared to 5.6% year-over-year.

"ASK was 32.7 billion in Q1FY24. According to the firm, the second quarter of fiscal year 2024 is likely to see an increase in ASK capacity of around 25 percent compared to the second quarter of fiscal year 2023.

Total cash held by IndiGo was Rs 27,400 crore, of which Rs 15,691.1 crore was free cash and Rs 11,709 crore was restricted cash.

The obligation for capitalised operating leases was Rs. 43,086.2 billion. There was Rs. 46,291.9 crore in total debt (including the capitalised operational lease liabilities).

Shares of IndiGo finished 3.7% higher at Rs 2,666 a share on the stock exchange, while the benchmark S&P BSE Sensex fell 1%.