IndiGo Q3 Results: Airline Back in Profit After September Quarter Loss
Aviation major IndiGo's topline number was higher than CNBC-TV18's poll of 21,909 crore
InterGlobe Aviation Ltd., the parent company of India’s largest airline, IndiGo, has reported a consolidated net profit of ₹2,449 crore for the December quarter (Q3 FY24). This marks an 18% year-on-year decline compared to the ₹2,998 crore profit recorded in the same quarter last year. The results come after the airline posted a loss of ₹987 crore in the preceding September quarter.
Despite the profit decline, IndiGo's revenue from operations showcased a robust 14% year-on-year growth, reaching ₹22,111 crore compared to ₹19,452 crore in the corresponding quarter last year. Notably, the revenue exceeded CNBC-TV18's poll estimate of ₹21,909 crore. However, the bottom line fell short of the expected ₹3,152 crore.
Key Financial Highlights
-
Revenue Growth:
- Revenue from Operations: ₹22,111 crore (14% YoY increase).
- Surpassed the poll estimate of ₹21,909 crore.
-
Profit Decline:
- Net profit stood at ₹2,449 crore (18% YoY decline).
- Fell below the poll estimate of ₹3,152 crore.
-
EBITDA Performance:
- EBITDA rose marginally by 0.7% YoY to ₹5,178.6 crore (vs. ₹5,143.6 crore last year).
- EBITDA margin decreased to 23.4%, compared to 26% in Q3 FY23.
-
Quarter-on-Quarter Comparison:
- In the September quarter, IndiGo reported a loss of ₹987 crore despite a 14% YoY rise in revenue to ₹16,970 crore.
Key Focus Areas
-
Fleet Challenges:
- The grounding of Pratt & Whitney (P&W) engine-fitted aircraft in 2025 is a significant concern.
-
Market Competition:
- Management commentary on competition will be crucial as the airline navigates a dynamic aviation landscape.
-
International Expansion:
- IndiGo continues to emphasize expanding its international operations as part of its long-term strategy.
Outlook
IndiGo's return to profitability is a positive sign, especially after the challenges faced in the previous quarter. While the growth in revenue highlights the airline's operational strength, the pressure on margins and profit underscores the need for efficiency in managing costs and operational risks.
As the airline addresses fleet challenges and aims to expand internationally, market observers will closely monitor its competitive strategy and operational performance in the coming quarters.
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