IndiGo’s Blockbuster Q3: Profit Skyrockets 1,002%, Topline Jumps 61%
By Malvika Gurung
Investing.com -- India’s largest airline IndiGo (NS: INGL ) released its earnings results for the December quarter on Friday, posting remarkable financial numbers.
The company’s net profit skyrocketed by 1,002.3% on a YoY basis to Rs 1,422 crore in the December quarter from Rs 129 crore in the year-ago period and after posting a loss of Rs 1,583 crore in the September quarter.
The whopping jump in the net profit in Q3 FY23 is majorly due to a spurt in growth after the pandemic period and the low base of the previous year. The airline and travel sector was left hammered during the long Covid-19 pandemic period.
The airline company’s revenue from operations surged 61% YoY to Rs 14,932 crore in the December quarter from Rs 9,294 crore year-on-year and Rs 12,497.5 crore in the preceding quarter.
The company’s passenger ticket revenues also jumped in Q3 FY23 by 63% YoY to Rs 13,162 crore, while yield improved by 21.9% in the quarter to Rs 5.38.
“Third quarter performance was strong both operationally and financially against the backdrop of robust demand for air travel. The wide range of initiatives that were set in motion across the organization has started to yield results," said the airline major’s CEO Pieter Elbers.
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