InterGlobe Aviation Q4 results: Forex gains help airline post Rs 919 cr profit, revenue up 76%

InterGlobe Aviation, which runs IndiGo, on Thursday reported a consolidated net profit of Rs 919.20 crore for the March quarter compared with a profit of Rs 1,422.60 crore in the December quarter and a loss of Rs 1,681.80 crore in the corresponding quarter last year. The profit figure, the best ever fourth quarter figure, was aided by strong market demand and forex gains, the airline said in a exchange filing.

InterGlobe Aviation said the profits of the third and the fourth quarters largely compensated for the losses incurred in the first
and the second quarters of FY23.

Revenue for the quarter surged 76.54 per cent YoY to Rs 14,160 crore from Rs 8,020 crore in the same quarter last year.

InterGlobe Aviation said its profit in the March quarter was its best ever fourth quarter net profit. Excluding foreign exchange gain of Rs 253 crore, net profit for the quarter aggregated to Rs 666.40 crore, it said in a BSE filing.

InterGlobe Aviation said its total cash balance stood at Rs 23,424 crore as of March 31, comprising Rs 12,195 crore of free cash and Rs 11,229 crore of restricted cash. The capitalised operating lease liability was Rs 4,1548 crore, it said adding that the total debt (including the capitalised operating lease liability) stood at Rs 44,854 crore.

InterGlobe Aviation said its capacity for the quarter increased 49.2 per cent to 3,040 crore. Passenger numbers increased 60.5 per cent to 2.34 crore. Yield, it said, improved 10.2 per cent to Rs 4.85 and load factor improved 7.5 percentage points to 84.2 per cent. Average fuel prices increased 23.5 per cent, leading to increase in fuel CASK by 16.8 per cent to Rs 1.85.

"CASK ex fuel decreased 21.1 per cent to Rs 2.53 due to higher capacity. EBITDAR of Rs 2,966 crore (20.9 per cent EBITDAR margin), compared to EBITDAR of Rs 171.80 crore (2.1 per cent EBITDAR margin)," it said.

CEO Pieter Elbers said: "With a combination of robust market demand and focused execution of our strategy, this was the second consecutive quarter wherein we produced strong operational and financial results, as we reported the highest ever fourth quarter net profit."

Elbers said the company-wide initiatives undertaken enabled his company to end the year on a strong note with record revenues.

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