IndiGo delivered another quarter of strong financial performance led by a range of initiatives and supported by favorable external environment. For the quarter ended March 2024, IndiGo reported a net profit of INR 18,948 million.

For the year ended March 2024, IndiGo reported a net profit of INR 81,725 million.

Gurgaon, May 23, 2024: InterGlobe Aviation Ltd. (“IndiGo”) today reported its fourth quarter and fiscal year 2024 results.

For the quarter ended March 31, 2024, compared to the same period last year

• Capacity increased by 4% to 34.8 billion
• Passengers increased by 0% to 26.7 million
• Yield increased by 0% to INR 5.19 and load factor improved by 2.1 pts to 86.3%
• Revenue from Operations increased by 9% to INR 178,253 million
• Reduction in fuel CASK by 9% to INR 1.72
• CASKex fuel increased by 7% to INR 2.90
• EBITDA of INR 44,123 million (24.8% EBITDAR margin), compared to EBITDAR of INR 29,665 million (20.9% EBITDAR margin)
• Excluding foreign exchange loss, profit amounted to INR 20,602 million compared to profit of INR 6,664 million
• Profit of INR 18,948 million, compared to net profit of INR 9,192 million 

For the year ended March 31, 2024, compared to year ended March 31, 2023

• Capacity increased by 8% to 139.3 billion
• Passengers increased by 7% to 106.7 million
• Decreased by 0% to INR 5.08 and load factor improved by 3.8 pts to 85.9%
• Revenue from Operations increased by 6% to INR 689,043 million
• Reduction in fuel CASK by 0% to INR 1.72
• CASKex fuel decreased by 6% to INR 2.66
• EBITDA of INR 175,447 million (25.5% EBITDAR margin), compared to EBITDAR of INR 73,116 million (13.4% EBITDAR margin)
• Excluding foreign exchange loss, profit amounted to INR 88,899 million compared to profit of INR 26,540 million
• Net profit of INR 81,725 million, compared to net loss of INR 3,058 million
• Basic earnings per share of INR 84 

Profitability Metrics 

Operational Metrics* 

*Includes non-scheduled operations 

*Includes non-scheduled operations 

Mr. Pieter Elbers, CEO, said,

“FY24 has been a year of many remarkable achievements and milestones. For the full financial year 2024, we reported our highest ever total income of around 712 billion rupees with a net profit of around 82 billion rupees and a net profit margin of 11.9%. The 4^th quarter financial results were positive, making it all four quarters in FY24 profitable. The strong execution of our strategy has yielded consistent results for us as we achieved the targets that we had set for ourselves as a team at the beginning of the year. My sincere gratitude to our 107 million customers for placing their trust in us and to all my IndiGo colleagues for their great work and relentless dedication.”

Revenue and Cost Comparisons

Total income for the quarter ended March 2024 was INR 185,051 million, an increase of 26.7% over the same period last year. For the quarter, our passenger ticket revenues were INR 156,009 million, an increase of 25.5% and ancillary revenues were INR 17,194 million, an increase of 18.9% compared to the same period last year. 

*Net of finance income of INR 6,470 million and INR 3,669 million for quarter ended Mar’24 and Mar’23 respectively 

*Net of finance income of INR 21,749 million and INR 9,445 million for full year ended Mar’24 and Mar’23 respectively

Total expenses for the quarter ended March 2024 were INR 167,341 million, an increase of 22.3% over the same quarter last year. 

* Net of finance income of INR 6,470 million and INR 3,669 million for quarter ended Mar’24 and Mar’23 respectively 

*Net of finance income of INR 21,749 million and INR 9,445 million for full year ended Mar’24 and Mar’23 respectively 

Cash and Debt

As of 31^st March 2024

• IndiGohad a total cash balance of INR 347,375 million comprising INR 208,230 million of free cash and INR 139,145 million of restricted cash.
• Thecapitalized operating lease liability was INR 434,886 The total debt (including the capitalized operating lease liability) was INR 512,800 million. 

Network and Fleet

• Asof 31^st March 2024, fleet of 367 aircraft including 31 A320 CEOs, 192 A320 NEOs, 94 A321 NEOs, 45 ATRs, 3 A321 freighters and 2 B777 (damp lease); a net increase of 9 passenger aircraft during the quarter.
• IndiGooperated at a peak of 2,021 daily flights during the quarter including non-scheduled
• During the quarter, provided scheduled services to 88 domestic destinations and 30 international destinations. 

Operational Performance 

For the period January-March’24

• IndiGohad a Technical Dispatch Reliability of 91%.
• IndiGohad an on-time performance of 4% at four key metros and flight cancellation rate of 2.06%. 

Future Capacity Growth 

• First quarter of fiscal year 2025 capacity in terms of ASKs is expected to increase by 10-12% as compared to the first quarter of fiscal year 2024. 

Awards and Accolades 

• IndiGowas recognized as the ‘Airline of the Year’ at the ‘Air Transport Awards 2024’
• IndiGo was awarded ‘Top airline by absolute passenger growth – South Asia’ by the Changi Airport Group
• IndiGo won the prestigious ‘Brand of the Year’ award, alongside three Gold, two Silver and two Bronze trophies at the ‘Digies Awards 2024’
• IndiGo was recognized as the ‘Best Investment Solution’ Silver winner at TMI Awards 2023 for Innovation and Excellence
• IndiGowas awarded ‘Employer of Diversity Award’ by Samarthanam Trust 

Conference Call

The Company will conduct a live audio earnings call today, May 23 at 5 pm IST which will be available to the public on a listen only mode followed by Q&A session. The dial-in details are given below: 

About IndiGo 

IndiGo is amongst the fastest growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, and a courteous, hassle-free travel experience. It had a fleet of 367 aircraft as of 31^st March 2024. 

Disclaimer 

This document may contain some statements on the Company’s business or financials which may be construed as forward-looking. The actual results may be materially different from these forward-looking statements.