IndiGo net profit for FY19 plunges by a massive 93%
For the March quarter of FY2018-19, the IndiGo, however, fared well as it posted a five-fold jump in profit after tax (PAT) to Rs 589.6 crore
The going seems to have got tough for budget carrier IndiGo airline
as its parent company InterGlobe Aviation posted a whopping 93 percent decline in net profit for FY19. In a statement released on Monday, the airline said that its net profit stood for FY2018-19 stood at Rs 156.1 crore, down by 93 percent from Rs 2,242.4 crore in FY2017-18.
For the March quarter of FY2018-19, the airline, however, fared well as it posted a five-fold jump in profit after tax (PAT) to Rs 589.6 crore as opposed to Rs 117.6 crore in the corresponding period of 2017-18.
Total income for Q4 went up by 35.5%
For the fourth quarter of the FY19, the IndiGo total income went up by 35.5 percent to settle at Rs 8,259.8 crore in comparison to Rs 6,097.7 crore in the corresponding period in FY2017-18. The carrier’s total debt, as of March 31, stood at Rs 2,429.2 crore. IndiGo said that it was “aircraft related.”
‘Fiscal year 2019 tough’
“Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intensely competitive environment,” IndiGo
CEO Ronojoy Dutta said. “However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery,” he added.
Dutta also said that he was bullish about the future and sees plenty of opportunities for profitable growth in IndiGo’s network.