New Delhi: 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.
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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.