IndiGo Clocks In Record Profit, To Start Business Class

In a statement published on May 23, 2024, IndiGlobal Aviation Limited, popularly known as IndiGo, announced its quarter-end profits for FY2024. According to the numbers, the company marked a profit of ₹1894.80 Crore for the March quarter.

The Results

The revenue for the company also saw an increase of 25.9% (year-on-year), with the revenue for the current year being ₹17825.30 Crore in the fourth quarter. The profit also stood at ₹2060 Crore, excluding foreign exchange loss, where the passenger ticket revenues amounted to ₹15600 Crore, accounting for a 25.5% increase. Ancillary revenues also were up by 18.9% YoY with ₹1719.40 Crore, and the capacity of the airline was increased by 14.4%. The airline saw an increase of 14% in its total passenger count for the quarter. The results signal great news for the airline, which was running up a loss in its operations not long ago.

CEO Speaks

Highlighting the same, Pieter Elbers, CEO of IndiGo, stated, “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 fourth quarter financial results were positive, making 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.”

Future Plans

The airline also mentioned that it expects its July quarter capacity to be increased by 10-12% compared to the first quarter of fiscal 2024. To further aid improvement in services, IndiGo plans to introduce ‘tailor-made’ business class for its premium passengers on select routes by the end of the year. The future plans also include IndiGo appointing Airbus A321XLRs for its service, which will be flown non-stop between India and Western countries. By 2027, the airline will also have 30 wide-body A350s under its name.

“Almost 18 years and all grown up – it is time to take the next step in the evolution of IndiGo. Considering India’s soaring economy and the evolving aspirations of Indian society, it is time for IndiGo to redefine premium travel in India, increasing availability of this service for the nation. It will create a desired option for many who are aiming to travel business, perhaps for the first time in their lives,” IndiGo expressed in a statement.