IndiGo – the country’s largest carrier by fleet and market share has another feather in its cap. The airline has recorded not only its highest ever profits but also the highest for any carrier in the history of Indian aviation. The airline recorded a profit of INR 8172.5 crore for the financial year ending March 2024,
The airline has accounted the likely compensation in Revenue from Operations and it remains to be seen when the groundings issue will resolve itself. The Revenue per Available Seat Kilometre (RASK) has risen to 5.13 in Q4-FY24 and 4.96 in FY24.
For the quarter ended March 31, 2024, compared to the same period last year
- Capacity increased by 14.4% to 34.8 billion
- Passengers increased by 14.0% to 26.7 million
- Yield increased by 7.0% to INR 5.19 and load factor improved by 2.1 pts to 86.3%
- Revenue from Operations increased by 25.9% to INR 178,253 million
- Reduction in fuel CASK by 6.9% to INR 1.72
- CASK ex fuel increased by 14.7% to INR 2.90
- Excluding foreign exchange loss, profit amounted to INR 20,602 million compared to profit of INR 6,664 million
- Net 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 21.8% to 139.3 billion
- Passengers increased by 24.7% to 106.7 million
- Yield decreased by 1.0% to INR 5.08 and load factor improved by 3.8 pts to 85.9%
- Revenue from Operations increased by 26.6% to INR 689,043 million
- Reduction in fuel CASK by 17.0% to INR 1.72
- CASK ex fuel decreased by 3.6% to INR 2.66
- 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 (8172.5 crore), compared to net loss of INR 3,058 million (305.8 crore)
- Basic earnings per share of INR 211.84
Profitability Metrics
| Particulars (INR mn) | Quarter ended | ||
| Mar‘24 | Mar‘23 | Change | |
| EBITDAR | 44,123 | 29,665 | +48.7% |
| PBT | 17,710 | 9,198 | +92.5% |
| PAT | 18,948 | 9,192 | +106.1% |
| Profit excluding foreign exchange | 20,602 | 6,664 | +209.2% |
| Particulars (INR mn) | Full year | ||
| Mar‘24 | Mar‘23 | Change | |
| EBITDAR | 175,447 | 73,116 | +140.0% |
| PBT | 80,493 | (3,044) | +2,744.5% |
| PAT | 81,725 | (3,058) | +2,772.6% |
| Profit excluding foreign exchange | 88,899 | 26,540 | +235.0% |
Operational Metrics*
| Particulars | Quarter ended | ||
| Mar‘24 | Mar‘23 | Change | |
| ASK (billion) | 34.8 | 30.4 | +14.4% |
| RPK (billion) | 30.0 | 25.6 | +17.2% |
| Load Factor | 86.3% | 84.2% | +2.1 pts |
| Passengers (million) | 26.7 | 23.4 | +14.0% |
*Includes non-scheduled operations
| Particulars | Full year | ||
| Mar‘24 | Mar‘23 | Change | |
| ASK (billion) | 139.3 | 114.4 | +21.8% |
| RPK (billion) | 119.7 | 93.9 | +27.5% |
| Load Factor | 85.9% | 82.1% | +3.8 pts |
| Passengers (million) | 106.7 | 85.6 | +24.7% |
*Includes non-scheduled operations
Cash and Debt
As of 31st March 2024, IndiGo had 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. The capitalized operating lease liability was INR 434,886 million. The total debt (including the capitalized operating lease liability) was INR 512,800 million.
Operational Performance
For the period January-March’24, IndiGo had a Technical Dispatch Reliability of 99.91%. IndiGo had an on-time performance of 71.4% 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.
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