InterGlobe Aviation Shares Climb Nearly 2 Per Cent After Earnings Announcement

Shares of InterGlobe Aviation climbed nearly 2 per cent in morning trade on Friday after the company flew into the profitability zone, raking in a net profit of Rs 919.2 crore in the March quarter.

The stock of the parent of the country's largest airline IndiGo went up by 1.90 per cent to Rs 2,308 on the BSE.

At the NSE, it climbed 1.66 per cent to Rs 2,302.45.

Fuelled by robust market demand and higher revenues, InterGlobe Aviation on Thursday flew into the profitability zone, raking in a net profit of Rs 919.2 crore in the March quarter.

InterGlobe Aviation, which had faced turbulence last year, had a net loss of Rs 1,681.8 crore in the three months ended March 2022.

Reflecting the bullishness in the aviation market, the carrier has forecast a 5-7 per cent rise in Available Seat Kilometres (ASK), an indicator of seat capacity, in the June quarter.

IndiGo said it is adding 5,000 people to its workforce and looking to add 45-50 aircraft this fiscal and that it continues to deal with supply-chain issues and work on mitigating measures.

The airline has reported its "best-ever fourth-quarter net profit of Rs 9,192 million for the quarter ended March 2023". Excluding the foreign exchange gain of Rs 252.8 crore, the net profit aggregated to Rs 666.4 crore, according to a release.

Total income surged nearly 78 per cent to Rs 14,600.1 crore in the fourth quarter of the last fiscal. In the same period a year ago, total income was Rs 8,207.5 crore.