IndiGo’s Q1 net profit down 7.4 per cent

Mumbai, Aug 1 (IANS) Budget passenger carrier IndiGo on Monday reported a decline of 7.4 per cent in its net profit for the quarter ended June 30, 2016.

According to the airline, the net profit during the quarter under review decreased to Rs 591.77 crore from Rs 638.89 crore in the like period of last fiscal.

“We have posted yet another profitable quarter. However, profitability was lower than last year primarily because of competitive fare pressures,” Aditya Ghosh, President and Whole-time Director, IndiGo was quoted as saying in a statement.

“We have reduced our debt by INR 4,589 million during the quarter. Our on-time performance has also improved to 85 per cent for the quarter ended June 2016 compared to 80.6 per cent same period last year.”

The low cost carrier’s (LCC) total income from operations including other operating income during the quarter under review grew by 8.72 per cent to Rs 4,578.85 crore from Rs 4,211.54 crore reported in the corresponding quarter of 2015-16.

IndiGo flew 20 per cent more passenger during the quarter under review. It ferried 98.5 lakh passenger from 82.1 lakh ferried in the like period of last fiscal.

“As of 30 June 2016, IndiGo had a total cash balance of INR 61,966 million comprising of INR 22,162 million of free cash and INR 39,804 million of restricted cash. As of 30 June 2015, IndiGo had a total cash balance of INR 36,752 million comprising of INR 5,004 million of free cash and INR 31,749 million of restricted cash,” the statement said.

“The total debt reduced from INR 32,446 million as on 31 March 2016 to INR 27,857 million as on 30 June 2016 primarily due to the retirement of debt on three aircraft on finance lease. Entire debt for IndiGo is aircraft related and lndiGo does not have any working capital debt.”

The budget carrier had the largest passenger share in the domestic market in June at 38.10 pr cent.

The airline with a fleet of 109 aircraft as of June 30, 2016 offers 811 daily flights connecting 35 domestic and five international destinations.

–IANS

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