On February 2, 2024, Interglobe Aviation Limited (BSE, NSE: INDIGO) announced its Q3 2023-24 results, registering a Net Profit of ₹29,981 million for Q3 and overall profitability for the last five consecutive quarters. Robust demand and strategic focus on implementation have led to growth metrics.
Table of Content
Interglobe Aviation Q3 Results Result Takeaways
India’s most cost-effective air carrier has reported a quarter laced with growth led by demand and healthy execution of key operational strategies. Here are the main highlights of Q3 FY24 (compared to the same period of the last financial year):
- Carrier’s capacity in Q3 increased by 26.8%.
- The quota of passengers went up by 23.4%, to reach 27.5 million.
- The yield rose by 2.0% to ₹5.48 and the load factor saw an improvement of 0.7 points and went to 85.8%.
- The Revenue from Operations went up by 30.3% to ₹194,521 million.
- There was a reduction in fuel CASK by 6.7%, to ₹1.88.
- The CASK ex-fuel declined by 4.2% to ₹2.64.
- The Company had an EBITDA of ₹54,751 million (28.1% was the EBITDA margin) in Q3 FY24, against an EBITDA of 33,990 million in the last fiscal year same quarter (22.8% EBITDA margin).
- Excluding the loss in foreign exchange, the Company’s profit amounted to ₹30,491 million in Q3 FY24, relative to the profit of 20,091 million in Q3 FY23.
- The Company had a Net Profit of ₹29,981 million this Q3, versus a Net Profit of ₹14,226 million in Q3 FY23.
Additional Read: Q3 Results Dashboard
Other Q3 Notable Features
In Q3, along with its financials, the Company reported many other aspects of its operations and metrics, along with awards and accolades received, all contributing to the overall success of Indigo:
Cash and Debt
At the close of Q3 FY23, the carrier had a Total Cash Balance of ₹324,280 million including ₹191,996 million of Free Cash and ₹132,285 million of Restricted Cash. The capitalised Operating Lease Liability was ₹445,565 million. The Total Debt (along with the capitalised operating lease liability) was ₹511,875 million.
Network and Fleet
At the close of Q3 FY24, the airline had a fleet of 358 aircraft including 184
A320 NEOs, 31 A320 CEOs (11 damp leases), 94 A321 NEOs, 3 A321 freighters, 44 ATRs, and 2 B777 (damp leases), marking a Net Increase of 23 passenger aircraft and 1 freighter in Q3 FY24. IndiGo operated at a peak of 2,016 daily flights in Q3 FY24, including non-scheduled flights. Scheduled services were provided to 86 domestic destinations and 29 international destinations.
Operational Performance of Indigo
In Q3 FY24, the Technical Dispatch Reliability of Indigo stood at 99.91%, and the on-time performance was 78% in four main metros. The flight cancellation rate was
0.94%.
Capacity Growth in the Future
In Q4 FY24, the capacity concerning ASKs is estimated to go up by about 12%.
Accolades
The airline has been the recipient of many accolades and key ones include the ‘World’s Youngest Aircraft Fleet 2024’ and the ‘Asia Environmental Sustainability Airline of the Year’.
The Management’s Take on Q3 Results
The CEO of Interglobe Aviation had some key aspects of Q3 results to share and these are highlighted below:
- For Q3, the Company registered a Profit After Tax of ₹30 billion and a Profit After Tax margin of 15.4%. In 5 successive quarters, the Company has continued its recovery from the losses on account of the pandemic but has now become net worth positive once more.
- Profitable growth is attributable to the confidence in the Company, portrayed by passengers choosing to fly with Indigo.
- 2023 was marked by many milestones. The Company served more than 100 million passengers in a calendar year and joined the select ranks of global carriers that operate at this scale. The Company also commenced operations of more than 2,000 daily flights to 118 destinations.
Financial Results at a Glance
Here is a glimpse of the financial results of Q3 (figures in ₹ Million except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | YoY Growth % |
| Revenue from Operations | 194,521 | 149,330 | 30.3% |
| Total Income | 200,623 | 154,102 | 30.2% |
| EBITDA | 54,751 | 33,990 | 61.1% |
| Profit Before Tax | 29,985 | 14,233 | 110.7% |
| Profit After Tax (PAT) | 29,981 | 14,226 | 110.7% |
Additional Check: Interglobe Aviation Share Price
Q3 FY24 Result Summary
Interglobe owns and operates IndiGo, an airline that is one of the most rapidly evolving low-cost carriers globally. IndiGo has a straightforward philosophy and that is to offer low fares, on-time flights, and a hassle-free travel experience combined with a polite and helpful approach for travelers. At the close of December 2023, it had a fleet of 358 aircraft.
In Q3 FY24, the airline has reported a more than double-digit Net Profit as it zooms to success with an increased volume of passengers. With future growth predicted in the quarters and FY25 to come, the airline is poised to meet increasing demand from passengers, primarily due to its reliable operating performance and business strengths, not to mention its ability to keep fares low and profits high.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For Research Disclaimers Click Here: https://bit.ly/3Tcsfuc
Source: Interglobe Aviation (Indigo) Ltd Press Release on BSE
