IndiGo’s Q3FY22 net profit up over Rs 129 cr, Rahul Bhatia appointed MD

Airline major IndiGo on Friday reported a net profit of Rs 129.8 crore on a year-on-year basis in Q3FY22.

The airline had posted a net loss of Rs 620.1 crore in the year-ago quarter.

Its total income for the quarter ended December 2021 was Rs 9,480.1 crore, representing an increase of 63.5 per cent over the same period last year.

Its passenger ticket revenues were Rs 8,073.1 crore, an increase of 98.4 per cent and ancillary revenues at Rs 1,141.7 crore, an increase of 41.3 per cent compared to the same period last year.

Furthermore, the airline said it had a total cash balance of Rs 17,318.9 crore comprising Rs 7,814.1 million of free cash and Rs 9,504.8 crore of restricted cash.

“I am pleased that we were able to report a profit for the third quarter. It demonstrates that our business model is fundamentally strong,” CEO Ronojoy Dutta said.

“Our employees have remained a pillar of strength throughout this health crisis and have steadfastly provided superior service to our customers.”

IndiGo’s fleet as of December 31, 2021 comprised 283 aircraft including 56 A320 CEOs, 140 A320 NEOs, 52 A321 NEOs and 35 ATRs; a net increase of 4 aircraft during the quarter. The airline had operated a peak of 1,574 daily flights during the quarter including non-scheduled flights.

In addition, the Board of Directors of InterGlobe Aviation on Friday unanimously approved the appointment of the airline’s co-founder and promoter, Rahul Bhatia, as the company’s Managing Director with immediate effect, subject to “the approval of the Members of the Company”.

Dutta said: “I would describe Rahul as a restless and driven entrepreneur, who is always looking for bigger and improved opportunities in any business or venture. For example, our initiative into cargo, as well as the entire digitisation in the last couple of years were spearheaded by Rahul.

“We are now entering a new phase in our journey, with more international and long-haul flights. In this evolving and exciting environment, strengthening the thought leadership in the company is a timely and welcome move.”