IndiGo posts highest-ever quarterly profit in Q1

IndiGo Friday announced a 43 times jump in its net profit on a robust operating performance benefiting also from the grounding of bankrupt airline Jet Airways.

India's biggest airline by market share said its net profit soared to a record Rs 1,203 crore for the April-June quarter.
Revenue rose 45% to Rs 9,420 crore. Revenue per available seat kilometer rose 10.7% to Rs 4.10 while yield per kilometer rose 13% to Rs 4.08. Cost per available seat kilometer reduced by 6.3%.

As of June end, IndiGo had cash reserves of Rs 17,337 crore. As a result of an accounting standard change which makes it capitalize its operating leases, IndiGo's debt increased almost eightfold to Rs 18,430 crore. In the PnL account, this reflected in a decline in rental expenses and an increase in finance and depreciation costs.

The airline plans to increase its capacity by about 30% during this fiscal year.

The airline acknowledged it has received queries from Sebi and the ministry of corporate affairs but didn't immediately make any announcement of the corporate governance issues flagged by co-founder Rakesh Gangwal or any change in the company's board structure.