Here we will provide details about IndiGo’s recent profits as the public is searching about it on the internet. The public is surfing the internet to know more about IndiGo’s recent profit report and not only that they also want to know the recent updates of the airlines. So, for our readers, we have included information about IndiGo’s recent earnings report in this article. Not only that, we also provide detailed information about recent updates when the public is searching about it over the internet. So, continue reading through the article to know more.
IndiGo Airlines recorded a net profit of ₹ 188.9 crore
The largest airline in India, IndiGo, operated by InterGlobe Aviation Ltd., reported a net profit of ₹ 188.9 crore in the September quarter on increased air travel, in contrast to a loss of ₹ 1,583 crore in the same period last year. In what is typically a slow quarter for the travel business, total revenue grew 20.6% year-on-year to ₹15,503 crore. Only twice in 2016 and 2017 has IndiGo, which went public in November 2015, reported a net profit for the quarter. Despite exceeding forecasts, IndiGo stated that it anticipates a significant capacity crunch in 2024 due to issues with the Pratt & Whitney engines powering its A320 neo and A321 neo aircraft. .
P&W announced in July that to assess the problem with metals used in the production of PW-1100G engine parts, it had to test 1,200 engines globally. There are 150 of these aircraft operated by IndiGo, however, it is unclear how many of them will be affected. January 1, 2024, resulting in an increased number of groundings.” Chief Financial Officer Gaurav Negi informed investors during the company’s post-earnings conference call that the number of aircraft (which will be affected) is yet to be determined, but it could take 250–300 days to All recalled engines are tested.
The airline is trying to make up for the capacity shortfall, having grounded 40 planes because of previous problems with P&W engines. In addition to the lease extension and reuse of 36 aircraft, the airline also kept 14 A320ceos with current engine options in its fleet and completed the lease of two of those aircraft on the Istanbul route . On 11 additional aircraft, wet leases have been applied for and will enter service this month. Twelve more A320ceos are being leased from the secondary market and deliveries are expected to begin in January 2024.