IndiGo’s Q1 net profit rises 37 per cent

New Delhi, July 31 (IANS) Budget passenger carrier IndiGo on Monday reported an increase of 37 per cent in its net profit for the quarter ended June 30, 2017.

According to the airline, the net profit during the quarter under review increased to Rs 811.14 crore from Rs 591.77 crore in the like period of last fiscal.

The low cost carrier's (LCC) total revenue during the quarter under review grew by 25.6 per cent to Rs 5,955.54 crore from Rs 4,741.45 crore reported in the corresponding quarter of 2016-17.

"We are pleased to report our highest ever profit after tax this quarter. At the same time, we are ranked number 1 in on-time performance for the quarter," Aditya Ghosh, IndiGo President and Whole-time Director, was quoted as saying in a statement.

"This strong financial and operational performance allows us to stay focused on growing our network."

The budget passenger carrier's total expenses for the quarter ended June 2017 rose by 20.9 per cent to Rs 4,831.21 crore over the similar quarter last year.

The airline said that as of June 30, 2017, it had a total cash balance of Rs 10,184.7 crore, comprising Rs 5,188.8 crore of free cash and Rs 4,995.9 crore of restricted cash.

"The total debt as on 30th June 2017 was Rs 25,241 million (Rs 2,524 Crore). The entire debt for IndiGo is aircraft related. IndiGo does not have any working capital debt," the statement said.

Currently, IndiGo is India's largest airline with a market share of 40 per cent in June 2017. Its has a fleet of 135 Airbus-320 aircraft as of June 30, 2017.

The airline offers 937 peak daily flights during the quarter connecting 39 domestic and seven international destinations.