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IndiGo clocks $1 bn annual profit in FY 24; to launch business class by year-end

NEW DELHI: In a first for Indian carriers, IndiGo has clocked nearly $ 1 billion annual profit. The profitable airline is also planning to get comfortable for passengers in the front end of aircraft by having a business class on some routes by the year-end.
The airline reported a profit of Rs 1,895 crore this January-March, up 106% from Rs 919.2 crore in Q4 last fiscal.It reported an annual profit of Rs 8,172.5 crore in FY 2024, against a loss of Rs 306 crore in the previous fiscal. The airline’s scrip closed at Rs 4,414.9 on BSE Thursday, up 1.3% when the broader market was up 1.6%.
IndiGo CEO Pieter Elbers said: “For the full financial year 2024, we reported our highest ever total income of around Rs 71,200 crore with a net profit of around Rs 8,200 crore. The fourth quarter financial results were positive, making it all four quarters in FY24 profitable. The strong execution of our strategy has yielded consistent results for us as we achieved the targets that we had set for ourselves as a team at the beginning of the year.”
India’s largest airline by market share had a total cash balance of Rs 34,737.5 crore this March-end. Its total debt that time (including the capitalised operating lease liability) was Rs 51,280 crore. As on March 31, 2024, it had a fleet of 367 aircraft with which it operated a peak of 2,021 daily flights during the quarter (including non-scheduled flights).
With these strong finances, IndiGo on Thursday said it will launch a “tailor-made business product for India’s busiest and business routes.” Describing this as the “next step” in its evolution, IndiGo says “it’s time to redefine premium travel in India… considering India’s soaring economy and the evolving aspirations of Indian society… create a desired option for many who are aiming to travel business, perhaps for the first time in their lives.”
Elbers said: “As India’s most preferred airline, we are constantly looking at innovating our service offering for our millions of customers. Over the past 18 years, India’s and IndiGo’s growth story have been closely interlinked. We believe as India gears up to become the third largest economy in the world, it’s our privilege to provide New India even more options to choose from as they travel business. We are excited with this new phase and tailor-made product in IndiGo’s evolution and strategy and aim to further give wings to the nation, by connecting people and aspirations.”
This product will be available on the “busiest and business routes of the nation” and will be operational before the end of this year. The airline will share more details on the business class product offering, launch date and routes in August, its anniversary.

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