IndiGo flies high in Q1 amid falling-out between promoters
NEW DELHI: InterGlobe Aviation Ltd, which operates India’s largest airline, IndiGo, on Friday reported its highest ever quarterly profits, benefiting from the collapse of Jet Airways and showing resilience in the face of a bitter confrontation between founder Rahul Bhatia and his estranged partner Rakesh Gangwal.
IndiGo’s net profit stood at ₹1,203 crore in the quarter ended June, an almost 43-fold jump from the measly ₹27 crore in the corresponding quarter last year. The airline’s chief executive officer, Ronojoy Dutta, said the surge in net profit was due to strong passenger revenues and a sharp improvement in cargo performance.
After a board meeting on Friday, Dutta also told analysts that the board will discuss the differences between major shareholders and the articles of association of the company on Saturday.
