NEW DELHI: Hit hard by falling value of Indian rupee against the US dollar and rise in jet fuel prices, country’s largest airline IndiGo on Friday reported a 94% decline in sequential profit for the quarter ending September 2023 (Q2FY24).
The profit after tax (PAT) of InterGlobe Aviation, the parent of the country’s largest airline IndiGo, came down to Rs 189 crore for the September quarter as against a PAT of Rs 3,091 crore reported in June quarter (Q1FY24). The airline had posted a loss of Rs 1,583 crore in the year-ago quarter (Q2FY23).It incurred a foreign exchange loss of Rs 617 crore in Q2. Rupee, owing to sustained foreign outflow and strengthening of the dollar index, is under tremendous pressure for past few months and has hit multiple lows.
