InterGlobe Aviation Ltd, the operator of IndiGo, said its quarterly profit surged five-fold, beating analysts’ estimates, as yields rose and the airline carried more passengers amid the collapse of rival Jet Airways (India) Ltd following funding woes.
Net profit rose to ₹589.59 crore in the quarter ended 31 March from ₹117.64 crore a year earlier, InterGlobe Aviation said. That compares with the ₹378.7 crore average profit estimates compiled by Bloomberg. Its full-year profit, however, fell 93%, the steepest since the company started trading publicly in 2015.
Indian airlines, including IndiGo and SpiceJet, have been vying for lucrative airport slots left vacant by the grounding of Jet Airways in March. Local airlines are aggressively expanding their fleet and adding new routes to benefit from the shutdown of India’s second largest airline.
