India’s largest IndiGo airline, record a net profit of ₹188.9 crore
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IndiGo Airline Record a net profit of ₹188.9 crore
The biggest airline in India, IndiGo, is operated by InterGlobe Aviation Ltd., which reported a net profit of ₹188.9 crore in the September quarter due to an increase in air travel, as opposed to a loss of ₹1,583 crore in the same period last year. In what is usually a slow quarter for the travel business, total revenue increased by 20.6% from the same period last year to ₹15,503 crore. Only twice in 2016 and 2017 has IndiGo, which went public in November 2015, reported a net profit for the quarter. Despite exceeding projections, IndiGo stated that it anticipates a significant capacity scarcity in 2024 as a result of problems with the Pratt & Whitney engines that power its A320 neo and A321 neo aircraft.
P&W stated in July that to evaluate a problem with the metal used in the production of PW-1100G engine parts, it must test 1,200 engines globally. There are 150 of these aircraft operated by IndiGo, however, it is unclear how many of them would be impacted.”We currently project that these accelerated inspections, along with additional shop visits, will negatively affect our operating fleet starting in Q4 and continuing through January 1, 2024, resulting in an increased number of groundings.” The number of aircraft (that will be affected) is unknown, but it may take 250–300 days for all of the engines that will be recalled to be inspected, chief financial officer Gaurav Negi informed investors during a conference call following the company’s earnings.
The airline is making efforts to make up for the capacity shortfall, having already grounded forty aircraft because of previous problems with P&W engines. In addition to extending leases and re-inducting 36 aircraft, it has already kept 14 A320ceos with current engine options in its fleet and completed damp leases for two of those aircraft on the Istanbul route. On an additional eleven aircraft, damp leases have been introduced and will be put into service this month. Twelve further A320ceos are being leased from the secondary market, and deliveries are scheduled to begin in January 2024.
