IndiGo share price surges over 5% after quarter results announcement

InterGlobe Aviation, the parent company of IndiGo Airlines shares prices hit a record high over 5% after the company showed Q3 results. The company’s revenue from operations rose 30.3% to Rs 19,452.15 crore from Rs 14,933 crore year on year.

IndiGo share price surges over 5% after quarter results announcement

The company has reported a net profit of Rs 2,998.12 crore in the third quarter of FY24, witnessing a growth of 111% from Rs 1,422.6 crore in the previous year. EBITDA in the third quarter increased to Rs 5,475.1 crore compared to Rs 3,399 crore year on year. The airline’s passengers increased by 23.4% to 27.5 million in the December end quarter.

The budget airline had reported a rise in the total income from Rs 15,410.2 crore to R+-s 20,062.3 crore in the same period of the previous year. The passenger ticket revenues were up 30.3 percent at Rs 171,572 million with ancillary revenues witnessing a rise of 23.8 percent at Rs 17,600 million in the current quarter. For Q3, the PAT [profit after tax] of Rs 30 billion with a profit after tax margin of 15.4 percent.

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The company’s yield per passenger rose to Rs 5.34 in the December quarter from Rs 5.38 previously. Meanwhile, Nuvama Institutional Equities raised the company's EBITDA margin target by 12 percent to 15 percent. The firm also revised its target price for the stock up by 30 percent to Rs 3,774.

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