Higher fuel prices dent budget carrier IndiGo's Q4 profits by 73%
The parent company of budget carrier IndiGo, InterGlobe Aviation has posted a 73 per cent decline in profit at Rs 117.96 crore in the three months ended March 2018, as higher fuel expenses dented the bottom line.
The company had a total comprehensive income of Rs 439.98 crore in the year-ago period, according to a regulatory filing. These figures are on a standalone basis.
In the fourth quarter of 2017-18, the firm had a higher total income of Rs 6,056.84 crore compared to Rs 5,141.99 crore in the same period a year ago. However, fuel expenses shot up to Rs 2,337.71 crore in the latest quarter under review from Rs 1,750.51 crore in the year-ago period.
For the year ended March 2018, the company's total comprehensive income jumped to Rs 2,242.58 crore from Rs 1,656.98 crore in 2016-17.
In the last fiscal, the total income stood at Rs 23,967.74 crore compared to Rs 19,369.57 crore in the same period a year ago. These numbers are on a consolidated basis.
"We have reported our highest ever annual profits for fiscal 2018. We continue to execute on our growth plans and are putting in place the management team to execute our plans," IndiGo Co-Founder and interim CEO Rahul Bhatia said.
Meanwhile, SEBI is examining the sharp plunge in shares of InterGlobe Aviation hours before it announced the resignation of its president Aditya Ghosh, officials said. The Securities and Exchange Board of India (SEBI) is probing a more than 6 per cent plunge in the country's largest domestic carrier's shares price on April 27.
(With inputs from PTI)
