IndiGo Q3 profit soars 11-fold as demand soars
STORY: IndiGo parent InterGlobe Aviation on Friday (February 3) posted an eleven-fold jump in quarterly profit
After an increase in demand for air travel following the global health crisis.
India’s leading airline has been contending with surging fuel costs and currency volatility that hit profit for the past three quarters.
But a sharp recovery in air travel demand -- almost at pre-crisis levels – has more than offset fuel expenses.
The company's profit came in at around $173 million last quarter.
A huge year-on-year increase from under $16 million.
Revenue from operations also surged over 60%.
However, while India’s aviation industry – and specifically IndiGo -- is enjoying post-crisis demand, the carrier now faces intense competition from a slew of new and established airlines.
Rival Air India is in the process of finalising a massive order for new jets to ramp up its domestic and international services.
