IndiGo Air has announced a stellar net profit of Rs 1,442 crore for the December quarter.
The aviation company's net profit skyrocketed by over 1000% on a YoY basis in December 2022 quarter from Rs 129 crore in the year-ago period.
The airlines have announced a high revenue of Rs 14,932 crore compared to Rs 9,294 crore from the third quarter of the previous year, as per reports. Revenue of the airlines has increased by nearly 37% in one year.
The positive quarter results are welcome as the company had reported a grim September 2022 quarter with a Net Loss of Rs. 1,585 crores. The company is listed as Interglobe Aviation Ltd. (INGL) on the NSE. The company falls under the category of Large Cap with a Market Cap of Rs 80, 893 crores.
The company is trading near Rs 2,000 levels on its share prices. The 52WK High of the company is at Rs 2,282.1 and the 52WK Low is at Rs 1,511.75.
Looking at the company’s support and resistance price, INGL has a pivot point of Rs 2066.37, Support points S1 at Rs 2,056.84, S2 at Rs 2046.97, S3 at Rs 2037.60 and Resistance points R1 at Rs 2,076.24, R2 at Rs 2085.77, R3 at Rs 2,095.64 under the Classic format as reported by Investing.Com.
The company has a negative PE ratio of -19.03.
The aviation company has a fleet of 302 aeroplanes with an addition of 22 passenger aircraft and one freight aircraft in the December 2022 quarter.
“Third quarter performance was strong both operationally and financially against the backdrop of robust demand for air travel. The wide range of initiatives that were set in motion across the organization has started to yield results," said Pieter Elbers, CEO of IndiGo quoted by Live Mint.
Mitul Shah, Head of Research at Reliance Securities said, " Indigo reported a strong 3QFY23 performance with EBITDAR margin coming in at 21.3%, vs. our estimate of 19.4% due to lower ATF prices and strong growth on the revenue front. We believe that INDIGO’s strong balance sheet position would help in sustaining its market share along with pricing power, going forward, which would drive its overall profitability”, quoted by Live Mint.
Indigo airlines is a low-cost carrier airline with a 54.9% market share in India as on December 2022 as per its official website. The Gurugram headquartered company was established in 2006. The company currently holds the largest share of the Indian aviation market.
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