Reportedly budget passenger carrier IndiGo on Monday reported a rise of 401.2% in its net profit for the fourth quarter of 2018-19. Accordingly its net profit increased to Rs 589.6 crore in the three months ended March 2019, from Rs 117.6 crore in the same period a year ago. Meanwhile with Jet Airways shutting down, both IndiGo and SpiceJet have been looking to capitalize, vying for the airport slots left by Jet.
Furthermore they have also been expanding their fleet aggressively, while adding several new routes. IndiGo CEO Ronojoy Dutta said that Jet Airways suspending its operations helped IndiGo in the month of February and March and that a total of 285 former Jet Airways’ pilots joined the airline. Hence this helped the company overcome the pilot shortfall that it was facing.
Moreover the company's revenue from operations grew 35.9% to Rs 7,883.3 crore in the last quarter, compared with Rs 5,799.1 crore registered in the same period a year ago. Apparently for the entire fiscal 2018-19, IndiGo's net profit declined 93% to Rs 156.1 crore, from Rs 2,242.4 crore in the 2017-18. Ronojoy said in a statement "Fiscal 2019 was a tough year for the airline industry in india because of high fuel prices, weak rupee and intense competitive environment".
