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Mumbai, May 10  Budget passenger carrier IndiGo on Tuesday reported a decline of 24.6 per cent in net profit for the quarter ended March 31.

According to the airline, the net profit during the quarter fell to Rs 440.30 crore from Rs 583.78 crore reported for the corresponding period of 2015-16.

“For the last quarter, despite a 38 per cent year over year increase in fuel prices, we have reported a profit after tax of INR 4.4 billion,” Aditya Ghosh, President and Director of IndiGo, said in a statement.

However, the low-cost carrier’s total revenue, including other operating income, grew 20.3 per cent to Rs 5,141.99 crore, from Rs 4,275.87 crore reported in the corresponding quarter of 2015-16

Besides, the firm’s net profit edged-lower by 16.5 per cent for the full financial year 2016-17 to Rs 1,659.18 crore from Rs 1,986.16 crore earned during 2015-16.

On the other hand, company’s total revenue grew 16.3 per cent to Rs 19,369.57 crore from Rs 16,655.03 crore reported in the corresponding quarter of 2015-16.

The company’s Board of Directors has proposed a dividend of Rs 34 per share, subject to shareholders’ approval.

“As of 31st March 2017, IndiGo had a total cash balance of Rs 93,432 million comprising of Rs 44,326 million of free cash and Rs 49,106 million of restricted cash,” the statement said.

“The total debt as on 31st March 2017 was Rs 25,962 million. The entire debt for IndiGo is aircraft related. IndiGo does not have any working capital debt.”

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