Mumbai, May 3 Budget passenger carrier IndiGo on Wednesday reported a decline of 73.3 per cent in its net profit for the quarter ended March 31, 2018.
According to the airline, the net profit during the quarter under review fell to Rs 117.64 crore from Rs 440.30 crore reported for the corresponding period of 2016-17.
“Results include certain credits received from manufacturers to offset some of the impact of aircraft groundings and delivery delays,” IndiGo said in a statement.
However, the low-cost carrier’s revenue from operations grew by 19.6 per cent to Rs 5,799.11 crore for the quarter ended March 2018 compared to the same period last year.
“Total income for the quarter ended March 2018 was Rs 60,568.43 million, an increase of 17.8 per cent over last year,” the statement said.
“Total expenses for the quarter ended March 2018 were Rs 58,906.37 million, an increase of 30.2 per cent over the same quarter last year.”
The company reported a rise of 35.1 per cent in its net profit for the financial year ended March 31, 2018 which increased to Rs 2,242.37 crore from Rs 1,659.18 crore reported for the previous corresponding period.
Company’s co-founder and interim CEO, Rahul Bhatia said: “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. We remain focused on creating long term shareholder value by building a large and profitable air transport network.”
The company’s Board of Directors recommended a dividend of Rs 6 per share.