Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to ₹589.6 crore for March quarter.
The company had posted a profit of ₹117.6 crore in the corresponding period of 2017-18.
On the BSE, the stock opened on a positive note at ₹1,705 and jumped 3.18 per cent to ₹1,716 over its previous close. The scrip opened at ₹1,698 and further rose 3.23 per cent to ₹1,716 on the NSE.
InterGlobe Aviation on Monday said that its annual net profit for 2018-19 stood at ₹156.1 crore, which was 93 per cent less than ₹2,242.4 crore for the 2017-18 fiscal. IndiGo CEO Ronojoy Dutta said, “Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment.”
“However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery,” he added.