IndiGo shares rise 3 pc post Q4 results

IndiGo, InterGlobe Aviation, flights, The Federal, English news website
The purchase will help Indigo expand its hold over the aviation industry, especially in the international network. Photo for representational only. Photo: Wikipedia

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.