IndiGo to Introduce Business Class Services by End of 2024
IndiGo, India's leading domestic airline, announced plans to introduce business class services on its flights by the end of 2024. The premium travel option will be initially offered on the airline's busiest and most business-oriented routes. Further details about the offerings, launch date, and specific routes will be announced in August 2023.
Pieter Elbers, CEO of IndiGo, expressed excitement about this new phase in the airline's evolution and strategy. He believes that as India gears up to become the world's third largest economy, IndiGo is privileged to provide even more options for business travelers. The airline aims to further connect people and aspirations by offering this tailor-made product.
IndiGo Reports Strong Financial Performance
InterGlobe Aviation Ltd, the parent company of IndiGo, reported a significant increase in net profit for the March quarter of 2023. The company's net profit jumped 106% year-on-year to Rs 1,894.80 crore, compared to Rs 919.20 crore in the same quarter of the previous year.
IndiGo's revenue from operations also climbed 25.9% year-on-year to Rs 17,825.30 crore for the fourth quarter. Excluding foreign exchange loss, profit amounted to Rs 2,060 crore, compared to a profit of Rs 666.40 crore in the same quarter of the previous year.
Passenger ticket revenues stood at Rs 15,600 crore, up 25.5% year-on-year, while ancillary revenues stood at Rs 1,719.40 crore, up 18.9% year-on-year. The airline's capacity for the quarter increased 14.4% year-on-year to 34.8 billion, and passenger traffic increased 14% year-on-year to 26.7 million.
IndiGo had a total cash balance of Rs 34,737 crore, comprising Rs 20,823 crore of free cash and Rs 13,914 crore of restricted cash. The capitalised operating lease liability stood at Rs 43,488 crore, and the total debt (including the capitalised operating lease liability) stood at Rs 51,280 crore.