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IndiGo owner InterGlobe Aviation posts Q1 profit of Rs 27.8 crore, down 97%

IndiGo owner InterGlobe Aviation posts Q1 profit of Rs 27.8 crore, down 97%

IndiGo owner InterGlobe Aviation posts Q1 profit of Rs 27.8 crore, down 97%
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By Suman Singh  Jul 30, 2018 4:23:58 PM IST (Updated)

InterGlobe Aviation, the parent company of IndiGo airlines, posted profit after tax of Rs 27.8 crore for the quarter ended June 2019, compared to Rs 811.1 crore last year.

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Revenue from Operations rose 13.2 percent to Rs 65.12 crore for the quarter compared to the same period last year.
Profitability was majorly impacted by the adverse impact of foreign exchange, high fuel prices and a competitive fare environment, the company said in a statement.
On July 23, the company said high fuel prices and increased aircraft acquisition costs may lead to a delay in IndiGo’s plans to launch low-cost, long-haul direct flights to Europe.
IndiGo, a low cost carrier, last week said that it grounded eight aircrafts due to engine snags.
American aerospace maker Pratt & Whitney on Monday said it was working closely with IndiGo and GoAir Airlines after the operators grounded eight Airbus A320neo planes following issues with aircraft engines.
In the recent times, the airline's operation has constantly been affected by its engine issues, leading to grounding of several aircraft.
The airline replaced P&W engines for as many as 69 times between 2016 and March 2018 after it witnessed a number of cases of engine shutdown, leading to flight cancellations.
IndiGo recently revised its data, increasing the number of snags to more than 40 times from the initial figures it reported to the DGCA, according to an Economic Times report.
Pratt & Whitney said separately it was planning to remove faulty engines and that it was retrofitting the Neo fleet with the latest configured engines, adding that it will provide spare engines from August onward.
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