New Delhi, Sept. 24: IndiGo Airlines today said it hoped to increase its revenues by 50 per cent in the next fiscal over last year. The country’s largest low-cost carrier today reported a 65 per cent growth in revenues at Rs 9,458 crore against Rs 5,718 crore during fiscal 2012.
The airline’s gross profit rose six fold to Rs 993 crore in 2012-13 from Rs 64 crore in the earlier fiscal.
“This is the fifth year in a row that we have posted profits since we broke even in 2008-09. We submitted our financial results to the Directorate General of Civil Aviation today, according to the legal requirements,” IndiGo CEO Aditya Ghosh said.
During the last fiscal, net profit stood at Rs 787 crore with its EBITDAR (earnings before interest, taxes, depreciation, amortisation, and rent or restructuring costs), or cash flow from operations, at Rs 1,758 crore, he said.
The number of aircraft with the company rose to 70 from 55 in March 2012.
“Though fuel prices went up by about 13 per cent, the rupee weakened by about 7 per cent in that fiscal. What worked was that some of the other costs we managed better and there was not much of irrational fare war. So, combination of better yields and the expansion of capacity is what drove us,” Ghosh said.
Ghosh feels that 2014 will be a tough year. The biggest factor to affect profits will be irrational price wars apart from higher aviation turbine fuel (ATF) prices, rising airport taxes and rupee depreciation.