IndiGo, the domestic airline, announced on May 2 that its employees will receive a one-time bonus equivalent to 1.5 times their monthly salary in May 2024, in recognition of exceptional performance during FY24. This bonus, granted as an ex-gratia payment, reflects the company’s resurgence following the challenges posed by Covid-19. IndiGo experienced a turnaround in the second half of 2022, marked by robust financial performance.
In its Q3FY24 results, IndiGo achieved a remarkable 110 percent increase in third-quarter profit, driven by strong demand for air travel. The company’s standalone profit for the quarter ending December 31 surged to Rs 2,998 crore, compared to Rs 1,423 crore in the corresponding period of the previous year. CEO Pieter Elbers emphasized the company’s five consecutive quarters of profit, marking a significant recovery from the pandemic-induced losses and reinstating a positive net worth.
Elbers expressed optimism about IndiGo’s future prospects, highlighting the recent milestone of ordering 30 Airbus A350-900 widebody aircraft, valued at $9 billion, on April 25. This acquisition marks IndiGo’s first foray into widebody aircraft procurement since operating two such planes on the Delhi-Istanbul route for the past 15 months, starting from February 1, 2023. As a subsidiary of InterGlobe Aviation, IndiGo also retains the option to purchase an additional 70 Airbus aircraft. Furthermore, Elbers confirmed that deliveries of the widebody Airbus A350 fleet would commence by 2027, underscoring the company’s commitment to strategic growth and expansion.
