No-frill carrier IndiGo on Tuesday announced a whopping 516 per cent rise in gross profit at Rs 993 crore (Rs 9.93 billion) during 2012-13 compared to just Rs 64 crore (Rs 640 million) in the earlier fiscal.
Its revenue during the period grew by 65 per cent to touch Rs 9,458 crore (Rs 94.58 billion), as against Rs 5,718 crore (Rs 57.18 billion) during FY12.
"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 as per the legal requirements," IndiGo CEO Aditya Ghosh told PTI in New Delhi.
During the last fiscal, the net profit of the company stood at Rs 787 crore (Rs 7.87 billion) with its EBITDAR (earnings before interest, taxes, depreciation, amortisation, and rent or restructuring costs) or the cash flow from operations at Rs 1,758 crore (Rs 17.58 billion), he said.
The airline is not a listed company.
The airline also saw a 39 per cent expansion in capacity since last year, as the number of its aircraft grew from 55 in March 2012 to 66 in March 2013.
It has now risen to 70.
It operates a single aircraft type -- Airbus A320-200s -- with a standard seating capacity of 180 passengers.
"The surge in profits and good performance of the company was a result of better fares -- there was no fare war last year, the yield was much better and there was an overall decline in the industry capacity due to the closure of Kingfisher Airlines," Ghosh said while listing out the reasons behind IndiGo's profitability.
He claimed IndiGo was "a debt-free company and we have no working capital loans."
Asked whether IndiGo was considering roping in a foreign partner in the wake of liberalisation of aviation FDI norms, Ghosh merely said "there is no compelling reason for us to look for more funds", indicating the current cash-rich