Despite the best ever quarterly net profit of Rs 3,091 crore during April-June of financial year 2023-24 (Q1FY24), challenges are mounting for InterGlobe Aviation-run IndiGo in the near term, said analysts. Given this, most brokerages have retained their ratings from 'buy to underperform', as well as their target price for the stock. For instance, Motilal Oswal Financial Services has retained its 'neutral' rating on the scrip as it believes the low-cost airline is facing teething issues at present.
Two IndiGo flights, one headed to Muscat and the other to Jeddah, also received bomb threats before they took off and the planes were moved to isolation bays for security checks.
At Rs 919 crore, InterGlobe Aviation, the parent firm of low-cost airline IndiGo, posted its best-ever fourth quarterly net profit in the January-to-March quarter (Q4) of financial year 2022-23 (FY23). The bottom-line, however, was lower than the Street's expectations where estimates ranged from Rs 1,160 crore to Rs 2,180 crore. On the bourses, shares of IndiGo have added just 30 paise (0.01 per cent) since the announcement of the Q4-FY23 results on May 18.
'What is working is quality management, great teams, engineers, platforms, and highly differentiated services.'
Shares of Oil marketing companies (OMCs) extended their gains for the fourth consecutive session on Thursday after crude oil prices plunged to six-month lows in the international markets, which boosted investor sentiments. Traders said the OMC stocks gained with crude oil prices hovering below $70 per barrel after OPEC-plus decision to increase output from April, a move which is expected to favour Indian refiners with added marketing margins on retail fuel.
The Mumbai police have issued a notice to a teenage boy, his father and another person from Rajnandgaon in Chhattisgarh to join questioning in connection with bomb threats posted on social media targeting three flights, officials said.
Had someone done a deliberate mischief, security officials would file FIR and deboard the passenger.
A video on Twitter showed one of the plane's engines on fire and sparks flying at the time of taxiing at the airport.
He, however, cited the sensitivity of information due to the ongoing probe into the matter to decline to share more details, sources said.
For the first time, the country's largest airline IndiGo will soon lease up to four wide-body Boeing 777 planes to cover the shortfall in its international operations, according to officials. The airline said the wet-leasing of "certain aircraft" will be done as an interim measure. IndiGo, which has so far only been operating narrow-body Airbus planes, ATRs and freighters, will now be having wide-body aircraft in its fleet.
The coming years will be among the most exciting of your professional lives, IndiGo's new chief executive officer (CEO) Pieter Elbers wrote to the airline's staff after taking charge on Tuesday. Elbers, who spent three decades at KLM Royal Dutch Airlines, replaces Ronojoy Dutta at the top post. "Earlier, IndiGo communication summarised it all in just three words: 'Towards new heights' and-let me add here: 'across new frontiers'. "With that vision in mind, you should feel assured that the coming years will be among the most exciting of your professional lives," Elbers said.
Out of the 14 flights, 13 were diverted to Jaipur and 1 to Dehradun, the official said and added that the diversions happened between 8.30 am and 3 pm.
A passenger on board an IndiGo flight to Mumbai from Nagpur allegedly attempted to remove the cover of the emergency exit when the aircraft was approaching for landing in Mumbai, the airline said.
As many as 19 flights have received bomb threats in three days and a Riyadh-bound IndiGo flight was diverted to Muscat due to the threat, according to officials.
Wadia Group-owned Go First Airways' (Go First) insolvency plea could trigger a 'momentum rally' in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline's market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday's intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
More than 30 flights of various Indian airlines, including Vistara, Air India and IndiGo, received bomb threats on Saturday, according to sources.
Indigo has zero competition on 61.2 per cent of its 838 domestic routes.
A threat about the presence of bombs on an Akasa Air flight at Biju Patnaik International Airport in Bhubaneswar was received on social media, but it later turned out to be a hoax, an official of the airport said on Thursday.
'Just look at China: They have five or six major airlines and some smaller ones.'
IndiGo on Monday said that around 30 aircraft are grounded due to "supply chain disruptions" and the country's largest airline is evaluating wet leasing of planes and other options to boost operations. At the end of September, the carrier -- also the world's seventh largest in terms of daily departures -- had 279 aircraft in its fleet. It operates more than 1,600 daily flights and currently flies to 100 destinations, including 26 international ones.
The DGCA has ordered an inquiry after a passenger, who was supposed to take an Indigo flight to Patna, boarded another flight of the airline and landed at Udaipur.
IndiGo has restored annual increments for more than 4,500 pilots as a financial turnaround helped the airline make a profit in Q3 FY23 after three quarters of loss. An email from the airline's management last week informed pilots of the restoration from April. "The component of annual increment for Indian captains (Rs 10,000 per month) and Indian first officers (Rs 5,000 per month) on the Airbus and ATR fleet which was stopped due to Covid will restart from April 1, 2023," the airline's senior vice president (flight operations) Ashim Mitra said in the staff email.
Responding to that, Rama Rao suggested the airlines recruit more staff who can speak the local language like Telugu, Tamil, Kannada on regional routes.
Some aircraft technicians at IndiGo are on sick leave since Friday demanding a revision in salaries. The protest comes days after the airline partially restored salaries of its pilots and cabin crew and made changes to its human resource (HR) policies. Some technicians in Hyderabad reported sick on Friday night while those from other bases skipped work on Sunday demanding a revision in salary, an industry source said.
The bulk of Indian carriers flying to Dubai are low-cost carriers, which include IndiGo, Air India Express, and SpiceJet.
'The past few quarters have seen prohibitive fares for advance bookings, only to dip closer to departure.'
Taking hoax bomb-threat messages and calls seriously, the government has started identifying those behind the menace and asked social media platforms like Meta and X to share data on such messages, sources said.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
Airbus will increase sourcing of components from India, which offers plenty of opportunities, according to the aircraft maker's CEO Guillaume Faury. The European major, which has bagged huge aircraft orders from IndiGo and Air India, doubled its sourcing of components and services from India to 1 billion euros during the period from 2019-2023, he said.
Travelling from South India to Kashmir in December was magical for Ganesh Nadar as he feasted his eyes on the beauty of the snow-capped Himalayas.
The flight was operating from Delhi to Doha in Qatar and was diverted to Karachi in Pakistan.
Just over a three-hour flight from Delhi, Kazakhstan, Uzbekistan, Azerbaijan and Georgia have seen a big jump in visitors.
IndiGo barred a specially-abled child from boarding a flight as he was in "a state of panic"
The incident took place on Thursday when the aircraft was taxing out for take off with 98 passengers on board and the flight was cancelled, it said.
More than 80 domestic and international flights of various Indian airlines received bomb threats on Thursday, according to sources.
IndiGo's Sharjah-Hyderabad flight was diverted to Karachi as a precaution on Sunday after pilots observed defect in one of the engines, officials of aviation regulator DGCA said.
IndiGo's management is of the opinion that Saturday's flight delays caused by sick leaves taken by many in the cabin crew are just an aberration. The airline's on-time performance nosedived to 45 per cent on Saturday as a large part of the cabin crew reported sick to participate in Air India's recruitment process. Privately, Air India executives denied holding interviews on Saturday and the airline did not issue any statement.
The Supreme Court of India has released an inquiry report into the alleged discovery of a large amount of cash at the residence of Delhi High Court judge Yashwant Varma. The report, which includes photos and videos, was uploaded on the court's website. Chief Justice of India Sanjiv Khanna has formed an in-house committee to investigate the matter and has asked the Delhi High Court Chief Justice to not assign any judicial work to Justice Varma. Justice Varma has denied the allegations, claiming they are part of a conspiracy to frame him. The inquiry report, submitted by the Delhi High Court Chief Justice, has been made public and calls for a deeper probe into the incident. The incident has raised concerns about judicial accountability and has prompted the Congress party to call for strong measures to uphold public trust in the judiciary.
As SpiceJet faces heat from the aviation regulator DGCA for multiple flight incidents in the last few weeks, malfunction cases involving planes of IndiGo and Vistara came to light on Wednesday.
The minister's remarks come against the backdrop of Surya, the ruling BJP's Bengaluru South MP, facing flak from Congress over the incident, which happened on December 10 last year at Chennai airport.
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