Comments
Shares of InterGlobe Aviation slumped nearly 20 per cent today as the company has reported 73 per cent plunge in profit for the March quarter.
The stock, after making a weak opening, further tumbled 17.57 per cent to Rs 1,111.30 on the BSE. On the NSE, the shares crashed by 19.75 per cent to Rs 1,077.55.
IndiGo’s parent InterGlobe Aviation had yesterday reported 73 per cent plunge in profit after tax (PAT) to Rs 117.64 crore for the March quarter as higher fuel costs and foreign exchange loss took a toll on its bottom line.
The carrier, which had last week announced the sudden departure of its President and Whole Time Director Aditya Ghosh, had reported a PAT of Rs 440.31 crore in the year-ago period.
However, the company’s total income in the fourth quarter of 2017-18 climbed 17 per cent to Rs 6,056.84 crore. It was Rs 5,141.99 crore in the year-ago period, according to a regulatory filing.
The lower quarterly profit was mainly due to rise in fuel costs, foreign exchange loss and lower yield, IndiGo’s Chief Financial Officer Rohit Philip said during a conference call to discuss the financial results.
Selling was also seen in other airline stocks, with SpiceJet tumbling 8.98 per cent to Rs 120.05 and Jet Airways (India) falling 6.22 per cent to Rs 556 on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.