Airlines company IndiGo has now announced the launch of business class service. The company said that it will start this service to meet the needs of the country’s busiest and business routes. This facility will be operational by the end of this year.
The airline will provide information about the business class service offer, launch date and fare in August. IndiGo’s parent company Interglobe Aviation Ltd released its fourth quarter results and said that in the last quarter of FY 2024, the number of passengers traveling by IndiGo has increased by about 13 percent compared to last year.
IndiGo CEO Peter Elbers said, “We are excited about this new beginning in IndiGo’s journey and our aim is to connect with the aspirations of the people and provide more choices to the nation.” He said that we believe that as India prepares to become the third largest economy in the world, it is our privilege to provide even more options to the new India to choose from in the travel business.
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106 percent profit in the fourth quarter
InterGlobe Aviation’s profit in the March 2024 quarter jumped 106 percent to Rs 1,894.8 crore as compared to the same quarter a year ago. It was Rs 919.2 crore in this quarter a year ago. The company’s income has increased 26 percent year-on-year to Rs 17,825.3 crore. The company’s EBITDA increased to Rs 4,412.3 crore, from Rs 2,966.5 crore in this quarter a year ago.
Promoters’ stake reduced
The company’s stock was trading at Rs 4268.30, down 3 per cent at 2:20 pm on May 24 in the stock market. Yesterday it closed at Rs 4,403. The 52-week high of the stock is Rs 4,438.90 and in the last one year, the company’s stock has seen an increase of 88 per cent. In the March 2024 quarter, the promoters’ stake in the company has come down from 63.13 per cent to 57.29 per cent, while mutual funds have increased their holdings from 12.30% to 12.38%.
