Jet Airways Helps Indigo Make Huge Profit
IndiGo has announced record profits, due to Jet Airways going out of business.
IndiGo have announced a profit of Rs 117.6 crore for the fourth quarter from January 2019 to March 2019. They had a revenue of Rs 7,883.3 crore and a profit of Rs 589.6 crore. This year their profit was 5 times more than the financial year of 2018.
The main reason for IndiGo to have such great numbers was mainly attributed to the reduction of Jet Airways flights for the first 3 months of 2019. The CEO of IndiGo, Ronojoy Dutta said with the shortage of flights ticket prices went up but he hopes the market would stabilize by May or June.
IndiGo currently have a cash reserve of Rs. 15,308.1 crore, after all expenses have been taken into consideration they will have “free cash” of Rs. 6079.6 crore to invest and help them grow aggressively in the international flight market. With Jet Airways not flying, they have captured almost 50% of the domestic market already.
