Propelled by higher passenger revenues, InterGlobe Aviation on Friday posted its highest ever quarterly profit of Rs 1,203.14 crore for the three months ended June 30.
Total income climbed to Rs 9,786.94 crore for the June quarter from Rs 8,259.69 crore in the same period a year ago, according to a regulatory filing. Its revenue from operations jumped nearly 45% to Rs 9,420 crore. Yield, which is an indicator of revenue earned for every kilometre flown, jumped to 12.8% in the latest quarter. Besides, the airline has increased its capacity.
IndiGo CEO Ronojoy Dutta said the company has reported the highest ever quarterly profit after tax. “Strong passenger revenues along with a sharp improvement in cargo performance were key drivers to this improved profitability,” he said.
The good performance also comes at a time when co-promoters Rakesh Gangwal and Rahul Bhatia are locked in a feud over alleged governance lapses.
IndiGo, which has been on expansion path, had 235 planes in its fleet at the end of June. It flies to over 70 destinations.
The latest June quarter demonstrated the company’s ability to grow rapidly, while also expanding margin performance, Dutta said.
As on June 30, IndiGo’s cash balance stood at Rs 17,337.1 crore. For the second quarter of current fiscal, the company expects ASK (Available Seat per Kilometre) to increase by 28 per cent on a year-on-year basis. The rise is projected to be 30% for financial year 2020.
“With effect from April 1, 2019, the company has capitalised its operating leases in accordance with Ind AS 116.
“The capitalised lease liability as of June 30, 2019 was Rs 1,60,701 million (Rs 16,070.1 crore). The total debt (including the capitalised lease liability) was Rs 1,84,309 million (Rs 18,430.9 crore),” the filing said. Indian Accounting Standards (Ind AS) 116 pertains to leases.
Meanwhile, IndiGo’s parent InterGlobe Aviation saw its profit after tax zoom to 1,203.1 crore for the three months ended June 30, 2019. This is the highest ever quarterly profit, company’s CEO Ronojoy Dutta said.
The company had reported a profit after tax of Rs 27.8 crore in the year-ago period, according to a filing to the stock exchanges on Friday. In the latest June quarter, revenue from operations jumped nearly 45% to Rs 9,420 crore.
ICICI Lombard Q1 net profit up over 7%
ICICI Lombard General Insurance on Friday reported a 7.1% rise in its net profit at Rs 310 crore for the first quarter ended June 2019. The general insurer had posted a net profit of Rs 289 crore in the corresponding April-June period of previous fiscal.
The company’s gross direct premium income (GDPI) fell 7.6% to Rs 3,487 crore during June quarter of 2019-20 as against Rs 3,774 crore in the year ago period, it said in a regulatory filing.
Excluding crop segment, the company said its GDPI grew by 17.7% to Rs 3,488 crore from Rs 2,964 crore a year ago, which was higher than the industry growth (excluding crop segment) of 13.6%.
ICICI Lombard offers products such as motor, health, crop, fire, personal accident, marine, engineering and liability insurance.
Bandhan Bank net profit jumps 45%
Bandhan Bank on Friday reported a jump of over 45% in its net profit to Rs 701 crore in the first quarter ended June 30, on healthy core income. The Kolkata-based private sector lender had registered a net profit of Rs 482 crore during the corresponding quarter of 2018-19.
Its total income rose 38.06% to Rs 1,723 crore during the quarter, compared with Rs 1,248 crore in the corresponding quarter of 2018-19, the bank said in a regulatory filing.
The bank’s net interest income grew over 36% to Rs 1,411 crore, while the income from non-interest sources jumped nearly 48% to Rs 312 crore during the quarter. Operating profit jumped 47.14% to Rs 1,208 crore, against Rs 821 crore in the year-ago period. The loan portfolio of the lender increased 39.36% to Rs 45,420 crore as on June 30, 2019. The asset quality witnessed deterioration with respect to gross non-performing assets (NPAs), which rose to 2.02% of the gross advances by end of June 2019 as against 1.26% a year ago. However, the net NPAs or bad loans were trimmed to 0.56% as against 0.64% in the year-ago quarter.
Dabur India Q1 up 10%
Homegrown FMCG major Dabur India Ltd on Friday reported 10.24% increase in consolidated net profit to Rs 363.81 crore for the first quarter ended June, 2019, driven by growth in rural sales. It had posted a net profit of Rs 330 crore in the April-June period of the last fiscal, Dabur India said in a BSE filing. Dabur’s revenue from operations for the quarter under review was up 9.25% to Rs 2,273.29 crore, as against Rs 2,080.68 crore in the corresponding quarter of the previous fiscal.
According to the company, its domestic FMCG business reported a volume growth of 9.6 per cent during the quarter. Dabur’s total expenses were at Rs 1,883.65 crore, as against Rs 1,752.17 crore, registering a rise of 7.50%.
