IndiGo’s consolidated net profit fell 18.5 per cent to ₹2,448 crore in the third quarter of 2024, impacted by higher depreciation and a high number of grounded planes, despite strong demand.
During a conference call with analysts, Chief Financial Officer Gaurav Negi said: “While our top line performance exceeded expectations, profitability was adversely impacted due to a rise in depreciation during the quarter. The third quarter saw continued weakness in the rupee, primarily due to the strengthening of the US dollar and at the end of the quarter, depreciation of the Indian rupee as compared to the end of the September quarter resulting in a mark-to-market foreign exchange loss of around ₹1,400 crore.”
“Our exposure to foreign-exchange risk is largely due to lease liability, which are a significant portion of our foreign obligations, and mainly denominated in dollars. Accordingly, we accrue the currency impact at the quarter end,” he added.
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