Indigo AGM: Indigo is taking steps to bring grounded aircraft into operation, company will reach 100 million customers
[ad_1]
Indigo AGM: The country’s largest airline Indigo told shareholders on Thursday that it is taking several steps to deal with the grounding of some aircraft due to engine problems. Also, work is on to achieve positive net worth for the company again. Peter Albers, Chief Executive Officer (CEO) of IndiGo’s parent company Inter Globe Aviation, while addressing the shareholders at the 20th Annual General Meeting, said that it aims to welcome 100 million customers in the current financial year. The company has a domestic market share of 63 per cent and is looking to expand its operations internationally. The airline operates more than 300 aircraft.
Responding to shareholders’ questions about the grounding of the planes, Albers said that several measures are being taken, including cooperation with Turkish Airlines, to deal with the situation. We are dealing with the situation of planes not flying, he said. Many measures are being taken for this. However, the CEO did not say how many aircraft of the company are not in operation. On August 2, during a call with analysts to discuss the financial results for the June quarter, Albers said that around 40 aircraft are grounded due to supply-chain challenges. Some aircraft have been grounded due to engine problems.
As of June, IndiGo had 316 aircraft in its fleet. This includes 166 A320 Neo, 87 A321 Neo aircraft. In response to a question related to the company’s balance sheet, IndiGo Chief Financial Officer Gaurav Negi said that the balance sheet was very strong before the Kovid-pandemic. But due to the pandemic, the net worth declined and became negative. He said that the company is taking all possible steps to bring the net worth in the positive zone. On the basis of better performance and favorable market condition, Indigo’s net profit stood at Rs 3,090.6 crore in the June quarter of the current financial year, which is the highest ever profit in a single quarter. The company’s total income during this period was Rs 17,160.9 crore, which is the highest quarterly income ever.
,input language,
[ad_2]
Source link
