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Owner of Indian airline IndiGo posts 53% rise in annual profit
[NEW DELHI] InterGlobe Aviation , owner of Indian airline IndiGo, reported on Friday a 53 per cent jump in full-year net profit to 19.9 billion rupees (S$403 million), helped by the rapid growth of revenue at its budget carrier.
IndiGo is India's largest airline, flying about one in three passengers in the country's booming air travel market.
InterGlobe, which listed on the Mumbai stock exchange last year, said in a regulatory statement that net profit in its fourth quarter was up just 0.3 per cent to 5.79 billion rupees over the previous year, with increased revenue offset by higher aircraft and engine costs.
Indian airlines, including SpiceJet Ltd, Jet Airways Ltd and GoAir, are benefiting from a 20 per cent year-on-year rise in passenger numbers as more people fly, as well as lower fuel prices.