IndiGo profit jumps 24% as cheap fuel lifts India's top airline

InterGlobe Aviation reported a 24% surge in profit in its fiscal Q3 as the operator of IndiGo, India’s biggest airline, benefited from lower fuel prices and higher traffic. Net income for the quarter that ended in December rose to 6.57b rupees ($96.6m) from 5.32b rupees a year ago, the company said Thursday. It’s the first time the carrier reported quarterly earnings since its IPO in November. IndiGo and other Asian airlines are reaping the rewards of the lowest oil price in about a decade, which helps them cut expenses and offer cheaper tickets to lure more travellers. Rising incomes in the world’s fastest-growing major economy is boosting passenger numbers for IndiGo, one of the largest customers for Airbus Group SE’s single-aisle planes in the world. “Lower fuel prices enabled us to lower our fares to our customers further stimulating market demands and increasing the propensity of people to travel,” IndiGo President Aditya Ghosh said. <br/>