IndiGo, a prominent low-cost carrier, has recently announced a special reward for its employees as a gesture of recognition for their exceptional performance during the fiscal year 2024. In the May 2024 salary, employees will be granted a one-time bonus equivalent to 1.5 times their monthly salary, to be disbursed as an ex-gratia payment.
This bonus initiative comes as a result of the airline's gradual recovery from the economic setbacks incurred during the Covid-19 pandemic, particularly noticeable in the latter half of 2022. Since then, IndiGo has showcased a commendable resurgence, characterized by robust performance and solid financial results.
During the third quarter of fiscal year 2024, IndiGo reported an impressive 110% surge in profits, signaling a significant rebound in air travel demand. Standalone profits for the quarter ending December 31 reached Rs 2,998 crore, marking a substantial increase from Rs 1,423 crore recorded in the corresponding period of the previous year.
IndiGo's CEO, Pieter Elbers, has emphasized the company's resilience in overcoming pandemic-related challenges and reaffirmed its positive trajectory. With five consecutive quarters of profit, the airline continues to recover from the Covid-induced losses and has now achieved a net worth positive status.
Highlighting IndiGo's commitment to growth and innovation, Elbers announced a milestone acquisition of 30 Airbus A350-900 aircraft, representing a significant investment of $9 billion. This procurement signifies IndiGo's strategic vision and readiness to expand its fleet to meet evolving market demands.
In a move signaling further expansion, IndiGo secured options to purchase up to 70 additional Airbus aircraft, underlining its ambitious growth plans. The airline anticipates commencing deliveries of its widebody Airbus A350-900 aircraft by 2027, positioning itself for continued success in the dynamic aviation landscape.
