IndiGo's billionaire boss Rahul Bhatia steps in after Aditya Ghosh's exit

Under Aditya Ghosh’s leadership Indi Go grew to become India’s largest domestic passenger airline and the world’s fourth-largest low-budget airline. File

Profit dropped to Rs 118 crore, from Rs 440 crore a year earlier, dragged down by higher expenses and fuel costs.

"We continue to seek worldwide route rights, regulatory approvals for long-haul flights " Answering questions on the sale of Air India, Rahul Bhatia, co-founder and interim CEO of the airline, said, "We were very interested in primarily acquiring Air India's global operations". On NSE, shares of the company cracked 19.75 per cent to Rs 1,077.55.

The full year results include certain credits received from manufacturers to offset some of the impact of aircraft grounding and delivery delays, the airline said.

For full year ended March 2018, revenue from operations came in at ₹23,020 crore, implying an increase of almost 24 percent compared to last year.

"Total income for the quarter ended March 2018 was Rs 60,568.43 million, an increase of 17.8 per cent over previous year", the statement said. This was primarily driven by rise in fuel cost, forex losses (booked a loss of Rs 925 million compared to a gain of Rs2.5 billion in the same quarter last year) and fall in passenger yields. That said, Bhatia added, "We continue to look at the [international] long-haul opportunity without Air India and we continue to seek route rights and other necessary regulatory approvals as may be required to operate long-haul flights". Prior to that he held various management roles at United Airlines and US Airways in the areas of corporate planning, strategy, network planning, fleet planning, finance, cost management and airline express operations. While First quarter fiscal 2019 year over year increase in capacity is expected to be 18%.

At the end of March, the company had a total debt of Rs 2,452.72 crore related entirely to aircraft.

Ltd.'s billionaire director has taken over as an interim chief executive officer after its president and director Aditya Ghosh unexpectedly resigned before a board meeting Friday, the operator of India's biggest airline said in an exchange filing.

Philip stressed that there would be no change in business model with introduction of turbo prop operations and potentially wide-bodied operations.

Share price of Indigo tumbled by Rs 44 or 3.19% on BSE, after finishing at Rs 1,355 per piece. The results were announced after the market hours.

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