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InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is to sell a 2% stake in IndiGo via block deals valued at ₹3,293 crore. Recently, IndiGo has reported a record profit of ₹8,172 crore for FY2024.
InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is reportedly considering selling a 2% stake in low-cost carrier Indigo through block deals. The transaction involves the sale of 77 lakh shares at a base price of ₹4,266 per share, indicating a 7% discount, valuing the deal at ₹3,293 crore.
Explore: INDIGO PAINTS LIMITED
Rahul Bhatia is constrained by regulatory requirements and prohibited from selling additional shares in the market for at least one year.
InterGlobe Aviation, IndiGo's parent company, announced a record-breaking profit of ₹8,172 crore for the fiscal year 2024. Additionally, it reported a net profit of ₹1,894 crore for the fourth quarter, marking its sixth consecutive quarter of profitability.
In the corresponding quarter, InterGlobe Aviation's net profit surged to ₹919.2 crore, with a 26% increase in revenue from operations to ₹17,825.3 crore.
Additional Read: IndiGo’s Stock Crashes! Buy, Hold, or Sell Going Ahead?
EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortisation, and Rentals) witnessed a significant increase of 48.7% to ₹4,412.3 crore in the fourth quarter, with the EBITDAR margin reaching 24.8%.
IndiGo achieved a noteworthy reduction in its fuel cost per available seat kilometre (CASK), decreasing by 6.9% to ₹1.72. However, the CASK excluding fuel witnessed a rise of 14.7% at ₹2.90, indicating potential challenges in cost management.
This stake sale and IndiGo's robust financial performance underscore the company's strategic moves in navigating the aviation industry amidst challenging economic conditions.
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