InterGlobe Aviation to expand board to have up to 10 Directors; stock surges 3%

The company’s net profit zoomed 43 times to Rs1,203cr in the June quarter compared with Rs27.8cr in the same quarter last year.

Jul 22, 2019 05:07 IST India Infoline News Service

Indigo-Airlines
The Board of Directors of InterGlobe Aviation Ltd (IndiGo) have decided to amend the Articles of Association of the Company (“Articles”) for expanding the Board upto a maximum of 10, including 4 Independent Directors. The company said amendment of the Articles will be subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company, the company said on July 20.

Meanwhile, the company’s net profit zoomed 43 times to Rs1,203cr in the June quarter compared with Rs27.8cr in the same quarter last year. The revenue from operations came at Rs9420.1cr for the quarter, an increase of 44.7% against a 30.3% increase in capacity compared to the same period last year.

EBITDAR of Rs2,778.5cr with EBITDAR margin of 29.5% for the quarter, compared to EBITDAR of Rs1130.1cr with EBITDAR margin of 17.4% for the same period last year.

Interglobe Aviation Ltd is currently trading at Rs1,503.40, up by Rs41.9 or 2.87% from its previous closing of Rs1,461.50 on the BSE.

The scrip opened at Rs1,493.35 and has touched a high and low of Rs1,518.60 and Rs1,426.85 respectively.

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