ICRA upgrades IndiGo’s credit rating outlook from negative to stable

23 Mar 2023 , 10:40 AM

InterGlobe Aviation (IndiGo) informed that credit rating agency ICRA Limited has upgraded the outlook on the company from negative to stable while reaffirming the Company’s long-term credit rating at ICRA A and short-term credit rating at ICRA A1.

The company, in its filing with the bourses, stated that the change in outlook is based on the favorable changes in the operational landscape, which are supported by a significant increase in passenger volumes, both domestically and internationally. Additionally, the recent decline in aviation turbine fuel prices and continued improvements in liquidity further contribute to this shift in perspective.

During the third quarter of FY 2022-23, the company reported its highest-ever quarterly revenue of Rs 15,410.20 crore, along with a robust net profit of Rs 1,423.30 crore, while liquidity position remains strong with a cash balance of Rs 21,924.70 crore (including a free cash balance of Rs 10,612.50 crore) as of December 31, 2022.

At around 10.36 AM, IndiGo was trading 1.64% higher at Rs 1,919.75 apiece, against the previous close of Rs 1,888.75 on NSE. So far, the counter hit an intraday high of Rs1,919.95.

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