Indian low cost carrier IndiGo has announced that it will launch a tailor-made business class product by the end of 2024 for its busiest business routes.
Since the airline launched in 2006, its business model has focused on affordable fares, on-time performance and customer service. After 18 years, the airline has announced that it is taking a step towards evolution of its service with the debut of a business class product.
Crediting India’s soaring economy and “evolving aspirations” within its society, IndiGo has declared that the time is right to redefine premium travel in the country.
“As India’s most preferred airline, we are constantly looking at innovating our service offering for our millions of customers,” Pieter Elbers, CEO of IndiGo said in a statement. “Over the past 18 years, India’s and IndiGo’s growth story have been interlinked. We believe as India gears up to become the third largest economy in the world, it’s our privilege to provide the New India even more options to choose from as they travel business.”
IndiGo claims that its business class product will be operational before the end of 2024. More details, such as routes and product offering, are tol be revealed in August 2024.
A profitable financial year for 2024
Meanwhile, IndiGo reported its highest ever total income for the full financial year of 2024.
For the quarter that ended March 2024, the airline reported a net profit of INR 18,948 million ($ 227.38 million) , and for the financial year that ended March 2024, IndiGo reported a net profit of INR 81,725 million ($ 980 million).
For FY2024, its capacity increased by 21.8%, while passengers increased by 24.7%.
Elbers described FY2024 as a year of “many remarkable achievements and milestones”.
“For the full financial year 2024, we reported our highest ever total income of around 712 billion rupees with a net profit of around 82 billion rupees with a net profit margin of 11.9%,” Elbers said.
“The strong execution of our strategy has yielded consistent results for us as we achieved the targets we had set for ourselves as a team at the beginning of the year.”
Elbers also announced that all four quarters for FY2024 had been profitable for the airline.
As of March 31, 2024, IndiGo has a fleet of 367 aircraft including 31 A320 CEOs , 192 A320 NEOs, 94 A321 NEOs, 45 ATRs, 3 A321 freighters and two B777 on damp lease.