India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November&nbsp;7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent.

Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted.

"We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline," Qatar Airways CEO Akbar Al Baker told Reuters in an interview in August.

Baker said they had talked to IndiGo but the airline was "not yet ready to take a foreign investor". When it is ready, Qatar will be interested, he had said at the time.

It was not immediately clear if the announcement is about a codeshare agreement, stake sale or any other kind of partnership.

Any deal, however, would come at a time when IndiGo's two co-founders, Rakesh Gangwal and Rahul Bhatia, have been embroiled in a dispute about corporate governance of the airline, sparking concerns among investors it could have an impact on the airline's valuation and strategy.

IndiGo, which has about 40 per cent&nbsp;share of the domestic Indian market, is planning an aggressive push into more international destinations. The airline's CEO Ronojoy Dutta and Qatar Airways CEO Al Baker will "talk about the vision and future for both the airlines", they said in the statement.

Last week, IndiGo placed a historic order for 300 Airbus A320neo-family planes, including the newest jet, a long-range version of the single-aisle A320neo family called the A321XLR.

IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia which it has added earlier this year.

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent.

India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on November 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent. Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted. "We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline," Qatar Airways CEO Akbar Al Baker told Reuters in an interview in August. Baker said they had talked to IndiGo but the airline was "not yet ready to take a foreign investor". When it is ready, Qatar will be interested, he had said at the time. It was not immediately clear if the announcement is about a codeshare agreement, stake sale or any other kind of partnership. Any deal, however, would come at a time when IndiGo's two co-founders, Rakesh Gangwal and Rahul Bhatia, have been embroiled in a dispute about corporate governance of the airline, sparking concerns among investors it could have an impact on the airline's valuation and strategy. IndiGo, which has about 40 per cent share of the domestic Indian market, is planning an aggressive push into more international destinations. The airline's CEO Ronojoy Dutta and Qatar Airways CEO Al Baker will "talk about the vision and future for both the airlines", they said in the statement. Last week, IndiGo placed a historic order for 300 Airbus A320neo-family planes, including the newest jet, a long-range version of the single-aisle A320neo family called the A321XLR. IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia which it has added earlier this year.

IndiGo, Qatar Airways to announce strategic deal

Shares of InterGlobe Aviation, the parent company of<a href="https://www.wionews.com/business-economy/indigo-forecasts-strong-year-as-jet-airways-collapse-boosts-profit-222065"> IndiGo airline</a>, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.6 crore for March quarter.

The company had posted a profit of Rs 117.6 crore in the corresponding period of 2017-18. On the BSE, the stock opened on a positive note at Rs 1,705 and jumped 3.18 per cent to Rs 1,716 over its previous close. The scrip opened at Rs 1,698 and further rose 3.23 per cent to Rs 1,716 on the NSE.

InterGlobe Aviation Monday said that its annual net profit for 2018-19 stood at Rs 156.1 crore, which was 93 per cent less than Rs 2,242.4 crore for the 2017-18 fiscal.

IndiGo CEO Ronojoy Dutta said, "Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intensely competitive environment."

"However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," he added.

Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.

Shares of InterGlobe Aviation, the parent company of IndiGo airline, rallied over 3 per cent in early trade Tuesday, a day after the company posted a five-fold jump in profit after tax to Rs 589.6 crore for March quarter. The company had posted a profit of Rs 117.6 crore in the corresponding period of 2017-18. On the BSE, the stock opened on a positive note at Rs 1,705 and jumped 3.18 per cent to Rs 1,716 over its previous close. The scrip opened at Rs 1,698 and further rose 3.23 per cent to Rs 1,716 on the NSE. InterGlobe Aviation Monday said that its annual net profit for 2018-19 stood at Rs 156.1 crore, which was 93 per cent less than Rs 2,242.4 crore for the 2017-18 fiscal. IndiGo CEO Ronojoy Dutta said, "Fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intensely competitive environment." "However, it is a tale of two halves for IndiGo, with the first half of the year incurring losses and the second half of the year experiencing a sharp recovery," he added.

IndiGo shares rise 3% post Q4 results

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways&nbsp;helped the company report a fivefold jump in fourth-quarter profit.

IndiGo, the country's largest airline by market share, gained passengers in recent months after Jet Airways shut down operations in April, having been forced to ground its fleet since early this year.

IndiGo also gained by optimising its domestic network and growing its international routes, Chief Executive Ronojoy Dutta said on an analyst call.

"Jet Airways' cessation of service helped our performance in the last week of February and the whole of March," Dutta said.

Interglobe shares set a record closing high, up 2.5% at 1,662.15 rupees in a broader Mumbai market which ended up 0.7%.

Dutta said the shutdown at Jet increased revenue per available seat kilometre by between 3% and 4%. That number, a measure of the carrier's operating earnings, rose 5.9% in total to 3.63 rupees in January through March.

Jet's troubles have allowed IndiGo and other carriers such as SpiceJet to raise prices on some routes, offsetting some of the losses they faced last fiscal year because of high fuel prices and intense competition.

IndiGo's passenger yield, a measure of airfares, rose 12% during the quarter.

Higher fares

CEO Dutta said Jet's grounding helped IndiGo raise fares, but it will see the boost ease by June except in some international markets. "By and large international routes are doing well. We are happy with the utilisation and profitability," he said.

Available seat kilometres, a measure of the airline's passenger carrying capacity, is expected to rise 30% in the current fiscal year, with half of that in the domestic market and the other half in international, Dutta said.

The airline said that while it is studying the use of wide-body planes on international routes, it does not plan to place an order imminently. It will, however, take deliveries of 53 narrow-body Airbus planes and 11 ATR turboprops in the current fiscal year.

IndiGo has also seen significant improvements over the past year in the performance of engines made by Pratt &amp; Whitney (part of United Technologies), troubles with which had forced it to ground planes in the past, Wolfgang Prock-Schauer, the airline's president and chief operating officer, said on the call.

"For most of the issues resolutions have been found and implemented," Prock-Schauer said, adding the group is working with Pratt on two areas, one of which is expected to be fixed in engines to be delivered from June and the other by September.

Until then the airline has sufficient spare engines, he said.

InterGlobe's profit for the quarter rose to 5.9 billion rupees from 1.18 billion a year earlier.

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways helped the company report a fivefold jump in fourth-quarter profit.

Interglobe Aviation Ltd, owner of Indian budget airline IndiGo, forecast a strong year ahead after the collapse of Jet Airways helped the company report a fivefold jump in fourth-quarter profit. IndiGo, the country's largest airline by market share, gained passengers in recent months after Jet Airways shut down operations in April, having been forced to ground its fleet since early this year. IndiGo also gained by optimising its domestic network and growing its international routes, Chief Executive Ronojoy Dutta said on an analyst call. "Jet Airways' cessation of service helped our performance in the last week of February and the whole of March," Dutta said. Interglobe shares set a record closing high, up 2.5% at 1,662.15 rupees in a broader Mumbai market which ended up 0.7%. Dutta said the shutdown at Jet increased revenue per available seat kilometre by between 3% and 4%. That number, a measure of the carrier's operating earnings, rose 5.9% in total to 3.63 rupees in January through March. Jet's troubles have allowed IndiGo and other carriers such as SpiceJet to raise prices on some routes, offsetting some of the losses they faced last fiscal year because of high fuel prices and intense competition. IndiGo's passenger yield, a measure of airfares, rose 12% during the quarter. Higher fares CEO Dutta said Jet's grounding helped IndiGo raise fares, but it will see the boost ease by June except in some international markets. "By and large international routes are doing well. We are happy with the utilisation and profitability," he said. Available seat kilometres, a measure of the airline's passenger carrying capacity, is expected to rise 30% in the current fiscal year, with half of that in the domestic market and the other half in international, Dutta said. The airline said that while it is studying the use of wide-body planes on international routes, it does not plan to place an order imminently. It will, however, take deliveries of 53 narrow-body Airbus planes and 11 ATR turboprops in the current fiscal year. IndiGo has also seen significant improvements over the past year in the performance of engines made by Pratt & Whitney (part of United Technologies), troubles with which had forced it to ground planes in the past, Wolfgang Prock-Schauer, the airline's president and chief operating officer, said on the call. "For most of the issues resolutions have been found and implemented," Prock-Schauer said, adding the group is working with Pratt on two areas, one of which is expected to be fixed in engines to be delivered from June and the other by September. Until then the airline has sufficient spare engines, he said. InterGlobe's profit for the quarter rose to 5.9 billion rupees from 1.18 billion a year earlier.

IndiGo forecasts strong year as Jet Airways collapse boosts profit

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