Interglobe Aviation Q1 net profit of Rs 3,087.2 crore to invest in Aviation startups
Interglobe Aviation Ltd, which owns Indigo Airlines, announced that it will be floating a Limited Liability Partnership to invest in startups. The company also said it closed the first quarter of 2023-24 with a net profit of Rs 3,087.2 crore.
In a regulatory filing, the company said the proposed Limited Liability Partnership will invest in startups operating in aviation, consumer, and allied sectors such as travel & lifestyle, hospitality, and transportation, and Interglobe Aviation will invest about Rs 7 crore in this. According to the company, it closed Q1FY24 with an operational revenue of about Rs 16,683.05 crore (against Q1FY23's Rs 12,855.29 crore) and a net profit of Rs 3,087.2 crore.
The company said during the current quarter, the management has reassessed the estimated useful economic life for 14 CEO aircraft from 20 years to 13-16 years and consequent residual value, basis several factors, including technological advancements and expected usage. Consequently, an additional depreciation expense of 
36.21 crore has been recorded during the quarter under review.
36.21 crore has been recorded during the quarter under review.
