Indigo share price jump after Q1 Results: The positive effect of the tremendous June quarter results and the announcement of increasing the salary of the employees has been seen in the form of a boom in the shares of Indigo. Indigo’s share has reached a price of Rs 2,505 per share with a strength of about 3%.
New Delhi: InterGlobe Aviation has announced to increase the salary of the employees of its owned Indigo airline after achieving record net profit in the June quarter. At the same time, after the quarterly results, the company’s stock saw a tremendous rise and its price has reached near the all-time high level.
India’s largest domestic airline IndiGo said it will increase the salaries of its pilots and cabin crew after reporting a record net profit of Rs 3,090 crore in the first quarter of 2023-24. The airline has started a performance review for around 4,500 flight crew and said the new pay along with the hike will come into effect from October 1.
Indigo has more than 60% share in the domestic market of India. The company registered a net profit of Rs 3,090 crore for the April-June period, which is the highest ever quarterly profit. After record profits, the company has announced a salary hike as part of its plan to extend its benefits to the employees as well. Let us tell you that after registering profit in the January-March quarter, the airline had announced a bonus of 3 percent of the salary to its crew.
Indigo Airline’s Senior Vice President of Flight Operations Ashim Mitra said that we have gained our financial strength in the last year and started building. We have reviewed and restored the pay and allowances at pre-Covid levels. We will work with our HR team to increase our flight crew salaries in the coming months. The revised pay structure will be effective from October 1.
Indigo shares become rocket
The positive effect of the tremendous June quarter results and the announcement of increasing the salary of the employees has been seen in the form of a boom in the shares of Indigo. On Friday, the last trading day of the week, Indigo’s stock jumped by Rs 57.25, or 2.34%, to reach a price of Rs 2,505 per share. This price has reached close to the all-time high level of Rs 2,745.
