InterGlobe Aviation shares slip over 8% intraday on reporting 25% fall in Q3 net profit


NEW DELHI: Shares of InterGlobe Aviation slipped over 8 per cent in early trade on Wednesday after the company reported 25 per cent fall in net profit at Rs 487.26 crore for the quarter ended December 31, 2016 against Rs 650.34 crore in the corresponding quarter last year.

In the December quarter, the company’s overall expenses shot up to Rs 4,480.43 crore from Rs 3,415.66 crore in the same period a year ago, according to a regulatory filing.

This was mainly driven by over 40 per cent jump in aircraft fuel costs, which stood at Rs 1,671.20 crore in the third quarter. The same stood at Rs 1,165.86 crore in the year ago period.

The company posted total income from operations of Rs 4,986.49 crore, up 16 per cent, against Rs 4,297.76 crore in the same period last year.

Shares of the company were trading 7.65 per cent down at Rs 831.90. The scrip opened the day at Rs 860 and touched a high and low of Rs 869.60 and Rs 825, respectively, in trade so far. Benchmark BSE Sensex was trading almost flat at 27655.35 ahead of the Union Budget 2017.