NEW DELHI: 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 intense 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.