IndiGo To Reward Employees With 1.5x Monthly Salary Bonus

IndiGo announced on May 2nd that it will reward its employees for their exceptional performance in FY24 with a one-time bonus equivalent to 1.5 times their monthly salary, to be disbursed alongside their May 2024 salary. This bonus, granted as an ex-gratia payment, reflects the airline’s gradual recovery from the challenges posed by the Covid-19 pandemic, which began to improve notably in the latter half of 2022.

Also Read: Congress Is Sinking Here, Pakistan Is Crying There: PM Modi Mocks At The Coincidence

In a statement, IndiGo highlighted its resilience and strong performance during this period of recovery. This resilience was underscored by the airline’s return to profitability in Q3FY24, marked by a remarkable 110 percent surge in third-quarter profit, driven by robust demand in air travel. Notably, the company reported a standalone profit of Rs 2,998 crore for the quarter ending December 31, compared to Rs 1,423 crore in the corresponding period of the previous year.

IndiGo CEO Pieter Elbers emphasized the significance of this achievement, citing a profit after tax of Rs 3,000 crore for Q3 FY24, with a profit margin of 15.4 percent. He expressed confidence in the airline’s trajectory, emphasizing its resilience in overcoming the pandemic-induced losses and its return to a positive net worth position.

Elbers also hinted at IndiGo’s future prospects, referencing the recent announcement regarding the acquisition of a wide-body fleet. This significant development underscores the company’s unwavering belief and commitment to its future growth and success.