The InterGlobe Aviation stock fell nearly 17 percent in Thursday's trade after the firm reported a 73% fall in March quarter net profit to Rs 117.6 crore on higher fuel costs. At 9:45 am, the stock was trading 16.52% or 222 points lower at 1125 level on BSE. The stock has been highly volatile with an intra day volatility of 11.48% (calculated from weighted average price).
The InterGlobe Aviation stock is down 5.46% on an year-to-date basis and 17% during the last one month.
The stock has fallen 21.51% during the last four days. The stock opened with a loss 4.39% at 1,289 level on BSE. The stock touched an intra day low of Rs 1111 on BSE. It fell over 3% on BSE ahead of announcement of Q4 earnings.
The low-cost carrier posted its highest ever profit after tax of Rs 2,242 crore for the year ended March 2018, an increase of 35.1 per cent compared to last year's Rs 1,656.98 crore. However, fuel expenses shot up to Rs 2,337.71 crore in the latest quarter under review from Rs 1,750.51 crore in the year-ago period. The fuel cost in Q4 stood at Rs 61.78 per litre, 11.6% higher from the March quarter of 2017.
"We have reported our highest ever annual profits for fiscal 2018. We continue to execute on our growth plans and are putting in place the management team to execute our plans," IndiGo Co-Founder and interim CEO Rahul Bhatia said.
The lower quarterly profit was mainly due to rise in fuel costs, foreign exchange loss and lower yield, IndiGo's Chief Financial Officer Rohit Philip said during a conference call to discuss the financial results.
The full year results include certain credits received from manufacturers to offset some of the impact of aircraft grounding and delivery delays, the airline said.As it moves ahead with ambitious expansion plans, the airline expects to add six more aircraft by the end of 2018. It had a fleet of 159 planes at the end of March.