MUMBAI -- Profits at Indian air carriers are fast losing altitude despite robust demand growth as the companies battle surging fuel costs and a depreciating local currency in a crowded market.
IndiGo, the biggest private-sector carrier in India, enjoyed a strong year in the 12 months ended March 31, with after-tax parent-only profit growing 35% on the year to 22.4 billion rupees ($321 million). Praised for its on-time performance, IndiGo controls 40% of the domestic passenger market.
