Due in part to increased demand for air travel and higher rates during a seasonally robust period, IndiGo operator Interglobe Aviation reported a more than two-fold increase in third-quarter profit on Friday.

For the quarter that ended on December 31, the firm declared a standalone profit of Rs 2,998 crore ($362 million), up from Rs 1,418 crore during the same period the previous year.

With 358 aircraft, IndiGo is the largest airline in India and with a market share of more than 62%. IndiGo is a low-cost carrier.

In addition to the men's cricket world cup being held in the nation, analysts noted that the corporation profited from back-to-back wedding and celebration seasons. A 30% increase in revenue to Rs 19,452 crore was attributed by analysts to IndiGo's higher rates.

Its expenditures increased by 22% due to an 18% increase in gasoline, which makes up 40% of the total. However, the foreign exchange losses decreased by more than 91%.

The used passenger carrying capacity, or load factor, for IndiGo increased from 85.1% to 85.8%. The average revenue per passenger kilometer, or yield, increased by 2% to 5.48 rupees per kilometer. At their highest closing price of 3,127.1 rupees on Friday, the company's shares concluded the day 2% higher.

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