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IndiGo announces special bonus to employees ahead of Q4 results
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
This special bonus will be additional to the annual bonus and increment that employees will receive later this year.
India’s largest airline, IndiGo, has announced a special one-time bonus for employees across the board ahead of its Q4 results. The bonus will be one and a half months’ basic salary and will be disbursed along with the May salaries. This special bonus will be additional to the annual bonus and increment that employees will receive later this year.
“In addition to this regular process, on behalf of our CEO and the entire IndiGo Leadership team, we would like to express our appreciation for your collective effort by saying, ‘Thank you for all your great work and for bringing the company back.’ We are pleased to announce a one-time special bonus to reward each colleague. This Thank You Bonus shall amount to 1.5 months’ Basic salary (One and a half months’ Basic Salary). This amount will be disbursed along with the May 2024 salary as an Ex-Gratia,” IndiGo told employees in an internal email.
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This announcement comes just days after the airline signed a deal to buy 30 wide-body Airbus A350 planes that will help it expand its international reach, as CEO Pieter Elbers stated, and will help it fly from ‘Patna to Paris.’
The special bonus also indicates that IndiGo is likely to hit another blockbuster quarter after recording ₹3,000 crore profit in the third quarter of FY24. The airline clocked revenue of ₹19,452 crore in Q3FY24, up 30% compared to Q3FY23. IndiGo’s margin also climbed to 26.5% in the third quarter of this fiscal year, a significant rise from 20.9% in the same quarter of the last fiscal year.
“When we published our Q3 results in February 2024, we moved our company back into a net worth positive position. This is an incredibly important milestone. From here, we can further build our future, and obviously, the recent momentous wide-body fleet announcement is a further testament to both our belief and commitment towards the future of IndiGo,” the email stated.
The airline has managed to maintain an operational fleet of over 300 planes despite having more than 60 planes grounded due to the Pratt & Whitney engine recall. IndiGo continues to hold over 60% market share.
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