The agency has also upgraded the firm's short-term rating to “[ICRA] A1+” from “[ICRA] A1”.

ICRA said that the upgrade in ratings reflect sustained improvement in passenger volumes coupled with healthy yields, company's strong liquidity position, extensive network and low-cost positioning.

ICRA further believes that the company is well positioned to maintain (and consolidate) its strong market position in the long run.

InterGlobe Aviation (IndiGo) is amongst the fastest growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, and a courteous, hassle-free travel experience. It had a fleet of 304 aircraft as of 31st March 2023.

The company reported a consolidated net profit of Rs 919.20 crore in Q4 FY23 as against a net loss of Rs 1,681.79 in Q4 FY22. Revenue from operations surged 76.55% to Rs 14,160.60 crore in the quarter ended 31 March 2023 from Rs 8,020.74 crore recorded in Q4 FY22.

The scrip rose 2.51% to end at Rs 2615.10 on the BSE on Friday.