India Business Briefs for May 23: IndiGo profit doubles; to start business class in select routes

• Shubham
• 23 May, 2024

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By: Shubham Ghosh

HERE are news related to Indian economy and business for Thursday, May 23, 2024:

IndiGo, India’s largest airline, on Thursday reported more than doubling of its net profit to Rs 1,894.8 crore (£179 million) in the three months ended March 2024 besides announcing the introduction of business class in select routes in the current year. The robust show in the latest March quarter, which also marks six consecutive quarters of profitability, was fuelled by higher traffic, heightened capacity and a favourable external environment. After flying for nearly 18 years, the airline will introduce business class in select routes this year as it seeks to provide more options for passengers amid rising economic growth. It will launch a “tailor-made business product”, the details of which will be unveiled around August.

Shareholders of Israel-based Taro have approved the company’s merger agreement with Sun Pharma, the drug major based in Mumbai said on Thursday. The agreement between Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders at an extraordinary general meeting and an ordinary class meeting on Wednesday (22), the drug major said in a statement. “We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun,” Sun Pharma managing director Dilip Shanghvi said.

India’s premier carrier Air India on Thursday announced annual salary increments for its staff, and also introduced an annual target performance bonus for pilots, according to sources. This is the first appraisal process after Tata Group took over the loss-making airline a little over two years ago. The quantum of monthly hike varies from Rs 5,000 (£47) to Rs 15,000 (£142) for pilots, depending on their experience and position. The annual target performance bonus for pilots can be up to Rs 1.8 lakh (£1,702), the sources said. On Thursday, Air India chief human resources officer Ravindra Kumar GP announced salary increments for employees, with effect from April 1, 2024, as well as performance bonus payouts for FY 2023-24 based on company and individual performance, according to the sources.

(With PTI and other agencies)