|
|
|
IndiGo to seek shareholders' nod to expand Board
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 20 Jul, 2019
IndiGo, India's biggest airline by market share owned by InterGlobe
Aviation Limited, said on Saturday that shareholders' approval will be
sought to expand its Board.
According to a company statement:
"The Board has decided to seek the approval of the shareholders at the
upcoming annual general meeting for expanding the Board to enable the
induction of an independent woman director."
The development came
after the two-day Board meet which commenced on Friday. The meet
assumed significance as the airline's co-founders are up against each
other over the control of the company.
On Friday, the Board
approved the company's financial results for the quarter ended June 30.
It also considered the appointment of a woman director, among other
matters.
"I just want to confirm that we had a board meeting
today and this board meeting will continue tomorrow as well. The Board
in its meeting today had a discussion on the appointment of an
independent woman director to the Board of the company," the company's
Chief Executive Officer (CEO) Ronojoy Dutta said in a post results
conference call on Friday.
"Of course, we have to take the step
to comply with the law, but in order to induct an independent woman
director, we need to change the 'Articles of Association' of the company
which now needs to be amended. We are working on this and a final
decision on this subject will be made tomorrow," he had said.
Industry sources have said that the company has also approached former Pepsico CEO Indra Nooyi to join its board of directors.
On
the financial front, IndiGo posted its highest ever quarterly net
profit of Rs 1,203 crore for the first quarter of FY 2019-20.
Accordingly, the company's profit grew to Rs 1,203.1 crore from Rs 27.8 crore in the year-ago quarter.
"Strong
passenger revenues along with a sharp improvement in cargo performance
were key drivers to this improved profitability," Dutta said.
"We
are particularly pleased with this quarter because it demonstrated our
ability to grow rapidly while simultaneously expanding our margin
performance," he said.
As of June 30, IndiGo had a total cash
balance of Rs 17,337.1 crore comprising Rs 7,696.8 crore free cash and
Rs 9,640.2 crore restricted cash.
It had a fleet of 235 aircraft
as of June 30 and operated a peak of 1,437 daily flights during the
quarter to 70 destinations, including 17 international cities.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|