Chennai, Aug 2 (IANS) Interglobe Aviation Ltd, that owns Indigo Airlines, on Wednesday announced that it will be floating a Limited Liability Partnership to invest in startups.

The company also said it closed the first quarter of 2023-24 with a net profit of Rs 3,087.2 crore.

In a regulatory filing, the company said the proposed Limited Liability Partnership will invest in startups operating in aviation, consumer and allied sectors such as travel & lifestyle, hospitality, and transportation and Interglobe Aviation will invest about Rs 7 crore in this.

According to the company, it closed Q1FY24 with an operational revenue of about Rs 16,683.05 crore (against Q1FY23’s Rs 12,855.29 crore) and a net profit of Rs 3,087.2 crore (net loss Rs1,065.42 crore).

The company said during the current quarter, the management has reassessed the estimated useful economic life for 14 CEO aircraft from 20 years to 13-16 years and consequent residual value, basis several factors including technological advancements and the expected usage.

Consequently, an additional depreciation expense of Rs. 36.21 crore has been recorded during the quarter under review.