Indian airline IndiGo's profit slumps 75% as mass cancellations lead to $63 million hit

India's largest airline, IndiGo, reported a 75% drop in quarterly profit, amounting to 6.13 billion rupees, due to a $63 million hit from mass cancellations in December. The airline faced regulatory scrutiny and fines after thousands of flights were canceled, causing significant disruptions. Despite a 6.2% increase in quarterly revenue to 234.72 billion rupees, overall costs rose nearly 10%, with fuel expenses up 8%. IndiGo expects a 10% rise in capacity for the upcoming quarter.