Under the so-called term sheet signed between IndiGo and ATR, the airline can reduce the number of airplanes delivered "under certain conditions". The company said the cost of one litre of fuel during the fourth quarter was Rs 55.38 as compared with Rs 40.03 a year ago, an increase of 38.3 percent.
The airline's total income was up 18.5 percent at Rs 4,848.2 crore against Rs 4,090.6 crore year on year.
Correspondingly, India's largest airline by market share saw its net profit for FY 2016-17 at Rs 1659.2 crore - down 16.5% from Rs 1,986.2 crore in the previous fiscal.
The ATRs' low operating costs would help the airline build a large regional air travel network with reasonable fares, Ghosh said. It also announced a divided of Rs 34 per share.
New Delhi InterGlobe Aviation Ltd, which runs India's largest airline IndiGo turned in a profit Rs 1,659 crore in the year ended 31 March and has chose to buy 50 turboprop planes to start regional aviation operations.
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ATR, which is jointly owned by Airbus AIR.PA and Italian company Leonardo LDOF.MI , said the aircraft were set to start operations by the end of 2017.
IndiGo says a firm order will depend on the two sides' reaching a "mutually-satisfactory final purchase agreement".
"In support of our Prime Minister Narendra Modi's UDAN vision, we are embarking on a journey to build a nationwide regional network and connect cities that have not benefited from the growth in Indian aviation", IndiGo's president and Whole-time Director Aditya Ghosh said.
"Assuming we reach a final agreement with ATR, expect to have up to 7 ATR-72-600 aircraft by March 2018", it said. The entire debt for IndiGo is aircraft related. The ATR aircraft, which sports a price tag of above $25 million, is most suited for regional air connectivity and is presently operated by Jet Airways and India's flag carrier Air India on short-haul domestic routes.
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