February 2, Bangalore (Reuters) - The operator of IndiGo, Interglobe Aviation, announced on Friday that its third-quarter profit more than doubled, propelled by higher rates and a seasonally robust demand for air travel.

The leading airline in India based on market share stated that it anticipates a 12% increase in capacity, or available seats per kilometer, in the current quarter.

With 358 aircraft, the low-cost carrier has the largest airline fleet in India and holds a market share of almost 62%.

Due to Pratt and Whitney engine problems that have grounded a fifth of its fleet, the airline has started leasing new aircraft and extending leases on existing ones.

For the three months ending December 31, the company declared a standalone profit of 29.98 billion rupees ($362 million), up from 14.18 billion rupees in the same period the previous year.

Analysts noted that the country's hosting of the men's Cricket World Cup and the consecutive festive and wedding seasons helped it.

Analysts attributed IndiGo's 30% increase in income to higher tickets, amounting to 194.52 billion rupees.

Its expenditures increased by 22% due to an 18% increase in gasoline, which makes up 40% of the total. However, the foreign exchange losses decreased by over 91%.

The utilized passenger carrying capacity, or load factor, for IndiGo increased from 85.1% to 85.8%.

The average revenue per passenger kilometer, or yield, increased by 2% to 5.48 rupees per kilometer.

The company's shares closed at 3,127.1 rupees, their highest closing price ever, 2% higher on Friday.