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IndiGo's Net Loss Narrows to Rs 1,064 Crore

InterGlobe Aviation Ltd. (IndiGo) reported a net loss of Rs 1,064.2 crore for the first quarter that ended on June 30, 2022, due to depreciating rupee and higher fuel prices.

The airline had posted a loss of Rs 3,174.2 crore during the corresponding quarter last year. Total revenue stood at Rs 12,855.3 crore during the period under review, up 327 percent as against Rs 3,006.9 crore in the corresponding period of the preceding fiscal, resulting in the highest ever quarterly revenue.

The airline saw an increase in the number of passengers by 221.9 percent compared to the same period last year.

For the quarter, IndiGo's passenger ticket revenues were Rs 11,466.9 crore, an increase of 399.1 percent and ancillary revenues were Rs 1,286.3 crore, an increase of 92.5 percent compared to the same period last year.

The Company’s CEO, Ronojoy Dutta said: Our revenue performance this quarter was impressive. We reported the highest ever revenue generated by the company and thereby produced profits at an operational level. However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability. While our financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong.”

As of 30th June 2022, fleet of 281 aircraft including 35 A320 CEOs, 146 A320 NEOs, 65 A321 NEOs and 35 ATRs; a net increase of 6 aircraft during the quarter. IndiGo operated at a peak of 1,667 daily flights during the quarter including non-scheduled flights. During the quarter, provided scheduled services to 73 domestic destinations and 20 international destinations.

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