IndiGo posts Rs 1,583 crore loss for Sept quarter
Nov 04, 2022
Gurgaon (Haryana) [India], November 4 : Interglobe Aviation, the parent company of airline IndiGo, on Friday reported a net loss of Rs 1,583.33 crore in the September quarter, against a net loss of Rs 1,435.65 crore in the year-ago period.
The budget carrier said revenue from operations grew to Rs 12,497.58 crore in the September quarter, against Rs 5,608.49 crore in the year-ago period.
During the quarter, the airline's number of passengers increased by 75.9 per cent to 19.7 million.
Overall, IndiGo said it had been recovering faster than the market, having operated two quarters at full capacity. The budget carrier said its capacity stands at 107 per cent in the September quarter of the financial year 2022-23 (Q2FY22-23), compared to Q3FY19-20; while the industry capacity recovery is at 85 per cent as per the same comparison.
The company said that in the September quarter the industry witnessed reduced traffic due to seasonality. While the industry witnessed a dip to 79 per cent of the passengers carried in Q2 FY22-23 quarter, compared to Q3 FY19-20, IndiGo carried 97 per cent of the passengers in Q2 FY22-23 quarter, compared to Q3 FY19-20.
However, the company said its revenue per available seat-kilometre (RASK) has improved during the reviewed period to 4.57, as compared to 3.42 in Q2 FY19-20, on the back of better efficiency and improved yields.
The company said on-time performance (OTP) improved to 83 per cent, against Q2FY19-20 (79 per cent) at full capacity in pre-Covid times. The company also said it is also in the top 5 airlines globally with significant operations with respect to OTP.
Chief Executive Officer Pieter Elbers said: "This is the second consecutive quarter wherein we have operated at higher than pre-Covid capacity. In spite of a seasonally weak quarter, we witnessed relatively good yields with strong demand across the network. However, fuel prices and exchange rates have adversely impacted our financial performance."
The airline was founded as a private company by Rahul Bhatia of InterGlobe Enterprises and Rakesh Gangwal in 2006. It took delivery of its first aircraft in July 2006 and commenced operations a month later. The airline became the largest Indian carrier by passenger market share in 2012. The company went public in November 2015.
On Friday, the company's scrip on BSE closed trading 0.33 per cent lower at Rs 1,797.45.
