IndiGo Q1 loss narrows to Rs 1,064 crore

As of June 30, IndiGo had a fleet of 281 aircraft, including 35 A320ceo, 146 A320neo, 65 A321neo and 35 ATR.

However, the company was successful in narrowing down its loss from Rs 3,174.18 crore witnessed in the year-ago quarter.
However, the company was successful in narrowing down its loss from Rs 3,174.18 crore witnessed in the year-ago quarter.

InterGlobe Aviation, which operates low-cost carrier IndiGo, on Wednesday reported a consolidated net loss of Rs 1,064.26 crore for the three months to June, owing to headwinds caused by the depreciating rupee and higher fuel prices. However, the company was successful in narrowing down its loss from Rs 3,174.18 crore witnessed in the year-ago quarter.

Also Read | IndiGo expects to be back on profitable growth soon

The company’s revenue from operations increased 327.52% year-on-year (y-o-y) to Rs 12,855.29 crore. The total income rose 310.65% y-o-y to Rs 13,018.81 crore, its highest ever in a quarter, backed by a handsome growth of 399.1% y-o-y in the passenger ticket revenues.

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The total expenses during the April-June period climbed 121.97% y-o-y to Rs 14,083.05 crore. This was mainly due to a whopping 392.65% y-o-y rise in the company’s fuel costs.

InterGlobe Aviation’s Ebitdar (earnings before interest, taxes, depreciation, amortisation and rent) came in at Rs 716.90 crore during the quarter from a negative of Rs 1,360.20 crore in the year-ago quarter. The operating margin was reported at 5.6%, an increase of 50.8 basis points.

“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,” said Ronojoy Dutta, CEO, InterGlobe Aviation.

“While our financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong,” he added.

For the period from April to June, IndiGo’s OTP (on-time performance) at four metro airports — Delhi, Mumbai, Bengaluru and Hyderabad — stood at 85.5%, while the flight cancellation rate was 0.61%. The airline had technical dispatch reliability of 99.90% in Q1.

During the quarter, the airline carried 18.32 million passengers on domestic routes and had a market share of 56.3%, according to data from the Directorate General of Civil Aviation (DGCA).

As of June 30, IndiGo had a fleet of 281 aircraft, including 35 A320ceo, 146 A320neo, 65 A321neo and 35 ATR. The airline had 275 aircraft in the March quarter and 283 aircraft in the December quarter.

Besides, the airline operated 1,667 daily flights during the quarter, including non-scheduled flights, and provided scheduled services to 73 domestic destinations and 20 international destinations.

The airline expects capacity in terms of available seat kilometre to increase by around 70-80% in Q2 FY23 as against Q2 FY22.

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