Home Business IndiGo Q1 Loss Narrows To Rs 1,064 Crore; Revenue Sees 328% Jump

IndiGo Q1 Loss Narrows To Rs 1,064 Crore; Revenue Sees 328% Jump

IndiGo Q1 Loss Narrows To Rs 1,064 Crore; Revenue Sees 328% Jump


IndiGo Q1 results: Interglobe Aviation, which operates IndiGo airline, on Wednesday reported narrowing of its net loss to Rs 1,064.3 crore for the June 2022 quarter, compared with a net loss of Rs 3,174.2 crore in the year-ago period. Its revenue from operations witnessed a multifold jump of 327.5 per cent to Rs 12,855.3 crore.

Its total income for the quarter ended June 2022 stood at Rs 13,018.8 crore, an increase of 310.7 per cent a year ago. “For the quarter, our passenger ticket revenues were Rs 114,669 million, an increase of 399.1 per cent and ancillary revenues were Rs 12,863 million, an increase of 92.5 per cent compared to the same period last year,” IndiGo said in a statement.

IndiGo’s total expenses for the quarter ended June 2022 were Rs 14,083.1 crore, an increase of 122 per cent over the same quarter last year.

IndiGo 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.”

It had a total cash balance of Rs 19,069.4 crore comprising Rs 8303.7 crore of free cash and Rs 10765.7 crore of restricted cash. The capitalised operating lease liability was Rs 34,474 crore. The total debt (including the capitalised operating lease liability) was Rs 39,277.6 crore.

The no-frills airline’s load factor during Q1FY23 improved to 79.6 per cent, compared with 58.7 per cent in Q1FY22. Its yield during the June 2022 quarter improved by 50.3 per cent to Rs 5.24 per kilometre, compared with Rs 3.48 per km in the corresponding quarter a year ago.

As of June 30, 2022, IndiGo had a 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 April-June 2022 quarter.

The airline operated at a peak of 1,667 daily flights during the quarter including non-scheduled flights. During the June 2022 quarter, provided scheduled services to 73 domestic destinations and 20 international destinations.

During the June 2022 quarter, IndiGo had a technical dispatch reliability of 99.90 per cent. It had an on-time performance of 85.5 per cent at four key metros and flight cancellation rate of 0.61 per cent.

The second quarter of fiscal year 2023 capacity in terms of ASKs (available seat kilometers) is expected to increase by around 70-80 per cent as compared to the second quarter of fiscal year 2022, IndiGo said.

Shares of IndiGo on Wednesday rose 1.20 per cent or Rs 23.25 to Rs 1,967 apiece on the BSE.

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