InterGlobe Aviation, which operates IndiGo, on Wednesday logged a net loss of Rs 1,064 crore for the quarter ended June (Q1) on high fuel prices and weak rupee, the PTI reported.
According to the report, the first quarter loss was 66.5 per cent less than the loss incurred by the airline in the corresponding period a year ago, IndiGo said in a statement.
The company's consolidated revenues in the quarter grew 327 per cent on a year-on-year (YoY) basis to Rs 12,855.3 crore.
The total income of India’s largest airline in the first quarter of FY22-23 was Rs 13,019 crore against Rs 3,170 crore in the corresponding period a year ago, the company said. However, the airline's total expenses jumped over twofold to Rs 14,083 crore in April-June compared to Rs 6,344 crore in April-June 2021-22, it mentioned.
According to the statement issued by IndiGo, fuel cost soared by more than fourfold to Rs 5,990 crore in the quarter under review from Rs 1,215 crore in the year-ago quarter, it said.
While IndiGo's load factor (occupancy rate) was 58.7 per cent in Q1 of FY21-22, it increased to 79.6 per cent in Q1 of FY22-23, it noted.
IndiGo CEO Ronojoy Dutta said the carrier's performance in Q1 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," he said.
While our financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong, he added.
IndiGo operated at a peak of 1,667 daily flights during the quarter, including non-scheduled flights. The airline said 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 airline's debt quarter as of June quarter-end was Rs 39,278 crore.
Shares of InterGlobe Aviation ended 1.62 percent higher at Rs 1,975,25 on the BSE on Wednesday.