IndiGo reports net loss of Rs 1,583.33 cr in September quarter
Interglobe Aviation Ltd said that the loss has significantly gone up as compared to Q1 FY23 mostly due to higher fuel prices and foreign exchange losses.
- Nov 4, 2022,
- Updated Nov 4, 2022 5:53 PM IST
The parent company of budget carrier IndiGo, Interglobe Aviation Ltd, November 4 reported a net loss of Rs 1,583.33 crore in the second quarter of the fiscal year 2022-23 (Q2 FY23), which is slightly more than the Q2 FY22 numbers, which stood at Rs 1,435.65 crore. The company said that the loss has significantly gone up as compared to Q1 FY23 when it was Rs 1,064.26 crore mostly due to higher fuel prices and foreign exchange losses. The company, in its filing, said that on a whole, IndiGo has recovered at a good pace, and has operated two quarters at full capacity. “Our capacity stands at 107 per cent in Q2 FY22-23 quarter, as compared to Q3 FY19-20. In comparison, the industry capacity recovery is at 85 per cent,” the company said in its filing on Friday. IndiGo posted revenue from operations of Rs 12,497.58 crore in the September 2022 quarter, which is higher as compared to Rs 5,608.49 crore reported a year ago.
Interglobe Aviation said its EBITDAR was at Rs 229.2 crore, with a margin of 1.8 per cent, as against an EBITDAR of Rs 340.8 crore (6.1 per cent margin) in Q2 FY22.
IndiGo’s performance In its press release, IndiGo said that the airline's capacity has increased by 75 per cent. It said that the passenger numbers have gone up by 75.9 per cent year-on-year to 19.7 million. “Yield improved by 21 per cent to Rs 5.07 and load factor improved by 8 points to 79.2 per cent,” the company said. IndiGo chief executive officer Pieter Elbers said the airline's international operations have sequentially "risen by 20 percent". “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. We are on a steady path to recovery, benefiting from enormous opportunities both in domestic and international markets. With an industry challenged by global supply chain disruptions, we are working on various countermeasures to accommodate this strong demand. We have an unparalleled network presence enabling air travel to 74 domestic and 26 International destinations, we will continue to accelerate and build on this.” Depreciation of the rupee and high ATF prices are, however, a "major headwind for IndiGo's growth going forward", Elbers noted.
The parent company of budget carrier IndiGo, Interglobe Aviation Ltd, November 4 reported a net loss of Rs 1,583.33 crore in the second quarter of the fiscal year 2022-23 (Q2 FY23), which is slightly more than the Q2 FY22 numbers, which stood at Rs 1,435.65 crore. The company said that the loss has significantly gone up as compared to Q1 FY23 when it was Rs 1,064.26 crore mostly due to higher fuel prices and foreign exchange losses. The company, in its filing, said that on a whole, IndiGo has recovered at a good pace, and has operated two quarters at full capacity. “Our capacity stands at 107 per cent in Q2 FY22-23 quarter, as compared to Q3 FY19-20. In comparison, the industry capacity recovery is at 85 per cent,” the company said in its filing on Friday. IndiGo posted revenue from operations of Rs 12,497.58 crore in the September 2022 quarter, which is higher as compared to Rs 5,608.49 crore reported a year ago.
Interglobe Aviation said its EBITDAR was at Rs 229.2 crore, with a margin of 1.8 per cent, as against an EBITDAR of Rs 340.8 crore (6.1 per cent margin) in Q2 FY22.
IndiGo’s performance In its press release, IndiGo said that the airline's capacity has increased by 75 per cent. It said that the passenger numbers have gone up by 75.9 per cent year-on-year to 19.7 million. “Yield improved by 21 per cent to Rs 5.07 and load factor improved by 8 points to 79.2 per cent,” the company said. IndiGo chief executive officer Pieter Elbers said the airline's international operations have sequentially "risen by 20 percent". “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. We are on a steady path to recovery, benefiting from enormous opportunities both in domestic and international markets. With an industry challenged by global supply chain disruptions, we are working on various countermeasures to accommodate this strong demand. We have an unparalleled network presence enabling air travel to 74 domestic and 26 International destinations, we will continue to accelerate and build on this.” Depreciation of the rupee and high ATF prices are, however, a "major headwind for IndiGo's growth going forward", Elbers noted.