Hit by Omircon wave of COVID-19, domestic budget carrier Interglobe Aviation Limited (IndiGo) on Wednesday posted a widening of consolidated net loss at Rs 1,681 crore in the quarter ended 31 March, 2022. The aviation company had posted a net loss of Rs 1,159 crore in the year-ago period.
India's biggest airline reported a larger loss for the fourth quarter as higher fuel costs more than offset a rebound in demand for air travel. However, it saw an increase in number of passengers by 10.3 per cent compared to the same period last year.
The revenue from operations increased 28.8 per cent to Rs 8,020.74 crore in the quarter under review from Rs 6,222.94 crore in the same quarter last fiscal, on strong traffic rebound in the latter half of the quarter, it added.
IndiGo's EBITDAR came at Rs 171.8 crore with EBITDAR margin of 2.1 per cent, compared to EBITDAR of Rs 648.3 crore with EBITDAR margin of 10.4 per cent, respectively, for the same period last year.
The company said its fuel expenses surged 68.2 per cent to Rs 3,220.60 crore for the quarter from Rs 1,914.50 crore in the same quarter last fiscal.
Further, it said that it had 275 aircraft as of March 31, out of which 261 were on operating lease and 14 were owned or finance lease. This is against 283 aircraft as of December 31 and 285 in the year-ago quarter.
IndiGo operated at a peak of 1,577 daily flights during the quarter including non-scheduled flights. During the quarter, provided scheduled services to 73 domestic destinations and 15 international destinations.
Commenting on the results, IndiGo's CEO, Ronojoy Dutta said, “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee."
"We believe IndiGo is best positioned to maximise revenue in a recovering market. As we work to return the airline to profitability, we are focused on maintaining our cost leadership position and continuing to build the most efficient network in the region," he added.
Shares of IndiGo on Wednesday closed 2.38 per cent lower at Rs 1,642.50 apiece on BSE.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today