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    IndiGo's net loss narrows to Rs 1,064.2 crore because of high fuel prices, rupee fall

    earnings | IST

    IndiGo's net loss narrows to Rs 1,064.2 crore because of high fuel prices, rupee fall

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    Shares of IndiGo ended at Rs 1,967.00, up by Rs 23.25, or 1.20 percent on the BSE.

    InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Wednesday, reported a net loss of Rs 1,064.2 crore for the first quarter that ended on June 30, 2022, due to headwinds caused by the depreciating rupee and higher fuel prices.
    In the corresponding quarter last year, the company had posted a loss of Rs 3,174.2 crore.
    Total revenue stood at Rs 12,855.3 crore during the period under review, up 327 percent as against Rs 3,006.9 crore in the corresponding period of the preceding fiscal, resulting in the highest ever quarterly revenue.
    Fuel prices during the period under review increased by 61 percent compared to the same period last year as global crude oil prices soared over the past few months, it mentioned.
    The airline saw an increase in the number of passengers by 221.9 percent compared to the same period last year.
    For the quarter, IndiGo's passenger ticket revenues were Rs 11,466.9 crore, an increase of 399.1 percent and ancillary revenues were Rs 1,286.3 crore, an increase of 92.5 percent compared to the same period last year.
    As of June 30, 2022, the airline had a total cash balance of Rs 19,069.4 crore comprising Rs 8,303.7 crore of free cash and Rs 10,765.7 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.
    For the period April-June, 2022, IndiGo had a Technical Dispatch Reliability of 99.90 percent. IndiGo had an on-time performance of 85.5 percent at four key metros and a flight cancellation rate of 0.61 percent.
    As of June 30, 2022, 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 quarter. IndiGo operated at a peak of 1,667 daily flights during the quarter including non-scheduled flights. During the quarter, providing scheduled services to 73 domestic destinations and 20 international destinations.
    In the second quarter of 2023, capacity in terms of ASKs is expected to increase by around 70-80 percent as compared to the second quarter of the fiscal year 2022.
    The company's 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."
    The results came after the close of the market hours.
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