Interglobe Aviation Q2 Results: Net loss widens to Rs 1,583 cr; revenue soars123% YOY

Inter Globe Aviation, which runs IndiGo airline, on Friday said its September quarter net loss widened to Rs 1,583 crore from Rs 1,435.6 crore posted in the same quarter last year even as its revenue from operations rose 122.8% year on year (YoY) to Rs 12,497.6 crore during the period.

During the quarter, the number of passengers increased by 75.9% to 19.7 million while its yield improved by 21.0% to Rs 5.07 and load factor improved by 8 points to 79.2%.

“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,” InterGlobe CEO Pieter Elbers said in a release.

Stating that the airline is on a steady path to recovery amid enormous opportunity both in domestic and international markets, he said they are working on various counter measures to accommodate this strong demand despite global supply chain disruptions.

During the quarter, the airline said fuel prices increased by 86.7% leading to increase in fuel CASK (Cost net of finance income per Available Seat Kilometer) by 79.8%.

For the quarter, IndiGo’s passenger ticket revenues were Rs 11,110.4 crore, an increase of 135.6% and ancillary revenues were at Rs 1,287.2 crore, an increase of 57.4% compared to the same period last year.

The airline’s fuel cost went up threefold to Rs 6,257.9 crore during the quarter on a YoY basis. The airline’s fuel cost went up threefold to Rs 6,257.9 crore during the quarter on a YoY basis.

IndiGo’s fleet strength at the end of September quarter stood at 279, a net decrease of 3 passenger aircraft. In the third quarter, the airline expects capacity in terms of ASKs (available seat per kilometer) to increase by around 25% as compared to the third quarter of fiscal year 2022.

Source link

Leave a comment