IndiGo Records Bigger Quarterly Loss On Higher Fuel Costs In Q2


IndiGo posts bigger quarterly loss on higher fuel costs

InterGlobe Aviation, the parent of the country’s largest airline IndiGo, on Friday posted widening of loss to Rs 1,583.34 crore for the September quarter, mainly due to higher expenses.

The airline had a loss of Rs 1,435.66 crore in the year-ago period.

However revenues of the company rose to Rs 12,852.29 crore in the second quarter of the current fiscal, from Rs 5,798.73 crore in the same period a year ago, according to a release.

In the latest September quarter, total expenses jumped to Rs 14,435.57 crore.

IndiGo CEO Pieter Elbers said that September quarter was the second consecutive quarter wherein it 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 counter measures to accommodate this strong demand,” he said. 

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