IndiGo Net Loss Widens To Rs 1,435 Crore In September Quarter, Revenue Up 104%

InterGlobe Aviation Limited - which operates IndiGo - the country's biggest airline announced its July-September quarter results for the financial year 2021-22, reporting a net loss of Rs 1,435.6 crore on a consolidated basis, compared to a loss of Rs 1,194.80 crore in the corresponding quarter last year.

The company's revenue from operations in the second quarter of the current fiscal stood at Rs 5,608 crore, compared to Rs 2,741 crore in the same quarter last year, marking a growth of 104.6 per cent year-on-year. The airline operator said that it sees a gradual recovery in revenue to pre-pandemic levels as COVID-19 vaccination rates picked up and the government eased most air travel-related curbs.

Revenue is fast returning to normalcy and passenger load factor, or the passenger carrying capacity being used, is expected to be around 76 per cent in October, but fuel prices are worrisome, said Mr Ronojoy Dutta, Chief Executive Officer (CEO).

The average revenue booked per day in October was the same as it was in pre-pandemic January 2020, even though the airline was operating at 20 per cent less capacity, added the CEO.

IndiGo's passenger yield or average fare per passenger mile - the money earned for each passenger-kilometer flown, grew 20.4 per cent to Rs 4.19, compared to the previous quarter. The airline's EBITDAR - earnings before interest, tax, depreciation, amortisation, and rent stood at Rs 340.8 crore for the September quarter, down 16.6 per cent as compared to Rs 408.5 crore in the year-ago period. The EBITDA margin stood at 6.1 percent, compared to 14.9 percent in the year-ago period.

IndiGo operated a peak of 1,209 daily flights and a minimum of 759 flights during the September quarter including non-scheduled flights. Earlier this month, the government allowed airlines to fly at full capacity in the country for the first time since the onset of the pandemic.

On Thursday, October 28, shares of InterGlober Aviation settled 0.64 per cent lower at Rs 1,996.80 apiece on the BSE.