Indigo reports net loss of Rs 15,833 million in Q2 FY22-23

New Delhi, Nov 5: Airline IndiGo reported a loss of Rs 3,818 million, excluding foreign exchange loss, for the quarter ending September 2022, compared to a loss of Rs 14,699 for the same quarter last year.

Including the foreign exchange loss of Rs 12,015 million, the net loss for the September 2022 quarter aggregated to Rs 15,833 million.

Total income for the quarter ended September 2022 was Rs 128,523 million, an increase of 121.6 per cent over the same period last year. For the quarter, passenger ticket revenues were Rs 111,104 million, an increase of 135.6 per cent and ancillary revenues were Rs 12,872 million, an increase of 57.4 per cent compared to the same period last year.

Company CEO, Pieter Elbers said: “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.”

“We are on a steady path to recovery, benefiting from enormous opportunity 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. We have an unparalleled network presence enabling air travel to 74 domestic and 26 International destinations, we will continue to accelerate and build on this,” he added.

Total expenses for the quarter ended September 2022 were Rs 144,356 million, an increase of 99.5 per cent over the same quarter last year.

For the quarter ended September 30, 2022, compared to the same period last year Indigo airline’s capacity increased by 75 per cent and passenger numbers increased by 75.9 per cent to 19.7 million.

“Overall, IndiGo has been recovering faster than the market, having operated two quarters at full capacity. Our capacity stands at 107 per cent in Q2 FY22-23 quarter, compared to Q3 FY19-20; while the industry capacity recovery is at 85 per cent as per the same comparison. This quarter the industry witnessed reduced traffic due to seasonality. While the industry witnessed a dip to 79 per cent of the passengers carried in Q2 FY22-23 quarter, compared to Q3 FY19-20, IndiGo carried 97 per cent of the passengers in Q2 FY22-23 quarter, compared to Q3 FY19-20,” the airline said.

As of September 30, IndiGo had a total cash balance of Rs 196,606 million comprising Rs 82,442 million of free cash and Rs 114,164 million of restricted cash. The total debt (including the capitalised operating lease liability) was Rs 409,452 million.

Indigo has a fleet of 279 aircraft including 26 A320 CEOs, 149 A320 NEOs, 68 A321 NEOs, 35 ATRs and 1 A321 freighter – a net decrease of 3 passenger aircraft during the quarter.