IndiGo Q1 loss falls to Rs 1,064 crore amid weak rupee, costly fuel

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NEW DELHI: IndiGo has reported a loss of Rs 1,064.3 crore in the April-June 2022 quarter — down by almost a third from a loss of Rs 3,174.2 crore in same period last year.
The sharp increase in jet fuel prices and a weaker rupee negated gains of a strong recovery in air traffic that saw India’s largest airline (by passenger carriage) carrying 222% more flyers this Q1, thereby leading to the loss.
IndiGo’s scrip closed at Rs 1,967, up 1.2% on BSE Wednesday when the broader market ended 0.4% in the green.
IndiGo, which turns 16 on Thursday said: “excluding foreign currency loss of Rs 1,424.6 crore, (its) net profit for the quarter aggregated to Rs 360.3 crore.”
IndiGo’s total income this Q1 was Rs 13,018.8 crore, up 311% from Rs 3,170.3 crore in same quarter last year. However, total expenses also rose 122% from Rs 6,344.4 crore in April-June 2021 to Rs 14,083.1 crore this Q1.
The airline’s outgoing CEO, an aviation veteran, 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.”
IndiGo 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 million of restricted cash.
The capitalised operating lease liability was Rs 34,474 crore and the total debt (including capitalised operating lease liability) was Rs 39,277.6 crore.
As on June 30, 2022, the airline had 281 aircraft in its fleet including 35 A320 CEOs, 146 A320 NEOs, 65 A321 NEOs and 35 ATRs; a net increase of 6 aircraft during the quarter. It operated a peak of 1,667 daily flights during the quarter including non-scheduled flights.
During the quarter, the airline provided scheduled services to 73 domestic destinations and 20 international destinations with a technical dispatch reliability of 99.9% and an on-time performance of 85.5% at four key metros.

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