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Indigo’s second quarter net loss increases to ₹15.833 million, excluding forex loss

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airline Indigo reported a loss of Rs 3,818 million, excluding foreign exchange loss, for the quarter ended September 2022, compared to a loss of Rs 14,699 for the same quarter last year.



Including the exchange rate loss of Rs 12,015 million, the net loss for the September 2022 quarter was Rs 15,833 million.

The total income for the quarter ended September 2022 was Rs 128,523 million, an increase of 121.6 percent over the same period last year. For the quarter, the revenue from passenger tickets was Rs 111,104 million, an increase of 135.6 percent and the ancillary revenue was Rs 12,872 million, an increase of 57.4 percent compared to the same period last year.

CEO of the company, Pieter Elbers said: “This is the second consecutive quarter where we have operated with higher than pre-Covid capacity. Despite a seasonally weak quarter, we witnessed relatively good revenues with strong demand across the network. Fuel prices and exchange rates have However, it had a negative impact on our financial performance.”

“We are on a steady path to recovery, taking advantage of huge opportunities both in domestic and international markets. With an industry challenged by global supply chain disruptions, we are working on several countermeasures to meet 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.

The total cost for the quarter ended September 2022 was Rs 144,356 million, an increase of 99.5 percent from the same quarter last year.

For the quarter ended September 30, 2022, compared to the same period last year, Indigo airlines increased capacity by 75 percent and passenger numbers increased by 75.9 percent to 19.7 million.

“Overall, IndiGo is recovering faster than the market as it has been running at full capacity for two quarters. Our capacity is 107 percent in Q2 FY22-23 quarter, compared to Q3 FY19-20; while the industrial capacity recovery is 85 percent by the same equation. This quarter saw less traffic in the sector due to seasonality. While the industry witnessed a drop to 79 percent of passengers in Q2 FY22-23, compared to Q3 FY19-20, IndiGo carried 97 percent of passengers in Q2 FY22-23, compared to Q3 FY19 -20,” the airline said.

On September 30, IndiGo had a total cash balance of Rs 196,606 million, consisting of Rs 82,442 million in free cash and Rs 114,164 million in blocked cash. The total debt (including the capitalized operating lease liability) amounted to 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.

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