IndiGo reported a net loss of INR 15830 million in the second quarter of the fiscal year 2022-23. The airline had reported a loss of INR 14350 million a year ago.
However, revenues of the company rose to Rs 128520 million in the second quarter of the current fiscal, from Rs 57980 million a year ago.
IndiGo CEO Pieter Elbers said: “September quarter was the second consecutive quarter wherein it operated at higher than pre-Covid capacity. Despite 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.”
Despite the widening loss, IndiGo noted an increase of 75% in capacity with a rise of 75.9% in passenger numbers year on year.
“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 countermeasures to accommodate this strong demand,” Peter added.
As of September 30, IndiGo had a total cash balance of INR 196,606 million comprising INR 82,442 million of free cash and INR 114,164 million of restricted cash. The total debt (including the capitalized operating lease liability) was INR 409,452 million.
"Overall, IndiGo has been recovering faster than the market, having operated two quarters at full capacity. Our capacity stands at 107% in Q2 FY22-23 quarter, compared to Q3 FY19-20; while the industry capacity recovery is at 85% as per the same comparison. This quarter the industry witnessed reduced traffic due to seasonality. While the industry witnessed a dip to 79% of the passengers carried in Q2 FY22-23 quarter, compared to Q3 FY19-20, IndiGo carried 97% of the passengers in Q2 FY22-23 quarter, compared to Q3 FY19-20," the airline said in a statement.
Indigo has a fleet of 279 aircraft including 26 A320 CEOs, 149 A320 NEOs, 68 A321 NEOs, 35 ATRs, and 1 A321 freighter.