InterGlobe Aviation Ltd, which operates IndiGo, country’s biggest airline on Wednesday, reported a net loss of Rs. 1,681 crores for the end of Q4FY22.
Post a surprise net profit of Rs. 128.4 crores in the previous quarter, IndiGo posted a net loss of Rs. 1,681 crores for the end of this quarter, impacted by the Omicron wave and majorly to high fuel costs. Fuels prices have risen a worrying 61% compared to the same period last year.
Revenue from operations came in at Rs. 8,020 crores, rising 29% Y-o-Y (year on year) from Rs. 6,223 crores. However, revenue fell 14% on a sequential basis. EBITDAR (Earnings before Interest, Tax, Depreciation, Amortization and Rent or Restructuring) fell 73% to Rs. 171.8 crores from Rs. 648.3 in the same period last year.
IndiGo stated that the number of passengers have shown a 10.3% increase compared to the same period last year. For the quarter in consideration, passenger ticket revenues stood at Rs. 6,884.7 crores.
The fleet comprised 275 aircraft for the year-end, including 41 A320 CEOs, 143 A320 NEOs, 56 A321 NEOs, and 35 ATRs. Also, there was a net reduction of 8 aircraft during the quarter.
IndiGo operated at a peak of 1,577 daily flights for the quarter, including non-scheduled flights, serving 73 domestic destinations and 15 international destinations. For the quarter, IndiGo had a Technical Dispatch Reliability of 99.94%.
IndiGo had an on-time performance of 94.4% at four key metros and a flight cancellation rate of 0.71%.
The script crashed 2.08% on the indices, closing at Rs. 1,648 per piece.
The Company’s CEO, Mr. Ronojoy Dutta, said, “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee. We believe IndiGo is best positioned to maximize revenue in a recovering market. As we work to return the airline to profitability, we are focused on maintaining our cost leadership position and continuing to build the most efficient network in the region”
In other news
To read the RA disclaimer, please click here.
Research Analyst: Bavadharini KS