IndiGo net loss narrows to Rs 1,064 crore in Q1 FY23

InterGlobe Aviation (IndiGo) reported a net loss of Rs 1,064.3 crore in Q1 FY23, which is lower as compared with a net loss of Rs 3,174.2 crore recorded in Q1 FY22.

August 04, 2022 9:34 IST | capital market
The company cited depreciating rupee and higher fuel prices as the reasons for the net loss recorded in the quarter ended June 2022. Revenue from operations increased by 327.5% to Rs 12,855.3 crore in the first quarter - the companys highest-ever quarterly revenue. IndiGo had recorded a revenue of Rs 3,006.9 crore in the same period last year. The number of passengers in Q1 FY23 rose by 221.9% as compared with Q1 FY22. For the quarter, our passenger ticket revenues were Rs 11,466.9 crore, an increase of 399.1% and ancillary revenues were Rs 1,286.3 crore, an increase of 92.5% compared to the same period last year. Total income jumped 310.7% to Rs 13,018.8 crore in Q1 FY23 from Rs 3,170.3 crore in Q1 FY22. Total costs increased by 122% YoY to Rs 14,083.1 crore during the quarter. Fuel cost zoomed 392.6% to Rs 5,990.1 crore from Rs 1,215.9 crore reported in the corresponding quarter last fiscal. The company reported an EBITDAR of Rs 716.9 crore with EBITDAR margin of 5.6% in Q1 FY22 as compared to a negative EBITDAR of Rs 1,360.2 crore with negative EBITDAR margin of 45.2% in Q1 FY22. As of 30 June 2022, IndiGo had a total cash balance of Rs 19,069.4 crore, which include Rs 8,303.7 crore of free cash and Rs 10,765.7 crore of restricted cash. Ronojoy Dutta, CEO, 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.? ?Second quarter of fiscal year 2023 capacity in terms of ASKs is expected to increase by around 70-80% as compared to the second quarter of fiscal year 2022,? the company said in a statement. IndiGo is amongst the fastest growing low-cost carriers in the world. It had a fleet of 281 aircraft as of 30 June 2022. The scrip advanced 0.30% to currently trade at Rs 1981.25 on the BSE. Powered by Capital Market - Live News

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