IndiGo posted a loss of Rs 1,583 crore in the September quarter | Tech Reddy

IndiGo posted a loss of Rs 1,583 crore in the September quarter

 | Tech Reddy

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ANI |
Updated:
November 04, 2022 21:14 IST

Gurgaon (Haryana) [India]Nov 4 (ANI): InterGlobe Aviation, the parent company of Airline IndiGo, on Friday reported a net loss of Rs 1,583.33 crore for the September quarter, against a net loss of Rs 1,435.65 crore in the year-ago period.
The budget carrier said revenue from operations rose to Rs 12,497.58 crore in the September quarter, from Rs 5,608.49 crore in the year-ago period.
During the quarter, the airline’s passenger numbers rose 75.9 percent to 19.7 million.
Overall, IndiGo said it was recovering faster than the market, operating at full capacity for two quarters. The budget carrier said its capacity stood at 107 per cent in the September quarter of 2022-23 (Q2FY22-23) compared to 3FY19-20; According to the same comparison, industry capacity recovery is at 85 percent.
The company said seasonally driven congestion in the industry eased in the September quarter. While the industry carried 79 percent passengers in Q2 FY22-23 compared to Q3 FY19-20, IndiGo carried 97 percent passengers in Q3 FY22-23 compared to Q3 FY19-20.

However, the company said its revenue per available seat-kilometer (RASK) improved to 4.57 in the period under review, compared to 3.42 in 2 FY19-20, on the back of better efficiency and improved yields.
The company said on-time performance (OTP) improved to 83 per cent as against 2FY19-20 (79 per cent) at full capacity in the pre-Covid period. The company also said that it is among the top 5 airlines globally with significant operations in terms of OTP.
Chief Executive Officer Peter Elbers said: “This is the second quarter in a row where we have exceeded pre-Covid capacity. Despite a seasonally weak quarter, we saw relatively good yields with strong demand across the network. However, fuel prices and exchange rates weighed on our financial performance. had an adverse effect.”
The airline was founded in 2006 as a private company by Rahul Bhatia and Rakesh Gangwal of InterGlobe Enterprises. It took delivery of its first aircraft in July 2006 and commenced operations a month later. The airline became the largest Indian carrier in terms of passenger market share in 2012. The company went public in November 2015.
On Friday, the company’s scrip closed down 0.33 percent at Rs 1,797.45 on the BSE. (ANI)

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