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In the 2023 September quarter, the airline’s profit stood at Rs 188.9 crore.
At the end of September, the carrier had a fleet of 410 planes. (Representative image)
IndiGo Q2 Results 2024: The country’s largest airline IndiGo on Friday posted a net loss of Rs 986.7 crore in the three months that ended September, as the grounding of planes and higher fuel costs took a toll on the bottomline.
The nation’s largest airline by market share reported its first quarterly loss in two years.
Quarterly Profit Performance
In the 2023 September quarter, the airline’s profit stood at Rs 188.9 crore.
Loss Excluding Foreign Exchange
Excluding the impact of foreign exchange, IndiGo’s loss in the second quarter of the current financial year stood at Rs 746.1 crore, according to a release.
IndiGo Fleet Size
At the end of September, the carrier had a fleet of 410 planes.
Revenue Growth
IndiGo CEO Pieter Elbers said the airline’s growth and expansion continued as the revenue grew 14.6 per cent on a year-on-year basis to Rs 17,800 crore in the second quarter.
Impact of Headwinds
“In a traditionally weaker second quarter, results were further impacted by headwinds related to groundings and fuel costs. We have turned the corner as the number of grounded aircraft and associated costs have started reducing,” he said.
Increase in Fuel Costs
The airline said fuel costs increased 12.8 per cent to Rs 6,605.2 crore in the second quarter, from Rs 5,856 crore in the same period a year ago.
Rise in Rentals
Aircraft and engine rentals surged to Rs 763.6 crore in the second quarter, from Rs 195.6 crore in the year-ago period.
Total Expenses
Total expenses in the latest quarter under review jumped nearly 22 per cent to Rs 18,666.1 crore.
Passenger Growth and Market Share
In the September quarter, the airline carried 27.8 million passengers, which was nearly 6 per cent higher compared to the same period a year ago. Indigo commanded a 63 per cent market share in the September quarter.
Yield and Ticket Price Indicator
Yield — calculated as cost per kilometre, and an indicator of ticket price — climbed 2.3 per cent to 4.55 in the latest September quarter from 4.44 in the year-ago period.
Revenue Breakdown
“For the quarter, our passenger ticket revenues were Rs 143,592 million, an increase of 9.9 per cent and ancillary revenues were Rs 18,750 million, an increase of 20.9 per cent compared to the same period last year,” the release said.
Capacity Growth Expectations
For the December quarter, the airline expects capacity in terms of ASKs (available seat kilometres) to increase by ”early double-digits” as compared to the year-ago period.
Focus on Growth and Market Position
Elbers noted that the airline continues to capitalise on the growth of the Indian market and associated opportunities and at the same time remain a cost leader in this competitive market.
New Services and Loyalty Program
“It marks a proud moment for us as we launch our business class two weeks from now and offer a new experience to our customers. We are receiving positive response to our recently launched loyalty rewards program – IndiGo BluChip,” he added.
Cash Balance
“IndiGo had a total cash balance of Rs 393,419 million comprising Rs 243,597 million of free cash and Rs 149,822 million of restricted cash,” the release said.
(With PTI inputs)
