Leading carrier Indigo, announcing its latest financial results on Wednesday, said that the first quarter of fiscal 2023 witnessed its strongest revenue performance, resulting in the highest-ever quarterly revenue of Rs 130.2 billion.
“Headwinds caused by depreciating rupee and higher fuel prices led to a net loss of Rs 10,643 million for the quarter ended June 2022. Excluding foreign currency loss of Rs 14,246 million, net profit for the quarter aggregated to Rs 3,603 million,” the airline said.
For the quarter ended June 30, 2022 compared to the same period last year, the airline reported that passenger numbers increased by 221.9 per cent, yield improved by 50.3 per cent and load factor improved by 20.9 points. It said that revenue from operations increased by 327.5 per cent to Rs 128,553 million and capacity increased by 145 per cent. Indigo also said that the period recorded rise in the fuel prices by 95.5 per cent.
It said that the profit, before foreign exchange loss, was Rs 3,603 million, compared to a loss of Rs 28,069 million. Besides, the airline witnessed a net loss of Rs 10,643 million, compared to a net loss of Rs 31,742 million.
CEO, Ronojoy Dutta 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.”
Total income for the quarter ended June 2022 was Rs 130,188 million, an increase of 310.7 per cent over the same period last year, said Indigo.
“For the quarter, our passenger ticket revenues were Rs 114,669 million, an increase of 399.1 per cent and ancillary revenues were Rs 12,863 million, an increase of 92.5 per cent compared to the same period last year,” it said.