ADVERTISEMENT

IndiGo Q4 Results: Posts Wider-Than-Expected Loss, Revenue Rises 29%

IndiGo's net loss stood at Rs 1,680 crore in the January-March period against a loss of Rs 1,159 crore a year ago.

<div class="paragraphs"><p>An IndiGo aircraft. (Source: Nishant Sharma/BQ Prime)</p></div>
An IndiGo aircraft. (Source: Nishant Sharma/BQ Prime)

The operator of India’s biggest airline posted a wider-than-expected loss in the fourth quarter as travel remained restricted amid the Omicron wave.

Net loss of Interglobe Aviation Ltd., the parent of IndiGo, stood at Rs 1,680 crore in the January-March period against a profit of Rs 128 crore in the preceding three months and a loss of Rs 1,159 crore a year ago, according to its exchange filing. Analyst estimates compiled by BQ Prime had pegged the loss at Rs 832 crore.

Yields, a measure of average fare per passenger per kilometer, rose to Rs 4.40 a Km from Rs 3.70.

IndiGo Q4 FY22 Highlights (YoY)

  • Revenue jumped 29% to Rs 8,021 crore, against the Rs 7,532-crore forecast.

  • Ebitdar at Rs 172 crore against Rs 648 crore a year ago and Rs 64-crore estimate.

  • Ebitdar margin stood at 2.1% compared with 10.4%.

India’s airlines were among the worst-hit after the nation imposed the world’s biggest lockdown to curb the first wave of the coronavirus pandemic. While states did not shut borders during the second and third waves, traveling sentiment took a hit.

“This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half,” the outgoing Chief Executive Officer Ronojoy Dutta said in the statement. While the traffic rebounded and demand was robust during the latter half of the quarter, the industry was challenged by high fuel costs and a weakening rupee, he said.

“IndiGo is best positioned to maximise 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.”

FY23 capacity in terms of available seat kilometre is expected to increase by 55-60% over FY22, the company said.

Other Highlights (YoY)

  • Other income was up 35% to Rs 1,867 crore.

  • Total cash balance available stood at Rs 18,227 crore.

  • Load factor was at 76.7%.