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InterGlobe Aviation, the company behind Indigo Airlines, has reported a net loss of Rs 1,064.3 crores for the quarter ended in June 2022, 66.5% lower than Rs 3,174.2 crores, the net loss reported in the corresponding quarter last year.
The airlines reported Rs 12,855.3 crores as revenues for the quarter, up 328% YoY as the company recorded its highest ever quarterly revenue in the relevant period. Total income for the quarter came in at Rs 13,018.80 crores, up 311% YoY against Rs 3,170 crores.
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However, the company's expenses more than doubled to Rs 14,083.1 crores. The company said that higher fuel prices alongside the depreciated value of the rupee wiped out all the gains from the 222% increase in flyers during the quarter, leading to the reported loss. Excluding the foreign currency loss of Rs 1,424.6 crores, the company had a net profit of Rs 360.3 crores.
The company reported a positive EBITDA of Rs 716.9 crores with an EBITDA margin of 5.6%, substantially better than the negative margin of 45.2% reported last year in the relevant quarter.
“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.” said CEO Ronojoy Dutta.
The stock opened well on Thursday as Dalal Street responded positively to the news. The stock witnessed a full gap up opening as it opened at Rs 2,014 per share, a price level the stock hadn't reclaimed since it fell from it in early April 2022.
The stock closed at Rs 2080.85 per share on Friday.
Article by Aman Agarwal.
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