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IndiGo Q4 loss widens to Rs 1,681.7 crore on high fuel costs

AME QUESTION PAPERby AME QUESTION PAPER
May 25, 2022
in NEWS
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InterGlobe Aviation, which runs IndiGo airlines, on Wednesday reported a net loss of Rs 1,681.7 crore for the fourth quarter ended March 31, 2022, primarily hit by high fuel costs.

As per a report by ICICI Securities, IndiGo’s market share expanded to 58.9 percent, while its peer Air Asia lost its hold over its customers. IndiGo and Go Air were the only two to gain customers in April, while all other airlines lost market share.

In the corresponding quarter last year, the company posted a loss of Rs 1,147.1 crore. Total revenue stood at Rs 8,020.7 crore during the period under review, up 29 percent against Rs 6,222.9 crore in the corresponding period of the preceding fiscal, the carrier’s statement noted.

India’s largest airline’s total net loss of 2021-22 was Rs 6,161 crore as compared to Rs 5,806 crore net loss that it incurred in 2020-21, the airline said.

At the operating level, EBITDA declined 93 percent to Rs 37.80 crore in Q4 FY22 over Rs 551.40 crore in Q4 FY21. EBITDA margin stood at 0.47 percent in Q4 FY22 as compared to 28.86 percent in Q4 FY21. EBITDA is earnings before interest, tax, depreciation and amortization.

IndiGo’s load factor (occupancy rate) in the quarter ending March was 76.7 percent as compared to 70.2 percent recorded in the quarter ending March during the last year, it said. Fuel prices in Q4 of 2021-22 increased by 61 percent compared to the same period last year, it said.

As of March 31, 2022, IndiGo has 275 aircraft including 41 A320 CEOs, 143 A320 NEOs, 56 A321 NEOs and 35 ATRs. Also, a net reduction of 8 aircraft during the quarter.

For the first quarter of 2023, capacity in terms of ASKs is expected to increase by around 150 percent as compared to the first quarter of 2022. For the fiscal year 2023, capacity in terms of ASKs is expected to increase by around 55-60 percent as compared to 2022.

The company’s CEO, Ronojoy Dutta said, “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee.

“We believe 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,” he said.

The results came after the close of the market hours. Shares of InterGlobe Aviation ended at Rs 1,642.50, down by Rs 40.00, or 2.38 percent on the BSE.

 

 

 

 

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