News
IndiGo reports US$17.4 million quarterly profit
February 7th 2022
IndiGo CEO, Ronojoy Dutta, said fewer COVID-19 infections in India and the easing of capacity restrictions led to "buoyant" traffic numbers and a return to profitability in the December quarter. Read More » IndiGo reported a net profit of 1.3 billion rupee (US$17.4 million) for the three months to December 31, returning to the black from a net loss of 6.2 billion rupee in the same quarter in 2020. It also was a turnaround from a net loss of 14.4 billion rupee in the three months to September 30, 2021. Revenue rose 84.3% year-on-year, to 94.8 billion rupee, IndiGo said in a regulatory filing to India's BSE stock exchange. "We were encouraged to see how rapidly domestic traffic reverted to pre-COVID levels during the quarter," Dutta said at IndiGo's financial results presentation. "We added capacity to take advantage of the ongoing recovery and we are pleased to see our efforts culminate." However, Dutta flagged some challenging conditions ahead. "Unfortunately, we are experiencing a bit of an unpredictable environment with traffic recovering and declining in lockstep with the COVID cases," he said. "While we are going to see declining revenues for the fourth quarter, the experience of other countries leads us to believe we are likely to see a recovery take place again in the first quarter next year."
