News
India’s InterGlobe Aviation reports US$794.4 million annual loss
May 26th 2022
InterGlobe Aviation, parent company of the country’s leading LCC, IndiGo, has reported a net loss of 61.6 billion rupee (US$794.4 million) for the 12 months to March 31 compared with a net loss of 58.1 billion rupee a year earlier. Read More » Revenue leapt 70%, to 266.6 billion rupee, InterGlobe said in a regulatory filing to India's BSE stock exchange. Total costs increased 52.6%, to 328.1 billion rupee. CEO, Ronojoy Dutta, said the three months to March 31 were difficult due to the “demand destruction” caused by the Omicron variant of COVID-19 as it spread worldwide in the first half of the company's fiscal year. “Although traffic rebounded and demand was robust in the latter half of the quarter, we also were challenged by high fuel costs and a weakening rupee,” Dutta said. “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 building the most efficient network in the region.”
