News
IndiGo posts US$193 million quarterly loss
November 7th 2022
Interglobe Aviation, the parent company of India LCC IndiGo, has announced higher losses, to 15.8 billion rupee (US$193 million), for the quarter to September 30 compared with a net loss of 14.4 billion rupee in the same months in 2021. Read More » India’s biggest airline attributed the results to high fuel prices and foreign exchange movements. Revenue increased 123%, to 125 billion rupee, the company’s regulatory filing to India's BSE stock exchange stated. New IndiGo CEO, Pieter Elbers, said the airline was on a steady path to recovery. “This is the second consecutive quarter where we have operated at higher than pre-COVID capacity,” he said. “In spite of a seasonally weak quarter, we witnessed relatively good yields with strong demand across the network. However, fuel prices and exchange rates have adversely impacted our financial performance.”
IndiGo chief financial officer, Gaurav Negi, said capacity in the three months to December 31 will be around 25% compared with the same months a year ago. “We are witnessing good momentum in our demand parameters and an uptick in the revenue metric,” Negi said in the company's results presentation. “At this point, we are carefully balancing yields and loads to maximise the overall revenue.”
