IndiGo's Q2 net loss narrows to Rs 1440 crore sequentially as recovery gathers pace

Asia's Tech News Daily

IndiGo’s Q2 net loss narrows to Rs 1440 crore sequentially as recovery gathers pace
© Prince Mathews Thomas IndiGo’s Q2 net loss narrows to Rs 1440 crore sequentially as recovery gathers pace

India’s largest aviation company, InterGlobe Aviation Ltd, which runs the IndiGo airline reported a standalone net loss of Rs 1440 crore for the quarter ending September (Q2FY22). Even as the loss has increased year-on-year, IndiGo’s loss has more than halved on a sequential basis. In Q1FY22, the airline’s loss stood at Rs 3180 crore. The sequential improvement can be attributed to the swift recovery in the Indian domestic aviation market, following the disruptions caused owing to the second covid-19 pandemic.

Commenting on the results, IndiGo’s CEO, Ronojoy Dutta said, “We are encouraged by the pace of revenue recovery. We continue to work towards return to profitability in order to strengthen our balance sheet. With a modern fleet, dedicated employees and a stronger economic environment we are well positioned to leverage all the growth opportunities around us.”

The company’s revenues in Q2FY22 increased by nearly 87 percent versus Q1FY22 to Rs 5608 crore. Year-on-year, revenue growth stood at almost 105 percent. In Q2FY22, IndiGo’s passenger ticket revenues were Rs 4716.3 crore, representing an increase of 113.6 percent compared to last year’s same quarter. At the same time, ancillary revenues increased by 61.4 percent to Rs817.7 crore.

IndiGo saw 9.6 percent year-on-year growth in its yields, a measure of pricing for airlines.

Robust revenue growth helped the company swing to profit at the EBITDAR level in Q2FY22 from an EBITDAR loss in Q1FY22. EBITDAR is earnings before interest, tax, depreciation, amortization and lease rentals; a key measure of profitability for airlines. Year-on-year, EBITDAR has declined by 10 percent to Rs 251 crore. IndiGo’s Q2 results are better than some analysts’ expectations. For instance, Prabhudas Lilladher Pvt. Ltd had estimated revenue at Rs 5000 crore and an EBITDAR loss of Rs 7.5 crore.

At the end of September, IndiGo’s free cash and restricted cash stood at Rs 6351 crore and Rs 10202 crore, respectively. Going ahead, IndiGo has said that its capacity in terms of ASKs (available seat kilometer) for the December quarter (Q3FY22) is expected to increase by around 40 percent sequentially.

Ahead of the Q2 results announcement, the IndiGo stock closed at Rs 1997.95 per share on the National Stock Exchange, which represents a 0.61 percent decline compared to the previous day.

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