IndiGo Q2 Results: Reports Less-Than-Expected Loss, Yield Improves
Net loss of IndiGo's parent narrowed to Rs 1,435.7 crore in July-September.
The operator of India’s biggest airline reported a loss for the seventh straight quarter, albeit narrower, as travel remained restricted.
Net loss of Interglobe Aviation Ltd., the parent of IndiGo, stood at Rs 1,435.7 crore in the July-September period compared with a loss of Rs 3,007 crore in the preceding three months, according to an exchange filing. Analyst estimates compiled by BloombergQuint had pegged the loss at Rs 1,914 crore.
Yields, a measure of average fare per passenger per kilometre, rose to Rs 4.19 a kilometre from Rs 3.70.
Q2 FY22 Highlights (QoQ)
Revenue jumped 87% to Rs 5,608.5 crore, against the Rs 4,960-crore forecast.
The airline reported an operating profit of Rs 256.1 crore. Analysts had estimated an operating loss of Rs 635 crore.
India’s airlines were among the worst-hit after the nation imposed the world’s biggest lockdown to curb the first wave of the coronavirus pandemic, barring local and international travel. The deadlier second wave again forced several states to shut borders, adding to the industry’s woes.
In September, the government had allowed airlines to increase their capacity from 72.5% to 85%. Earlier this month, the Aviation Ministry allowed carriers to operate at full capacity from Oct. 18.
Other Highlights (QoQ)
Other income was up 16% to Rs 190.2 crore.
Total cash balance available stood at Rs 6,351.6 crore as of September.
Load factor was at 71.1%.
Shares of InterGlobe Aviation closed 0.53% higher before the results were announced, compared with a 1.94% drop in the Nifty 50.