InterGlobe Aviation reported a net loss of Rs 1,583.3 crore in Q2 FY23 as against a net loss of Rs 1,435.7 crore in Q2 FY22.
Revenue from operations increased by 122.8% to Rs 12,497.6 crore in the second quarter. IndiGo had recorded a revenue of Rs 5,608.5 crore in the same period last year. The number of passengers in Q2 FY23 rose by 75.9% to 19.7 million from 11.2 million in Q2 FY22.
For the quarter, the company's passenger ticket revenues were Rs 11,110.4 crore, an increase of 135.6% and ancillary revenues were Rs 1,287.2 crore, an increase of 57.4% compared to the same period last year.
Total costs in Q2 FY23 increased by 99.5% YoY to Rs 14,435.6 crore. Fuel cost zoomed 214.6% to Rs 6,257.9 crore from Rs 1,989.4 crore reported in the corresponding quarter last fiscal.
The company recorded a foreign exchange loss of Rs 1,201.5 crore in Q2 FY23. It had recorded a forex gain of Rs 34.2 crore in the same period last year.
EBITDAR declined by 32.7% to Rs 229.2 crore in Q2 FY23 from Rs 340.8 crore in Q2 FY22. EBITDAR margin in the second quarter was 1.8% as against 6.1% in the same period last year.
While revenue passenger kilometers (RPK) improved by 94.7% to 21.9 billion, available seat kilometers (ASK) rose by 75% to 27.7 billion in Q2 FY23 over Q2 FY22.
As of 30 September 2022, IndiGo had a total cash balance of Rs 19,660.6 crore, comprising Rs 8,244.2 crore of free cash and Rs 11,416.4 crore of restricted cash.
As of 30 September 2022, the company had fleet of 279 aircraft including 26 A320 CEOs, 149 A320 NEOs, 68 A321 NEOs, 35 ATRs and 1 A321 freighter; a net decrease of 3 passenger aircraft during the quarter. IndiGo operated at a peak of 1,630 daily flights during the quarter including non-scheduled flights.
Pieter Elbers, CEO, said: "This is the second consecutive quarter wherein we have operated at higher than pre-covid capacity. 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.
We are on a steady path to recovery, benefiting from enormous opportunity both in domestic and international markets. With an industry challenged by global supply chain disruptions, we are working on various counter measures to accommodate this strong demand."
On future capacity growth, IndiGo said that the third quarter of fiscal year 2023 capacity in terms of ASKs is expected to increase by around 25% as compared to the third quarter of fiscal year 2022.
InterGlobe Aviation (IndiGo) is amongst the fastest growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, and a courteous, hassle-free travel experience. It had a fleet of 279 aircraft as of 30 September 2022.
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