India
oi-Prakash KL
New Delhi, May 25: In the quarter ending March, IndiGo registered a net loss of Rs 1,681 crore, the company said in a statement on Wednesday and cited the Omicron wave, high fuel costs and weakening rupee for incurring losses in this period.
This year’s Q4 loss stood at 46.6 per cent which is higher than the loss incurred by the airline in the corresponding period a year ago. India’s largest airline’s total net loss of 2021-22 was Rs 6,161 crore as compared to Rs 5,806 crore net loss that it suffered in 2020-21, the statement said.
In Q4 of 2021-22, the total income of India’s largest airline was Rs 8,020 crore, which was 28.9 per cent more than the corresponding period a year ago, the carrier’s statement stated. IndiGo’s load factor (occupancy rate) in the quarter ending March was 76.7 per cent as compared to 70.2 per cent recorded in the quarter ending March during the last year, it said.
The fuel prices in the country in Q4 of 2021-22 hiked by 61 per cent compared to the same period last year, it mentioned. The airline’s CEO Ronojoy Dutta said, “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half.”
Even though traffic rebounded and demand was robust during the latter half of the quarter, the airline was challenged by high fuel costs and a weakening rupee, he mentioned. “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 continuing to build the most efficient network in the region,” he noted. PTI
Story first published: Wednesday, May 25, 2022, 17:42 [IST]
