Gurugram: IndiGo reported a loss of Rs 987 crore for the second quarter ending September 2024, slipping back into the red after posting a profit of Rs 189 crore in the same quarter last year and Rs 2,728 crore in the previous June quarter, media reports said.
Revenue from operations rose 14% year-on-year to Rs 16,970 crore, reported The Economic Times.
The budget airline attributed the weaker second quarter to seasonal challenges, further exacerbated by high fuel costs and grounded aircraft.
We have turned the corner as the number of grounded aircraft and associated costs have started reducing, said Pieter Elbers, CEO of IndiGo, according to ET.
Passenger ticket revenue increased by 10% to Rs 14,359 crore, while ancillary revenues grew 21% year-on-year to Rs 1,875 crore for the quarter.
IndiGo is set to launch a business class option within two weeks, aiming to enhance its customer experience.
The airline also anticipates early double-digit growth in third-quarter capacity in terms of Available Seat Kilometers (ASKs) compared to the same period in fiscal year 2024.
As of the end of September, IndiGo held a total cash balance of Rs 39,341 crore, including Rs 24,359 crore in free cash and Rs 14,982 crore in restricted cash.
Its fleet now includes 410 aircraft, with a net addition of 28 passenger planes during the quarter. The lineup comprises 41 A320 CEOs, 201 A320 NEOs, 112 A321 NEOs, 45 ATRs, 3 A321 freighters, 6 B737s, and 2 B777s.
The airlines capitalized operating lease liability totaled Rs 47,779 crore, contributing to a total debt figure of Rs 59,237 crore by the end of the September quarter. IndiGo shares closed 3.2% lower on Friday at Rs 4,373.70 on the NSE.
