nterGlobe Aviation, which operates no-frills carrier IndiGo, on Wednesday reported a bigger net loss of Rs 1,681 crore for the three months to March, higher by nearly 47% than the loss incurred by the airline in Q4FY21.
The carrier was hit by elevated fuel costs, a weaker rupee and the Omicron wave.
While fuel costs in Q4FY22 soared by 68% from the same period in FY21, the company said total expenses surged 31.5%.
The carrier’s total income in Q4FY22 was Rs 8,020 crore, around 29% more than the income in the corresponding period a year ago, a statement from the company said. IndiGo’s load factor or the occupancy rate was a reasonably good 76.7% against 70.2% in Q4FY21. Yields, a metric of profitability, increased 19.2% to Rs 4.40.
The airline’s total loss for 2021-22 stood at Rs 6,161 crore compared with Rs 5,806 crore incurred in 2020-21, the company said in a release.
CEO Ronojoy Dutta said the March quarter has been a difficult one because of the demand destruction caused by the Omicron virus in the first half. Though traffic had rebounded and demand was robust during the latter half of the quarter, the airline has been hurt by high fuel costs and a weakening rupee, the CEO said.
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 added.