Mumbai, Oct 25
Low-cost carrier IndiGo on Friday reported a massive net loss of Rs 986 crore in the second quarter (Q2) of FY25, compared to net profit of Rs 188 crore in the same period last year.
The loss was driven by higher fuel costs and a peak number of groundings, which have now started to reduce, according to InterGlobe Aviation Ltd, the parent company of IndiGo.
Total expenses for the quarter ended September 30 were Rs 18,666 crore, an increase of 21.9 per cent over the same quarter last year.
IndiGo reported a total income of Rs 17,760 crore in the second quarter, a net increase of 14.6 per cent as compared to the same quarter last year.
According to the aviation major, the capacity increased by 8.2 per cent to 38.2 billion as passengers increased by 5.8 per cent to 27.8 million in the quarter.
IndiGo CEO Pieter Elbers said the company's growth and expansion continued as their topline grew by 14.6 per cent on a (year-over-year) basis. "In a traditionally weaker second quarter, results were further impacted by headwinds related to groundings and fuel costs. We have turned the corner as the number of grounded aircraft and associated costs have started reducing," said Elbers.
"We continue to capitalise on the growth of the Indian market and associated opportunities and, at the same time, remain a cost leader in this competitive market," the CEO added.
According to the Directorate General of Civil Aviation (DGCA) data, the country's domestic air passenger traffic reached 11.84 crore in the first nine months of the year, up against 11.28 crore during the corresponding period of the previous year. During the nine-month period (January-September), budget carrier IndiGo carried more than 7.25 crore passengers, clocking a market share of 61.3 per cent, followed by Tata Group-run Air India flying over 1.64 crore passengers with 13.9 per cent share.