IndiGo reported a net loss of ₹1,583 crore in the quarter ending September 30, 2022, for FY23. Losses widened from the year-ago-period, when it stood at ₹1,436 crore.

Losses came primarily on account of an over 200 per cent increase in fuel costs y-o-y and increased forex loss. Other costs (apart from fuel) went up by 56 per cent y-o-y too.

The loss excluding foreign exchange improved to ₹382 crore in Q2FY23. In percentage terms it was 74 per cent lower than Q2FY22, when losses excluding foreign exchange was ₹1470 crore (approx).

The company’s revenue from operations during the September 2022 quarter came in at ₹12,498 crore, up over 120 per cent y-o-y. Revenue from operations stood at ₹5,608 crore in the year-ago-period.

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Faster recovery

The airline in a statement said it was “recovering faster than the market”, having operated two quarters at full capacity. IndiGo’s capacity stands at 107 per cent in Q2 FY23; while industry capacity recovery is at 85 per cent.

In Q2, the low-cost carrier witnessed reduced traffic due to seasonality. As compared to the industry, which saw traffic dip to 79 per cent of the passengers; IndiGo carried 97 per cent of the passengers in Q2 FY22-23 quarter, compared to Q3 FY19-20.

IndiGo’s RASK – revenue per available seat kilometre, considered to be a key operating measure – stood at 4.57, better than the pre-Covid average (FY20) of 3.42; because of “better efficiency and improved yields”.

“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 countermeasures to accommodate this strong demand,” Pieter Elbers, CEO, IndiGo said.

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