Driven by a rebound in air travel, IndiGo, the country’s largest air carrier, reported a near 1000 per cent rise in net profit to ₹1,423 crore for the quarter ending December 2022. Net profit in the year ago period was ₹130 crore.
Revenue from operations during the period under review increased 61 per cent-odd to ₹14,933 crore.
Passenger numbers increased by 25.8 per cent year-on-year (y-o-y) to 22.3 million.
Fuel cost for the quarter stood at ₹5,785 crore, up 77 per cent y-o-y; but witnessed an 8 per cent sequential decline (over September quarter).
The company in a statement said, fuel prices increased by 52.4 per cent, leading to increase in fuel cost per available seat kilometer (CASK) by 41.2 per cent. However, CASK ex fuel increased by 6 per cent because of increase in foreign exchange losses.
The cost per available seat kilometer (CASK) is a measure of the airline’s performance.
According to Pieter Elbers, CEO, IndiGo, the third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel.
“The wide range of initiatives that were set in motion across the organisation have started to yield results. With a modern fleet of over 300 aircraft, we continue to serve the market with further capacity growth planned across domestic and international sectors,” he said.
Cash & Debt
As of December 31, 2022, the airlines had a cash balance of ₹21,926 crore, that comprised of ₹10,614 crore of free cash and ₹11,312 crore of restricted cash.
Capitalised operating lease liability was ₹41,042 crore.
Total debt (including the capitalised operating lease liability) stood at ₹44,475 crore.