IndiGo reports Rs 1,064 crore loss in Q1 amid high jet fuel prices

However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability.

Published: 04th August 2022 07:59 AM  |   Last Updated: 04th August 2022 07:59 AM   |  A+A A-

Indigo Flight, used for representation purposes. (Photo | D Hemanth, EPS)

Indigo Flight, used for representation purposes. (Photo | D Hemanth, EPS)

By Express News Service

NEW DELHI: Owing to a record rise in jet fuel prices and weakening of the Indian rupee against the US dollar, InterGlobe Aviation’s net loss narrowed to Rs 1,064.3 crore for the quarter ended June 30, 2022, even as its revenue from operations rose to a record 328% to Rs 12,855.3 crore.

It had reported a net loss of Rs 3,174.2 crore in the first quarter of FY22 as the second wave of covid-19 had then disturbed passenger movement. The company’s CEO Ronojoy Dutta said, “Our revenue performance this quarter was impressive. We reported the highest-ever revenue generated by the company and thereby produced profits at an operational level.

However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability. While our financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong.”

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