IndiGo Q4 loss balloons to Rs 1,682 crore due to Omicron, costlier fuel & weaker rupee – Times of India
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NEW DELHI: IndiGo’s loss for the January-March 2022, quarter ballooned to Rs 1,681.8 crore, up 47% from a loss of Rs 1,147.2 crore, due to a mix of factors like the Omicron wave, costlier jet fuel and weaker rupee.
While total income rose 29% to Rs 8,207.5 crore in Q4 from Rs 6,361.8 in same period last year, fuel cost in this period rose 68% from Rs 1,914.5 crore last Q4 to Rs 3,220.6 crore this Q4.
The airline’s scrip closed at Rs 1,645.05, down 2.2%, on BSE Wednesday when the broader market closed 0.6% lower.
IndiGo’s FY 2022 net loss of Rs 6,161.8 crore is 6% higher than last fiscal’s loss of Rs 5,806.4 crore.
The airline’s outgoing CEO Ronojoy Dutta said: “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee. 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.”
IndiGo’s total cash reserves were Rs 18,227.5 crore on March 31, 2022, 1.8% lower from Rs 18,568.5 crore same period last year.
The airline’s total debt was Rs 36,877.8 crore and the end of this March, up 23.5% from Rs 29859.7 crore last March.
During Covid, IndiGo’s highest quarterly loss was Rs 3,174.2 crore in Q1 FY 22.
While total income rose 29% to Rs 8,207.5 crore in Q4 from Rs 6,361.8 in same period last year, fuel cost in this period rose 68% from Rs 1,914.5 crore last Q4 to Rs 3,220.6 crore this Q4.
The airline’s scrip closed at Rs 1,645.05, down 2.2%, on BSE Wednesday when the broader market closed 0.6% lower.
IndiGo’s FY 2022 net loss of Rs 6,161.8 crore is 6% higher than last fiscal’s loss of Rs 5,806.4 crore.
The airline’s outgoing CEO Ronojoy Dutta said: “This quarter has been difficult because of the demand destruction caused by the Omicron virus in the first half. Although traffic rebounded and demand was robust during the latter half of the quarter, we were challenged by high fuel costs and a weakening rupee. 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.”
IndiGo’s total cash reserves were Rs 18,227.5 crore on March 31, 2022, 1.8% lower from Rs 18,568.5 crore same period last year.
The airline’s total debt was Rs 36,877.8 crore and the end of this March, up 23.5% from Rs 29859.7 crore last March.
During Covid, IndiGo’s highest quarterly loss was Rs 3,174.2 crore in Q1 FY 22.
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