New Delhi [India], July 27 (ANI): Budget carrier IndiGo said on Tuesday its net loss in the first quarter of current fiscal (Q1 FY22) swelled to Rs 3,174 crore from Rs 2,844 crore in the same period of previous fiscal.
The airline industry faces subdued air traffic due to Covid-19 pandemic, rising oil prices and depreciation of Indian rupee.
CEO Ronojoy Dutta said the financial results were severely impacted by the second Covid wave as the number of passengers travelling declined sharply in May and June.
"With the second Covid wave receding, we are seeing a measured recovery in bookings for July and August. Notwithstanding the industry's present challenges, we remain firmly optimistic about IndiGo's future."
Dutta said the company's focus has been to manage cash balances, run a high-quality airline, continue to build capabilities and be prepared for the post-Covid environment.
Operationally, the low-cost airliner's revenue rose by 292 per cent to Rs 3,007 crore during Q1 FY22 due to an extremely low base.
Moreover, it reported an EBITDAR (earnings before interest, tax, depreciation, amortisation and rent) loss of Rs 1,360 crore compared to Rs 1,421 crore last year. EBITDAR margins stood at 45.2 per cent.
The company's fuel costs jumped 853 per cent to Rs 1,216 crore in Q1 FY22 as compared to Rs 127 crore in Q1 FY21.
As on June 30, IndiGo had a total cash balance of Rs 17,068 crore comprising Rs 5,621 crore of free cash and Rs 11,447 crore of restricted cash.
The airline has a fleet of 277 aircraft including 85 A320 CEOs, 122 A320 NEOs, 41 A321 NEOs and 29 ATRs, marking a net decrease of eight aircraft during the quarter. (ANI)