New Delhi: IndiGo on Wednesday reported a net loss of Rs 1,681 crore in the quarter ending March due to Omicron wave, high fuel costs and weakening rupee. This year’s Q4 loss was 46.6 per cent more than the loss incurred by the airline in the corresponding period a year ago, the airline’s statement mentioned.
India’s largest airline’s total net loss of 2021-22 was Rs 6,161 crore as compared to Rs 5,806 crore net loss that it incurred in 2020-21, it mentioned. The total income of India’s largest airline in Q4 of 2021-22 was Rs 8,020 crore, which was 28.9 per cent more than the corresponding period a year ago, the carrier’s statement noted.
IndiGo’s load factor (occupancy rate) in the quarter ending March was 76.7 per cent as compared to 70.2 per cent recorded in quarter ending March during the last year, it said. Fuel prices in Q4 of 2021-22 increased by 61 per cent compared to the same period last year, it mentioned.
The airline’s 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, the airline was challenged by high fuel costs and a weakening rupee, he mentioned. “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, he noted.
Read all the Latest News , Breaking News and IPL 2022 Live Updates here.(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI)