IndiGo swings from Rs 2,176 crore profit to Rs 238 crore loss in Q1

The country's largest airline IndiGo on Thursday reported a Rs 238 crore loss for the three months ended June, as higher fuel prices, foreign exchange losses, and the West Asia conflict impacted the bottom line. The airline had a profit of Rs 2,176.3 crore in the year-ago period. In the first quarter of the current fiscal, InterGlobe Aviation saw its total income rise to Rs 25,614.1 crore from Rs 21,542.6 crore a year ago. However, overall expenses surged during the same period, according to a release. "A combination of fuel price escalation, adverse foreign exchange movement and the Middle East conflict impacted profitability during the quarter, resulting in a net loss of Rs 2.4 billion," it said. InterGlobe Aviation is the parent of IndiGo, which has a domestic market share of over 66 per cent. IndiGo Managing Director Rahul Bhatia said the first quarter was shaped by a volatile operating environment, with elevated fuel costs and network-related constraints in West Asia impacting profitability. "At the same time, demand remained healthy, and our revenue performance improved year-on-year, supported by improved yields and continued customer preference for IndiGo, as we proudly served more than 31 million passengers," he pointed out. Bhatia said the pressure of fuel costs and the rupee depreciation resulted in a loss of around Rs 2 billion for the first quarter. "While near-term uncertainties remain, we continue to stay committed to our long-term priorities of strengthening the network, enhancing customer choice, and creating sustainable value for all stakeholders," he added.