IndiGo Q2 Results: Airline slips back into red with Rs 987 crore loss

Aviation major IndiGo slipped back into the red, reporting a loss of Rs 987 crore in the second quarter ended September 2024. The company had reported a profit of Rs 189 crore in the September quarter of the previous year and Rs 2,728 crore in the preceding June quarter.

Revenue from operations, meanwhile, jumped 14% year-on-year ( YoY) to Rs 16,970 crore in the reporting quarter.

While the Street was expecting Interglobe Aviation to report losses, the actual number was much higher. For instance, an ET Now poll saw the losses for the airline to be around Rs 219 crore.


In a traditionally weaker second quarter, the budget carrier said earnings were further impacted by headwinds related to groundings and fuel costs.

"We have turned the corner as the number of grounded aircraft and associated costs have started reducing," said Pieter Elbers, CEO, IndiGo.

For the second quarter, the company's passenger ticket revenues were Rs 14,359 crore, shown an increase of 10%. Ancillary revenues rose 21% YoY to Rs 1,875 crore.

IndiGo announced that it is on track to launch its business class in two weeks, aiming to offer a new experience to customers.

The company expects third-quarter capacity in terms of ASKs to increase by early double digits compared to the third quarter of fiscal year 2024.

IndiGo had a total cash balance of Rs 39,341 crore, which includes Rs 24,359 crore of free cash and Rs 14,982 crore of restricted cash.

The airline boasts a fleet of 410 aircraft, including 41 A320 CEOs, 201 A320 NEOs, 112 A321 NEOs, 45 ATRs, 3 A321 freighters, 6 B737s, and 2 B777s, reflecting a net increase of 28 passenger aircraft during the quarter.

The capitalized operating lease liability for the airline stood at Rs 47,779 crore at the end of the September quarter. The total debt (including the capitalized operating lease liability) was Rs 59,237 crore.

On Friday, IndiGo shares closed 3.2% lower at Rs 4,373.70 on the NSE.