IndiGo crashes to ₹2,582 crore loss as forex bites
India’s largest air carrier reported a loss of 2,582 crore rupees for the three months ending in September, marking a reversal from the 2,176 crore rupee profit recorded during the prior quarter. The deficit widened from 987 crore rupees posted during the matching period one year earlier, according to filings with stock exchanges.
Currency fluctuations dealt a significant blow to IndiGo’s bottom line, generating foreign exchange losses totaling 2,892 crore rupees against just 241 crore rupees twelve months prior. Without this impact, the airline would have earned 104 crore rupees for the quarter. Sales climbed 9 percent from a year ago to reach 18,555 crore rupees, powered by ticket revenue rising 11.2 percent to 15,967 crore rupees and fees from baggage and onboard purchases advancing 14 percent to 2,141 crore rupees.
Chief Executive Pieter Elbers said the company recognizes the need to adjust flight capacity during slower travel periods to maintain financial health as the domestic aviation market expands. Expenses for leasing planes and servicing aircraft increased to 3,262 crore rupees from 2,745 crore rupees. Shares of parent InterGlobe Aviation fell 1.06 percent to close at 5,635 rupees on the Bombay Stock Exchange.
