NEW DELHI: IndiGo, India’s largest airline, announced its first quarterly loss in two years on Friday, reporting a net loss of Rs 986.7 crore for the quarter ended September. The loss was attributed to rising fuel costs, aircraft groundings, and higher rental expenses.
In comparison, the carrier had recorded a profit of Rs 188.9 crore during the same period last year, according to the release.
According to IndiGo CEO Pieter Elbers, the airline’s expansion and growth persisted as revenue increased by 14.6 per cent year-on-year to Rs 17,800 crore in the September quarter.
“In a traditionally weaker second quarter, results 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,” he said.
The airline’s fuel expenses rose by 12.8 per cent to Rs 6,605.2 crore in the second quarter of the current financial year.