InterGlobe Aviation Ltd, the conglomerate that owns budget airlines IndiGo, reported its first-ever quarterly loss since listing on Wednesday. Hurt by a rise in fuel prices and the weakness in rupee, it incurred a net loss of Rs 652 crore in the July-Sept quarter.
Due to a rise in the number of passengers, IndiGo's revenue grew by 17 percent to Rs 6,185 crore from a year ago period. "Aviation in India is facing significant pressures from high fuel costs, rupee depreciation and intense competition, all of which have impacted our profitability this quarter," the interim CEO, Rahul Bhatia said.
Earnings before interest, tax, depreciation and amortization and rental cost, of the airline, declined by 93 percent to Rs 111 crore, partially due to higher maintenance costs related to old A320 neo aircraft. In the quarter under review, the carrier added 20 planes to its fleet adding up to 189. Its total cash balance stood at Rs 13,164 crore and total debt was at Rs 2,641 crore.