Higher fuel costs, depreciation of rupee and intense competition saw IndiGo report its first-ever net loss since it had started operations over a decade ago and got listed in 2015.

For the first time, the airline has reported a net loss of ₹ 652.1 crore for the quarter ended September 2018. It had reported a net profit of ₹ 551.6 crore during the same period in the previous year.

"There has been a surge in fuel prices and significant depreciation of the Indian rupee during the quarter. Fuel constitutes over 40 per cent of our total cost and about 50 per cent of our costs, excluding fuel, are denominated in foreign currency. Typically, in the airline industry you will see higher fares to cover the increased costs. However, that has not happened here,” Rahul Bhatia, the company founder and interim Chief Executive Officer, said in a Concall to analysts after the results were announced.

He also pointed out that the second quarter was the weakest quarter of the year. Bhatia also indicated that IndiGo was not actively looking to buy out any competitor but added that it will not let go of a good opportunity if it came up.

In a statement to the BSE after its board meeting, the airline said that revenue from operations stood at ₹ 6,185.3 crore for the quarter ended September this year, which was an increase of 16.9 per cent, compared to the same period previous fiscal.

The airline said in a statement that its total debt as at the end of September this year stood at ₹ 2,641.1 crore, adding that the entire debt was aircraft related. "IndiGo does not have any working capital debt,” the statement said.

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