For the quarter ended September 2024, IndiGo reported a total income of INR 177.6 billion, a net increase of 14.6% as compared to the same period last year. IndiGo however reported a net loss of INR 9.9 billion driven by higher fuel costs and a peak number of groundings, which have now started to reduce.
For the quarter ended September 30, 2024, compared to the same period last year
- Capacity increased by 8.2% to 38.2 billion
- Passengers increased by 5.8% to 27.8 million
- Yield increased by 2.3% to INR 4.55 and load factor reduced by 0.6 pts to 82.6% • Revenue from Operations increased by 13.6% to INR 169,696 million
- Fuel CASK increased by 4.2% to INR 1.73
- CASK ex fuel increased by 16.8% to INR 2.96
- EBITDAR of INR 24,340 million (14.3% EBITDAR margin), compared to EBITDAR of INR 24,465 million (16.4% EBITDAR margin)
- Net loss of INR 9,867 million, compared to net profit of INR 1,889 million
Profitability Metrics
| Particulars (INR mn) | Quarter ended | ||
| Sep‘24 | Sep‘23 | Change | |
| EBITDAR | 24,340 | 24,465 | -0.5% |
| PBT | (9,071) | 1,891 | -579.7% |
| PAT | (9,867) | 1,889 | -622.3% |
| Profit excludingforeign exchange | (7,461) | 8,060 | -192.6% |
Operational Metrics*
| Particulars | Quarter ended | ||
| Sep‘24 | Sep‘23 | Change | |
| ASK (billion) | 38.2 | 35.3 | +8.2% |
| RPK (billion) | 31.6 | 29.4 | +7.4% |
| Load Factor | 82.6% | 83.3% | -0.6 pts |
| Passengers (million) | 27.8 | 26.3 | +5.8% |
*Includes non-scheduled operations
Pieter Elbers, CEO, said: “IndiGo’s growth and expansion continued as our topline grew by 14.6 percent on a year over year basis, in the second quarter to 178 billion rupees. 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.
We continue to capitalize on the growth of the Indian market and associated opportunities and at the same time remain a cost leader in this competitive market. It marks a proud moment for us as we launch our business class two weeks from now and offer a new experience to our customers. We are receiving positive response to our recently launched loyalty rewards program – IndiGo BluChip. I would like to extend my gratitude to our 6E family for their continuous efforts in making IndiGo India’s preferred airline and courteously serving 28 million customers during the quarter.”
Revenue and Cost Comparisons
Total income for the quarter ended September 2024 was INR 177,590 million, an increase of 14.6% over the same period last year. For the quarter, our passenger ticket revenues were INR 143,592 million, an increase of 9.9% and ancillary revenues were INR 18,750 million, an increase of 20.9% compared to the same period last year.
| Particulars (INR mn) | Quarter ended | ||
| Sep‘24 | Sep‘23 | Change | |
| Revenue from operations | 169,696 | 149,439 | +13.6% |
| Other income | 7,894 | 5,590 | +41.2% |
| Total income | 177,590 | 155,029 | +14.6% |
| RASK* (INR) | 4.45 | 4.25 | +4.8% |
| Yield (INR/Km) | 4.55 | 4.44 | +2.3% |
*Net of finance income of INR 7,501 million and INR 5,085 million for quarter ended Sep’24 and Sep’23 respectively
Total expenses for the quarter ended September 2024 were INR 186,661 million, an increase of 21.9% over the same quarter last year.
| Particulars (INR mn) | Quarter ended | ||
| Sep‘24 | Sep‘23 | Change | |
| Fuel cost | 66,052 | 58,560 | +12.8% |
| Other costs excluding fuel | 120,609 | 94,578 | +27.5% |
| Total cost | 186,661 | 153,138 | +21.9% |
| CASK* (INR) | 4.69 | 4.19 | +11.8% |
| CASK ex fuel* (INR) | 2.96 | 2.53 | +16.8% |
| CASK ex fuel ex forex* (INR) | 2.90 | 2.36 | +22.8% |
* Net of finance income of INR 7,501 million and INR 5,085 million for quarter ended Sep’24 and Sep’23 respectively
Cash and Debt
As of 30th September 2024
- IndiGo had a total cash balance of INR 393,419 million comprising INR 243,597million of free cash and INR 149,822 million of restricted cash.
- The capitalized operating lease liability was INR 477,794 million. The total debt (including the capitalized operating lease liability) was INR 592,369 million.
Network and Fleet
- As of 30th September 2024, fleet of 410 aircraft including 41 A320 CEOs (17 damp lease & 4 secondary leases), 201 A320 NEOs, 112 A321 NEOs, 45 ATRs, 3 A321 freighters, 6 B737 (damp lease) and 2 B777 (damp lease); a net increase of 28 passenger aircraft during the quarter.
- IndiGo operated at a peak of 2,161 daily flights during the quarter including non-scheduled flights.
- During the quarter, provided scheduled services to 88 domestic destinations and 31 international destinations.
Operational Performance
For the period July-September’24
- IndiGo had a Technical Dispatch Reliability of 99.89%.
- IndiGo had an on-time performance of 65.7% at four key metros and flight cancellation rate of 1.2%.
Future Capacity Growth
- Third quarter of fiscal year 2025 capacity in terms of ASKs is expected to increase by early double digits as compared to the third quarter of fiscal year 2024.