Inter Globe Aviation Ltd. the operator of India’s top domestic airline IndiGo, plunged to a seventh consecutive quarterly loss as sharply higher fuel costs and fixed expenses outweighed robust growth in revenues.
The company’s consolidated loss widened to Rs 1,435.66 crore in the three months ended 30th September from Rs 1,194.83 crore a year earlier.
Fuel costs during the quarter tripled to Rs 1989.40 crore. Expenses on supplementary rentals and aircraft repair and maintenance costs jumped 73.6% to Rs 1,462.02 crore.
Consolidated net revenue grew 91% from the year earlier to Rs 5,798.73 crore in the September quarter. This was driven by the doubling of revenue from operations to Rs 5608.50 crore. While revenue exceed analyst expectations losses were wider than expected. A Bloomberg poll of six brokerages estimated a net consolidated loss of Rs 1,303.20 crore and five forecasts the carier to report a consolidated revenue of Rs 5,374.90 crore in the September quarter.