InterGlobe Aviation Limited, the company that operates IndiGo airline, experienced a net loss of Rs 987 crore in the quarter ending September 30, 2024. This is in contrast to the net profit of Rs 189 crore recorded in the same period last year.
The loss was primarily due to rising operational costs, including a significant increase in airport fees and charges, supplementary rentals, aircraft repair and maintenance fees, and aircraft fuel expenses. Despite a 13.6% increase in revenues to Rs 16,969.6 crore, these increased costs had a significant impact on the airline's bottom line.
It is worth noting that aviation turbine fuel (ATF) prices in July 2024 were approximately 6% higher than in July 2023, while September 2024 jet fuel prices were 16.8% lower compared to the same month in the previous year. Following this announcement, IndiGo's shares closed down 3.2% at Rs 4,373.7 on the Bombay Stock Exchange.