IndiGo Shares Decline Nearly 3 PC on Q1 Net Loss

New Delhi: Shares of InterGlobe Aviation, the parent of IndiGo, declined nearly 3 per cent on Friday after reporting a Rs 238 crore net loss for the three months ended June.

The stock dipped 2.73 per cent to Rs 4,886.70 on the BSE.

At the NSE, it edged lower by 2.73 per cent to Rs 4,886.

IndiGo on Thursday reported a Rs 238 crore net loss for the three months ended June as higher fuel prices and the West Asia conflict resulted in turbulence for the country’s largest airline.

The airline had a profit of Rs 2,176.3 crore in the year-ago period.

In the first quarter of the current fiscal, InterGlobe Aviation saw its total income rise to Rs 25,614.1 crore from Rs 21,542.6 crore a year ago.

However, overall expenses surged during the same period, according to a release.

“A combination of fuel price escalation, adverse foreign exchange movement and the Middle East conflict impacted profitability during the quarter, resulting in a net loss of Rs 2.4 billion,” it said.

The carrier’s net loss excluding foreign exchange amounted to Rs 56 million (Rs 5.6 crore) in the quarter under review, the release said.

InterGlobe Aviation is the parent of IndiGo, which has a domestic market share of over 66 per cent.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)