IndiGo has narrowed losses to Rs 1,064 crore in the June quarter, down 66 per cent from a loss of Rs 3,174 crore in the corresponding quarter a year ago.

However, revenue from operations increased 328 per cent y-o-y from Rs 3,006 crore to Rs 12,855 crore, which was the company’s highest-ever quarterly revenue.

IndiGo saw an increase in the number of passengers by 221.9 per cent compared with the same period last year.

Total income came in at Rs 13,018.80 crore for the quarter, the highest ever, against Rs 3,170 crore in the corresponding period a year ago.However, the airline’s total expenses jumped over twofold to Rs 14,083 crore in April-June from Rs 6,344 crore a year ago.

Fuel cost soared more than fourfold to Rs 5,990 crore in the quarter under review from Rs 1,215 crore in the year-ago quarter. While IndiGo’s load factor (occupancy rate) was58.7 per cent in Q1 of 2021-22, it increased to 79.6 per cent in Q1of 2022-23.

The airline’s CEO Ronojoy Dutta said the carrier’s performance was impressive.

“We reported the highest ever revenue generated by the company and thereby produced profits at an operational level. However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability,” Dutta said.

While financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong, the IndiGo CEO said.