IndiGo, India’s largest airline, faces a significant setback as its profit after tax (PAT) plunges by 94% sequentially in Q2 FY24 to Rs 189 crore, attributed to the depreciating Indian rupee against the US dollar and escalating jet fuel prices. The airline witnessed a foreign exchange loss of Rs 617 crore in Q2. Amid multiple hikes in aviation turbine fuel (ATF) prices between June and September, constituting 40% of operational expenses, IndiGo faced increased pressure on profitability. Revenue for the seasonally weak September quarter stood at Rs 15,503 crore, down from the airline’s highest-ever revenue of Rs 17,161 crore in Q1FY24.
IndiGo’s Q2 Profit Plummets 94% QoQ due to Soaring Fuel Prices and Weakening Rupee
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