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IndiGo, the flagship carrier of InterGlobe Aviation Ltd., is facing significant operational challenges as over 70 aircraft remain grounded for the fourth consecutive quarter. This situation has severely impacted the airline's financial health, with maintenance expenses soaring to Rs 2,745 crore in the September quarter—an increase of nearly 30% compared to the previous year.
According to Mark Martin, founder and CEO of Martin Consulting, the grounding of Pratt & Whitney engines has led to a reduction in earnings while simultaneously increasing expenditures. With a considerable portion of its fleet non-operational, IndiGo is forced to stretch its operational aircraft further, resulting in increased maintenance costs. "Each aircraft, which previously flew around 12 hours a day, is now operating for 18 hours, leading to a 40-50% rise in maintenance costs," Martin noted.
Mayur Malik of IndiaNivesh Ltd. highlighted that with approximately 17-18% of IndiGo's fleet grounded, the airline faces substantial additional costs. However, he remains optimistic, predicting a recovery by the end of fiscal 2026, citing IndiGo's robust cost structure as a potential driver for future revenue growth.
Despite a decrease in benchmark fuel prices, IndiGo's fuel costs per available seat kilometer (CASK) have risen by 4%. The airline attributes this to various factors, including fleet mix changes and increased airport congestion. Martin remarked that fluctuating fuel prices have not drastically impacted IndiGo’s overall financial health, especially as international flights benefit from lower jet fuel prices.
IndiGo's management noted a projected early to mid-single-digit decline in passenger unit revenue for Q3 compared to the previous year, reflecting the challenges faced amid rising competition. As the airline aims to expand its international presence, it recognizes the need for diversification beyond domestic markets. CEO Pieter Elbers emphasized strong international demand and indicated ongoing explorations into new markets, such as Jaffna and Central Asia.
However, analysts like Martin caution that IndiGo's delayed pursuit of international growth might hinder its competitive edge as rivals like Air India expand aggressively. "With increased competition, capturing a significant share of the international market will be challenging for IndiGo," he stated.
Overall, while IndiGo navigates a complex landscape of rising costs, grounded fleets, and stiff competition, strategic decisions in the coming months will be crucial for its recovery and long-term success.
