InterGlobe Aviation, the parent company of airline IndiGo, swung to a massive net loss in the second quarter of the financial year, massively missing analyst estimates.

What Happened: India’s top carrier said it lost ₹986.7 crore in the quarter ended September, compared with a profit of ₹188.93 crore that it earned in the same quarter last year. The figure fell behind estimates of a ₹234 crore loss, based on an average of four brokerages. Estimates for the bottom line figure were spread across a wide range.

Meanwhile, the airline operator’s revenue from operations climbed 13.6% to ₹16,969.6 crore, compared with a topline of ₹14,943.88 crore a year ago. The figure beat analyst expectations of ₹16,743.5 crore.

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The carrier’s numbers were under pressure from higher fuel and employee costs as well as issues with Pratt & Whitney engines that have grounded part of its fleet and raised costs.

Key Numbers: The airline’s revenue per available seat kilometre (RASK) came in at ₹4.45, higher than the ₹4.25 it posted last year. Meanwhile, its cost per available seat kilometre (CASK) stood at ₹4.69, also up from ₹4.19.

RASK and CASK are operational metrics that measure how much money an airline earns and spends at a unit level.

IndiGo’s load factor declined 0.6 basis points to 82.6% during the quarter, compared with 83.3% a year ago. It ferried 27.8 million passengers during the quarter, up 5.8%.

Price Action: Ahead of the results, shares of InterGlobe Aviation ended the trading session down 3.23% at ₹4,373.70. The stock has gained over 47% so far this year.

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