IndiGo’s in the second quarter saw the net loss widening sharply to Rs 2,581.7 crore, up from a loss of Rs 988.8 crore year-on-year. The loss has widened despite the company’s revenue rising 9.3% to Rs 18,555.3 crore.

The substantial increase in loss was primarily attributed to a massive forex loss of Rs 2,892 crore during the quarter.

The airline managed to grow its top line, with revenue climbing from Rs 16,969.6 crore in the corresponding period last year. Despite this, the operational metrics saw mixed performance.

Earnings Before Interest, Taxes, Depreciation, and Amortisation or the Ebitda fell significantly by 64.2% to Rs 579.5 crore, pulling the Ebitda margin down to 3.1% from 9.5% that was reported in the previous year.