IndiGo reports fifth straight quarterly loss
PremiumThe airline's consolidated net losses widened to ₹1,147.16 crore during the March quarter from ₹620.14 crore during the December quarter, and ₹1,194.83 crore losses in the quarter to September
New Delhi: InterGlobe Aviation Ltd, India’s largest domestic airline, reported a fifth straight quarterly loss as travel demand remained muted due to the covid-19 pandemic.
The airline's consolidated net losses widened to ₹1,147.16 crore during the March quarter from ₹620.14 crore during the December quarter, and ₹1,194.83 crore losses in the quarter to September. IndiGo had reported a profit of ₹871 crore during the March quarter of the previous year.
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During the March quarter, IndiGo's revenue fell by 26.3% to ₹6361.803 crore crore on an annual basis.
The company's expenses fell by 24.2% to ₹7,519.31 crore during the December quarter. Expenses however exceeded revenue during the period.
For the year ending on 31 March 2021 (FY2021), IndiGo reported a consolidated net loss of ₹5,806.43 crore, up from ₹233.68 crore loss during the previous year. Revenue during FY 2021 fell 58% on an annual basis to ₹15,677.6 crore.
“This has been a very difficult year with our revenues slumping
hard due to covid, showing some signs of recovery during the period December to February and then slumping
again with the second wave of the covid," said IndiGo's chief executive officer Ronojoy Dutta in a stock exchange notification.
"While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June," Dutta added.
IndiGo's net debt rose by 31.4% to ₹29,859.7 crore at the end of 31 March 2021 as compared to the year-ago period. The airline's cash balance fell 8.9% to ₹18,568.5 crore during the same period.
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