Covid impact: IndiGo’s Q1FY21 net loss at Rs 2,844.3 cr

Mumbai, July 29 (IANS) InterGlobe Aviation, which runs airline major IndiGo, on Wednesday posted its highest ever quarterly net loss at Rs 2,844.3 crore for the first quarter of 2020-21.

“Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of Covid-19, significantly impacted the quarterly results,” the company said in a statement.

“IndiGo reports net loss of Rs 28,443 million and a negative EBITDAR of Rs 14,212 million for the quarter ended June 2020.”

The company had posted a profit of Rs 1,203.1 crore in the like period of the previous fiscal.

“Total income for the quarter ended June 2020 was Rs 11,438 million, a decrease of 88.3 per cent over the same period last year. For the quarter, our passenger ticket revenues were Rs 5,854 million, a decrease of 93.1 per cent and ancillary revenues were Rs 1,688 million, a reduction of 81.3 per cent, compared to the same period last year,” the statement said.

“Revenue from operations was Rs 7,667 million for the quarter, a decrease of 91.9 per cent against a 90.9 per cent reduction in capacity compared to same period last year.”

Besides, the airline pointed out that its basic earnings per share was negative Rs 73.92 for the quarter.

“IndiGo had a total cash balance of Rs 184,498 million comprising Rs 75,276 million of free cash and Rs 109,222 million of restricted cash. The capitalised operating lease liability was Rs 211,779 million. The total debt (including the capitalised operating lease liability) was Rs 235,516 million,” the statement said.

In its outlook, the company said it expects the Q2 fiscal 2021 to be around 40 per cent of Q2 FY20.

“The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority,” the company’s CEO Ronojoy Dutta was quoted as saying in the statement.

“However, we also recognise that major disruptions offer companies opportunities for improvement in product, customer preference, costs and employee engagement. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever.”

–IANS

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