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InterGlobe Aviation, which operates the IndiGo airlines, reported net loss of ₹3,174.2 crore for the three months ended June 30. This is 11 per cent higher than the loss the airline reported in the first quarter of last fiscal.
“The second wave of Covid-19 significantly impacted revenue for the quarter,” the company said in a statement. Further, CEO Ronojoy Dutta said that the number of passengers travelling declined sharply in May and June. “With the second Covid wave receding, we are seeing a measured recovery in bookings for July and August. Notwithstanding the industry’s present challenges, we remain optimistic about IndiGo’s future,” he said.
He also explained that the company’s focus during the pandemic has been on managing cash balances, continue building capabilities and be prepared for the post-Covid environment.
The company has a negative EBITDAR (earnings before interest, tax, depreciation, ammortisaton and restructuring or rent costs) of ₹1,360.2 crore for the quarter ended June 30. This takes the EBITDAR margin to negative 45.2 per cent for the quarter under review compared to a negative 185.4 per cent (₹1,421.2 crore) for the same period last year.
‘Strong balance sheet’
The company said it had strong balance-sheet with a total cash of around ₹17,068 crore, including free cash of ₹5,620.7 crore. “Given the current cash position, the company continues to evaluate the timing and the size of any QIP (Qualified Institutional Placement),” it said.
The company reported a total income of ₹3,170.3 crore (₹1,143.8 crore) and costs of ₹6,344.4 crore (₹3,986.4 crore) in the first quarter.
The company said that as of June 30, it has a fleet of 277 aircraft, down eight during the quarter.
It operated a peak of 1,262 daily flights and a low of 318 flights during the quarter, including non-scheduled flights.
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