InterGlobe Aviation, the parent firm of India’s largest airline Indigo, on Wednesday, posted a net loss of Rs 2,844.3 crore for the June quarter. The coronavirus pandemic has severely damaged the aviation industry across the globe. The company had posted a net profit of Rs 1,203.1 crore in the year-ago period.
As per a regulatory filing, in the first quarter of the current financial year, the airline’s total income declined 88 per cent to Rs 1,143.8 crore. In the year-ago period, the same stood at Rs 9,786.9 crore.
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Revenue from operations declined 91.9 per cent to Rs 766.7 crore in the quarter under review, compared to the same period a year ago.
“Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results,” the filing said.
IndiGo CEO Ronojoy Dutta said, “The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognize 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,” said Ranojoy Dutta, CEO of the company.”
According to the filing, the average ticket price in the June quarter rose 11.1 per cent to Rs 4.53 per passenger per kilometre.
Passenger ticket revenue also dropped 93.1 per cent YoY to Rs 585.4 crore for the quarter under the river. Ancillary revenues also plunged 81.3 per cent YoY to Rs 168.8 crore in June quarter.
At the end of June, IndiGo had 274 aircraft in its fleet including 123 A320ceos, l 08 A320neos, 18 A32lneo and 25 A TRs. The airline operated a peak of 418 flights, including the charter flights, during the quarter ended on June 30.
IndiGo had a total cash balance of Rs 18,449.8 crore comprising Rs 7,527.6 crore of free cash and Rs 10,922.2 crore of restricted cash as on June 30.
During the same period, the capitalised operating lease liability was Rs 21,177.9 crore, while the total debt, including the capitalised operating lease liability, was Rs 23,551.6 crore.
In the wake of the pandemic, air services were suspended in late March. Domestic flights resumed on May 25, while international flights services remain suspended.
