Net loss of the budget airline Indigo narrowed during the quarter ended on December 31, 2020 on a sequential basis.

InterGlobe Aviation, parent company of the airline, on Thursday reported a quarterly net loss of Rs 620.1 crore from a net loss of Rs 1,194.8 crore posted during the second quarter of 2020-21, owing to travel restrictions caused by the pandemic.

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This is the fourth quarter in row when the InterGlobe Aviation has posted loss.

In June quarter of the ongoing fiscal year, the airline had posted sharpest quarterly loss at Rs 2,844 crore after company’s operations were badly affected by. The pandemic. In September, ease in travel restrictions helped the company to narrow its losses to Rs 1,195 crore.

The airline had reported a net profit of Rs 496 crore during the Q3FY20. Besides, the company said the capacity for the quarter was down by 40.8 per cent compared to the same period last year.

The ‘Revenue from Operations’ declined bay 50.6 per cent to Rs 4,910 crore for the quarter compared to the same period last year.

“We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilisation are so very critical for our return to profitability,” IndiGo CEO Ronojoy Dutta said.

The company added that it maintained a string balance sheet with a total cash of Rs 18,365.3 crore including free cash of Rs 7,444.5 crore.

Company’s total expenses for the quarter under review stood at Rs 5,765.9 crore, lower by 41 per cent as compared to the same period in previous fiscal.