InterGlobe Aviation shares down after disappointing Q1 earnings
The stock plummeted 4.67 per cent to Rs 1,627 at the BSE.At NSE, it tumbled 4.59 per cent to Rs 1,626.45.
After dropping nearly 4 per cent, shares of InterGlobe Aviation improved on Thursday afternoon to trade over 2 per cent higher. The company on Wednesday had reported a net loss of Rs 2,844.3 crore for the three months ended June.
The scrip opened at Rs 873.10 and touched an intraday high and low of Rs 942.90 and Rs 873.10 respectively, in the session so far. At 1.11 pm, shares of the company traded at Rs 932.40, up by Rs 22.60 or 2.48 per cent on the BSE.
Similar trend was witnessed on NSE. The stock dipped 3.79 per cent to Rs 875.25. But, pared the early losses and was quoting with 2.45 per cent gains at Rs 932.00.
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The parent of the country’s largest airline IndiGo on Wednesday posted a net loss of Rs 2,844.3 crore for the three months ended June as disruptions due to the coronavirus pandemic significantly impacted the airline. It had a net profit of Rs 1,203.1 crore in the year-ago period.
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, according to a regulatory filing.
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.
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.
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