Covid second wave: IndiGo sees highest ever quarterly loss of Rs 3,174 crore in Q1 – Times of India
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NEW DELHI: The pandemic has sent what was once India’s only profitable airline, IndiGo, in deep red. The low cost carrier (LCC) on Tuesday reported a loss of Rs 3,174.2 crore in April-June, 2021, as against a loss of Rs 2842.6 crore in same period last year.
The airline’s scrip closed 1.8% lower at Rs 1,706.8 on BSE Tuesday, when the broader market fell 0.5%.
Last fiscal’s Q1 loss was IndiGo’s — or any Indian carrier’s — highest ever quarterly loss till April-June of FY 22 proved to be even worse mainly due to the devastating second wave that brought travel to its knees in India.
IndiGo CEO Ronojoy Dutta said: “Our financial results for the first quarter were severely impacted by the second covid wave. The number of passengers traveling declined sharply in the months of 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 firmly optimistic about IndiGo’s future. Our entire focus during this pandemic has been to manage our cash balances, run a high- quality airline and to continue to build our capabilities and be prepared for the post covid environment.”
IndiGo,’s total income for the quarter ended June 2021 was Rs 3,170.3 crore, up 177.2% over the same period last year.
For the quarter, its passenger ticket revenue was Rs 2,297.6 crore, up 292.5% from same period last year, and ancillary revenues were at Rs 668.3 crore, an increase of 296.0% compared to the same period last year. All scheduled domestic flights were suspended last year for two months from March 25 to May 24.
IndiGo had a total cash balance of Rs 17,067.9 crore — comprising Rs 5,620.7 crore of free and Rs 11,447.2 crore of restricted cash — as on June 30, 2021. The airline’s total debt this June end (including operating lease liability) was Rs 31,690.1 crore.
IndiGo’s loss in FY 21 was Rs 5,806.4 crore — almost Rs 16 crore daily — compared to a loss of Rs 233.7 crore in FY 20.v
The airline’s scrip closed 1.8% lower at Rs 1,706.8 on BSE Tuesday, when the broader market fell 0.5%.
Last fiscal’s Q1 loss was IndiGo’s — or any Indian carrier’s — highest ever quarterly loss till April-June of FY 22 proved to be even worse mainly due to the devastating second wave that brought travel to its knees in India.
IndiGo CEO Ronojoy Dutta said: “Our financial results for the first quarter were severely impacted by the second covid wave. The number of passengers traveling declined sharply in the months of 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 firmly optimistic about IndiGo’s future. Our entire focus during this pandemic has been to manage our cash balances, run a high- quality airline and to continue to build our capabilities and be prepared for the post covid environment.”
IndiGo,’s total income for the quarter ended June 2021 was Rs 3,170.3 crore, up 177.2% over the same period last year.
For the quarter, its passenger ticket revenue was Rs 2,297.6 crore, up 292.5% from same period last year, and ancillary revenues were at Rs 668.3 crore, an increase of 296.0% compared to the same period last year. All scheduled domestic flights were suspended last year for two months from March 25 to May 24.
IndiGo had a total cash balance of Rs 17,067.9 crore — comprising Rs 5,620.7 crore of free and Rs 11,447.2 crore of restricted cash — as on June 30, 2021. The airline’s total debt this June end (including operating lease liability) was Rs 31,690.1 crore.
IndiGo’s loss in FY 21 was Rs 5,806.4 crore — almost Rs 16 crore daily — compared to a loss of Rs 233.7 crore in FY 20.v
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