IndiGo operator InterGlobe reports Rs 2,844.3 crore loss in Q1

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IndiGo operator InterGlobe Aviation on July 29 reported a net loss of Rs 2,844.3 crore for the quarter ended June 2020 as coronavirus-led lockdown impacted operations.

Net profit in the same period last year stood at Rs 1,203.1 crore.

Revenue from operations at Rs 766.7 crore declined sharply by 91.9 percent against a 90.9 percent reduction in capacity compared to the same period last year, said InterGlobe in its BSE filing.

For the quarter, its passenger ticket revenues were Rs 585.4 crore, a decrease of 93.1 percent, and ancillary revenues were Rs 168.8 crore, a fall of 81.3 percent compared to the same period last year.

"Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results," the company said.

Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) loss stood at Rs 1,421.2 crore for the June quarter against EBITDAR at Rs 2,778.5 crore in the year-ago period, while there was negative EBITDAR margin of 185.4 percent for the quarter, compared to positive EBITDAR margin of 29.5 percent for the same period last year.

"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," CEO Ronojoy Dutta said.

InterGlobe has a strong balance sheet with a cash of Rs 18,449.8 crore, including free cash of Rs 7,527.6 crore at the end of June 2020.