InterGlobe Aviation, the operator of low-cost airline IndiGo, on July 27 posted a loss of Rs 3,174.2 crore for the quarter ended June 2021, widening from Rs 2,844.3 crore in the year-ago period, as the second coronavirus wave battered the aviation industry.
Revenue from operations at Rs 3,006.9 crore, however, increased by 292.2 percent from the year-ago period due to low base. The year-ago quarter (Q1FY21) was also hit hard by the first wave of Covid-19 that led to a nationwide lockdown.
"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," CEO Ronojoy Dutta said.
He said the industry's present challenges notwithstanding, the company remained firmly optimistic about IndiGo's future.
For the quarter, the company said its passenger ticket revenues at Rs 2,297.6 crore increased by 292.5 percent YoY and ancillary revenues at Rs 668.3 crore rose by 296 percent compared to the same period last year.
At the operating level, earnings before interest, tax, depreciation, amortisation and rent cost (EBITDAR) loss for the quarter stood at Rs 1,360.2 crore, narrowing from a loss of Rs 1,421.2 crore in the corresponding period of the last fiscal.
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In its BSE filing on July 27, the company said it reported a negative EBITDAR margin of 45.2 percent for the quarter, compared to a negative EBITDAR margin of 185.4 percent for the same period last year.
However, InterGlobe Aviation has a strong balance sheet with total cash of Rs 17,067.9 crore, including free cash of Rs 5,620.7 crore. Given the current cash position, the company continued to evaluate the timing and the size of any QIP, the company said.
The company reported a load factor of 58.7 percent in the June 2021 quarter, down from 61.3 percent in the same period last year.
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