IndiGo Q4 net loss expands to Rs 1,147 crore amid COVID-19 second wave
The domestic budget carrier's revenue from operations drops 25 percent to Rs 6,222 crore in the March quarter as against Rs 8,299 crore in the corresponding quarter in the previous year.
June 06, 2021 / 07:37 AM IST
Budget carrier Interglobe Aviation Limited (IndiGo) on June 5 announced that it registered a consolidated year-on-year net loss of Rs 1,147 crore in the fourth quarter of FY 2020-21, which ended on March 31, 2021. The airline had posted a loss of Rs 8,70.8 crore in the year-ago period.
Apart from the consolidated loss, the airline's revenue from operations dropped 25 percent to Rs 6,222 crore in the March quarter as against Rs 8,299 crore in the corresponding quarter in the previous year, the company said in a regulatory filing.
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"This has been a very difficult year with our revenues slumping hard due to COVID. After showing some signs of recovery during the December-to-February period, revenues slumped again with the second wave of COVID," IndiGo CEO Ranojoy Dutta said.
Dutta has said that the company has seen a sharp decline in revenues in March through May, and is encouraged by the modest revenue improvements starting last week of May and continuing through June.
"We see this pandemic as a period of great trial for both our shareholders and our employees. We are focusing all our efforts and all our energies to strengthen the foundations and the pillars of IndiGo so that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before. While we have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives," Dutta added.
Among other details, IndiGo said that the January to March EBITDAR stands at Rs 648.3 crore with EBITDAR margin of 10.4 percent compared to EBITDAR of Rs 86.7 crore with EBITDAR margin of 1.0 percent for the same period last year (2019-20).
For the full year ended March 2021, the company''s net loss widened to Rs 5,806.4 crore from Rs 233.7 crore in 2019-20 fiscal. Total income fell 58 per cent to Rs 15,677.6 crore in the last financial year. The same stood at Rs 37,291.5 crore in the year-ago period.