IndiGo posts Q3 net loss of Rs 620 crore, revenue falls 50.6% YoY

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Airline major InterGlobe Aviation (IndiGo) on January 28 reported a consolidated net loss of Rs 620 crore for the quarter ended December 31, 2020, against a profit of Rs 496 crore in the corresponding quarter a year ago.

The company's revenue for the quarter fell 50.6 percent YoY to Rs 4,910 crore against Rs 9,932 crore in Q3FY20.

Consolidated EBITDA fell 49.8 percent YoY to Rs 842.2 crore in Q3FY21 against Rs 1,676 crore in the same quarter last year.

EBITDA margin came at 17.1 percent against 16.9 percent YoY. EBITDAR reduced 49.7 percent to Rs 987.1 crore against Rs 1,961 crore YoY.

Load factor (a metric used for measuring the percentage of available seating capacity) for the quarter fell 15.6 percentage points to 72 percent against 87.6 percent YoY.

Available seat kilometres (ASK) for the quarter fell 40.8 percent YoY while revenue passenger kilometres (RPK) fell 51.3 percent YoY.

"The high level of consumer confidence in our product has indeed been heartening and we are glad to be making graduated and measured steps to a full recovery. We look forward to a gradual opening up of international scheduled flights during the next few months because the increased capacity and aircraft utilization are so very critical for our return to profitability," said the company's CEO, Ronojoy Dutta.

The company said as of December 31, 2020, it had a total cash balance of Rs 18,365.30 crore, comprising Rs 7,444.50 crore of free cash and Rs 10,920.70 crore of restricted cash.

The company added 5 aircraft to its fleet during the said quarter.