Airline company InterGlobe Aviation (IndiGo) on October 29 said its loss widened to Rs 1,194.8 crore in Q2 FY21, higher than the loss of Rs 1,062 crore posted in the corresponding quarter of the previous financial year.
However, the number was better-than-expected as a CNBC-TV18 poll had estimated the loss to the tune of Rs 1,897 crore. It helped that the company's total expenses fell 55.9 percent YoY to Rs 4,224.1 crore in Q2FY21 from Rs 9,571.6 crore in Q2FY20.
The company's revenue for the said quarter came at Rs 2,741 crore against Rs 8,105.2 crore. This, too, was above the CNBC-TV18 poll of Rs 2,678 crore.
EBITDAR, or earnings before interest, tax, depreciation, amortisation and rent, came at 408.5 crore, up 59.3 percent YoY from Rs 256.4 crore. CNBC-TV18 poll's estimate for EBITDAR was Rs 511 crore loss.
EBITDAR margin stood at 14.9 percent, up 11.7 pts YoY from 3.2 percent in Q2FY20. Load factor for the quarter stood at 65.1 percent, down 18.5 pts YoY from 83.5 percent.
Total debt increased 28.1 percent YoY to Rs 25,419.4 crore. It had a total cash balance of Rs 17,931 crore, a slight reduction from Rs 18,449.8 crore in the first quarter.
"We are pleased that we are slowly but surely stair-stepping our way back to normal capacity," CEO Ronojoy Dutta said. "While we are very much focused on managing the crisis of the present, we are also reimagining the promise of the future. Once we are back at to 100 percent capacity, we will have lower unit costs, a stronger product, a more efficient fleet and a robust network. We are impatient for the arrival of the future," he added.
The showing in the second quarter was a marked improvement from the first, where it reported a net loss of Rs 2,844.3 crore for the quarter ended June 2020 as coronavirus-led lockdown impacted operations.
Domestic flights had resumed in May, and since then the cap on capacity utilisation has been raised to 60 percent. A report by CAPA India, released on Thursday, said that capacity utilisation on an average stood at 35 percent on average, as on September 30.
Sharing its outlook for the third quarter, IndiGo said, "Third quarter fiscal 2021 capacity in ASKs is expected to be around 60 percent of third quarter fiscal 2020 capacity."
The airline's fleet increased to 282 aircraft, as compared to 274 in the first quarter. The increase came in the form of additional Airbus A320neo, which increased to 116, from 108. At the same time, the budget carrier reduced the older generation A320Ceo from 123 ,to 117.