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IndiGo Q1 results: Airline posts Rs 2,844 crore loss as coronavirus hits operations

The company recorded a net loss of Rs 2,844 crore for the April-June quarter as against a profit of Rs 1,200 crore in the corresponding period of the previous year

twitter-logoBusinessToday.In | July 29, 2020 | Updated 17:15 IST
IndiGo Q1 results: Airline posts Rs 2,844 crore loss as coronavirus hits operations
IndiGo

Interglobe Aviation Limited, parent company of Indigo, posted on Wednesday its sharpest quarterly loss in at least five years as coronavirus-related restrictions hit its operations badly. The company recorded a net loss of Rs 2,844 crore for the April-June quarter as against a profit of Rs 1,200 crore in the corresponding period of the previous year. Revenue from operations fell 92 per cent to Rs 767 crore.

"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 in an exchange filing.

EBITDAR (earnings before interest, tax, depreciation, amortisation, and rent costs) loss stood at Rs 1,421.2 crore as against Rs 2,778.5 crore in Q1FY20. The debt stood at Rs 23,551.6 crore.

"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. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever," said Ronojoy Dutta, CEO of the company.

Total cash balance stood at Rs 18,449.8 crore including Rs 7,527.6 crore of free cash and Rs 10,922.2 crore of restricted cash. As of June 30, the airline has a fleet of 274 aircrafts, a net rise of 12 aircrafts.Also read: India may set up electronics commission to reduce dependency of manufacturers on China

Also read: Chinese app ban: TikTok says ready to store data locally, denies breach of user privacy

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