InterGlobe Aviation, the parent company of country's largest airline IndiGo, on Tuesday reported widening of its consolidated net loss to Rs 3,174.2 crore during April-June quarter from Rs 2,844.3 crore in the year-ago quarter.
However, the company's revenue from operations zoomed 292.2 per cent year-on-year (YoY) to Rs 3,006.90 crore during the quarter under review.
The surge in revenue comes on a very low base as flights were cancelled last year due to the nationwide lockdown in late March to curb the spread of COVID-19 infections. Domestic passenger flights were resumed on May 25 after a gap of two months.
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The airline's total expenses rose 59.2 per cent YoY to Rs 6,344.40 crore during the quarter under review. IndiGo said said its occupancy rate or load factor during the quarter stood at 58.7 per cent as compared with 61.3 per cent in the year-ago period.
"Our 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," IndiGo CEO Ronojoy Dutta said.
The airline's focus during the pandemic has been on managing its cash balances and to continue to build capabilities and be prepared for the post-COVID environment, he added.
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As of June 30, the airline had a fleet of 277 aircraft, a net decrease of eight aircraft during the quarter. It provided scheduled services to 66 domestic destinations and various international locations through passenger charters and air bubble flights during the quarter.
Its total debt stood at Rs 31,690 crore, while total cash balance was at Rs 17,067.9 crore, comprising Rs 5,620.7 crore of free cash and Rs 11,447.2 crore of restricted cash.
"Given the current cash position, the company continues to evaluate the timing and the size of any qualified institutional placement (QIP)," it said.
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