IndiGo Q2 results: Loss widens to Rs 1,195 crore, revenue plunges 65%

Interglobe Aviation Limited, parent company of budget airline Indigo, on Thursday reported loss for the third consecutive quarter amid muted demand and travel restrictions imposed in wake of coronavirus pandemic. The company posted a net loss of Rs 1,195 crore for the July-September quarter as against a net loss of Rs 1,062 crore in the corresponding period of the previous year. The airline had recorded its sharpest quarterly loss in at least five years at Rs 2,844 crore in the June quarter of this fiscal as coronavirus-related restrictions hit its operations badly.

The carrier's total revenue declined by 64.5 per cent to Rs 3,029.19 crore in Q2 FY21 from Rs 8,539.88 crore in the corresponding quarter last year, Indigo said in a filing to the BSE.

For the quarter, passenger ticket revenues were Rs 2,208.2 crore, a decrease of 68.9 per cent and ancillary revenues were Rs 506.6 crore, a reduction of 45.5 per cent compared to the same period last year.

EBITDAR (Earnings before Interest, Tax, Depreciation, Amortisation, and Rent Costs) loss stood at Rs 408.5 crore as against Rs 256.4 crore in Q2 FY20, registering a year-on-year growth of 59.3 per cent. EBITDAR margin stood at 14.9 per cent for the quarter, compared to 3.2 per cent for the same period last year.

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

Total expenses for the quarter decreased by 55.9 per cent YoY to Rs 4,224.1 crore.

Commenting on Q2 earnings, IndiGo's CEO, Ronojoy Dutta said, "We are pleased that we are slowly but surely stair-stepping our way back to normal capacity. 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 100 per cent 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.

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As of September 30, 2020, lndiGo had a total cash balance of Rs 17,931.80 crore comprising Rs 6,973.4 crore of free cash and Rs 10,958.4 crore of restricted cash.

The capitalised operating lease liability was Rs 22,931.9 crore and the total debt (including the capitalised operating lease liability) stood at Rs 25419.4 crore.

As of the end of September quarter, the airline has a fleet of 282 aircrafts, a net rise of 8 aircrafts. This includes 117 A320 CEOs, 1 16 A320 NEOs, 24 A32 I NEOs and 25 ATRs. The airline is currently providing services to 59 domestic destinations and 5 international destinations through Air bubbles.

Meanwhile, shares of IndiGo ended 3.11 per cent higher at Rs 1,333.25, against the previous closing price of Rs 1,293.05, on the Bombay Stock Exchange.