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InterGlobe Aviation share rises 2% amid expectations of rising air travel demand in July

The company reported a net loss of Rs 1,147 crore for the quarter ended March 2021 compared to a net loss of Rs 870.8 crore in the year-ago period

twitter-logoBusinessToday.In | June 8, 2021 | Updated 16:37 IST
For FY21, the company posted a net loss of Rs 5806.4 crore, compared to net loss of Rs 233.7 crore in the last year.
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Share of InterGlobe Aviation rose over 2 per cent to hit an intraday high of Rs 1794.15 on BSE after the company said it expects air travel demand to gain 'further momentum' by early July.

The stock ended 1.69 per cent higher at Rs 1783.30 against the previous close of Rs 1753.60 on BSE. Market cap of the firm rose to Rs 68,641.00 crore.

The share of InterGlobe Aviation stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages.

The company reported a net loss of Rs 1,147 crore for the quarter ended March 2021 compared to a net loss of Rs 870.8 crore in the year-ago period.

Revenue from operations stood at Rs 6,222 crore in March 2021, down 25 per cent from Rs 8,299 crore in March 2020.

For FY21, the company posted a net loss of Rs 5806.4 crore, compared to net loss of Rs 233.7 crore in the last year.

"This has been a very difficult year with our revenues slumping hard due to covid, showing some signs of recovery during the period December to February and then slumping again with the second wave of the covid," said Mr. Ronojoy Dutta, CEO, InterGlobe Aviation.

"While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June," he added.

"We see this pandemic as a period of great trial for both our shareholders and our employees. We are focusing all our efforts and all our energies to strengthen the foundations and the pillars of IndiGo so that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before," he noted.

"While we have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives," he said.

As of March 31, 2021, IndiGo had a total cash balance of Rs 18,568.5 crore comprising Rs 7,099.7 crore of free cash and Rs 11,468.8 crore of restricted cash.

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