No-frills carrier IndiGo on Saturday has posted a net loss of Rs 1,147.2 crore in the quarter ending March 202 as revenues continued to fall due to the COVID-19 pandemic. The airline had posted a net loss of Rs 870.8 crore in the same period last year.
IndiGo CEO said the airline saw a steep decline in revenues from February onwards.
"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. While we have seen a sharp decline in revenues in March through May," IndiGo's chief executive officer Rono Dutta said.
However, the airline is currently hopeful of seeing modest revenue improvements starting last week of May and continuing through June.
Revenue from operations for the airline during January-March 2021 declined 25 percent to Rs 6,222.9 crore, compared to the same period last year. The airline's EBITDAR for the March quarter was at Rs 6,48.3 crore with an EBITDAR margin of 10.4 percent compared to EBITDAR of Rs 86.7 crore with an EBITDAR margin of 1.0 percent for the same period last year.
The basic earnings per share were negative Rs 29.8.
Yield for the quarter ending March 31 was at Rs 3.7 per km vs Rs 3.74 per km a year ago, 1.2 percent down.
As of March 31, IndiGo had 285 aircraft with a net reduction of two aircraft during January-March.
Total cash balance for the airline as of March 31 at Rs 18,568.5 crore comprising of Rs 7099.7 crore of free cash and Rs 11,468.8 crore of restricted cash.
"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. 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," Dutta further said.
(Edited by: By Jomy Jos Pullokaran)
First Published: IST