InterGlobe Aviation, parent of the country's largest airline IndiGo, on Tuesday, reported a net loss of Rs 3,174.1 crore for the first quarter ended June 30.
In the corresponding quarter last year, the company posted a net loss of Rs 2,844 crore. CNBC-TV18 Polls had predicted a loss of Rs 2,408 crore for the quarter under review.
The company's revenue from operations during the June quarter stood at Rs 3,007 crore, up 292 percent, from Rs 766.7 in the year-ago quarter.
As of June 30, 2021, the low-cost carrier has a fleet of 277 aircraft including 85 A320ceos, 122 A320neos, 41 A32l neos and 29 ATRs.
IndiGo operated a peak of 1,262 daily flights including charter flights during the quarter. During the quarter, the airlines provided scheduled services to 66 domestic destinations and various international locations through passenger charters and air bubble flights.
Capacity for the quarter was up by 433.2 percent compared to the same period last year, the airline said. With the number of infections decreasing in India, IndiGo said air traffic has started showing signs of recovery since the last week of May but the revenue environment remains uncertain.
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Ronojoy Dutta, the CEO, said, "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. Notwithstanding the Industry’s present challenges, we remain firmly optimistic about IndiGo’s future. Our entire focus during this pandemic has been to manage our cash balances, run a high-quality airline and continue to build our capabilities and be prepared for the post covid environment," he said.
The results came after the close of the market hours. Shares of InterGlobe Aviation ended at Rs 1,706.80, down by Rs 32.75, or 1.88 percent on the BSE.
First Published: IST