Categories: Business

Indigo reports q1 net loss of Rs 2844 crore

Photo: FILE

Indigo reports q1 net loss of Rs 2844 crore

new Delhi. Interglobe Aviation reported a net loss of Rs 2,844 crore in the first quarter of the current financial year. The operator of IndiGo, the country's largest airline, earned a net profit of Rs 1,203 crore in the same quarter of the previous financial year. During this time the airline's operations were severely affected due to the Corona virus epidemic, normal flights were completely closed for more than half of the quarter, resulting in a sharp drop in earnings. In a communication sent to the stock exchanges, the company said its total income during the quarter declined by 88 percent to Rs 1,144 crore from Rs 9,787 crore in the same quarter of the previous fiscal.

The airline's revenue from operations declined 92 percent to Rs 766.7 crore during the quarter. The airline said its quarterly results had been affected by the May 24 shutdown due to the epidemic. Even after that, operations are quite limited. Domestic flights have started since May 25, but international flights are still closed. The airline said average fares in the June quarter were up 11.1 percent at Rs 4.53 per passenger per km. IndiGo Chief Executive Officer (CEO) Ronjoy Dutta said, "At present, the aviation industry is struggling to keep itself in the market. So our top priority is to save cash. "By the end of June, IndiGo had a total of 274 aircraft in its fleet. IndiGo had a cash surplus of Rs 18,450 crore at the end of the June quarter. During this period, the company had a total debt burden of Rs 23,552 crore, of which Rs 21,178 crore was the liability of operating lease which was converted into capital liability.

This post was published on July 30, 2020 4:11 am

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