Home >Companies >News >COVID-19 impact: IndiGo reports net loss of 2,844 crore, passenger revenue dips 93% in Q1

InterGlobe Aviation, the parent firm of IndiGo, on Wednesday reported a net loss of 2,844.3 crore for the quarter ended on June 30. The coronavirus pandemic has severely affected the airlines industry across the globe. The budget carrier posted a profit of 1,203 crore for the same quarter last year.

The revenue from operations plunged 91.9% year-on-year to 766.7 crore during the June quarter.

“The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognize that major disruptions offer companies opportunities for improvement in product, customer preference, costs and employee engagement. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever,” said Ranojoy Dutta, CEO of the company.

Total income for the quarter ended June was 1,143.8 crore, a decrease of 88.3% over the same period last year, the company said in a statement. Passenger ticket revenues dips 93.1% YOY to 585.4 crore for the June quarter. Similarly, ancillary revenues falls 81.3% YOY to 168.8 crore in this quarter.

The capitalized operating lease liability was 21,177.9 crore while the total debt (including the capitalized operating lease liability) was 23,551.6 crore.

As of June 30, the low-cost carrier has a fleet of 274 aircraft including 123 A320ceos, l 08 A320neos, 18 A32lneo and 25 A TRs. IndiGo operated a peak of 418 daily flights including charter flights during the quarter. The airlines resumed services to 56 domestic destinations and served 20 international destinations via charter operations.

India has suspended domestic and international flight operations in the last week of March to curb the coronavirus spread in the country. The domestic flight services resumed on May 25 in a limited manner. Airlines are allowed to operate with 45% capacity. The central government also extended the restrictions on domestic flights till November 24 or until further notice in the view of COVID-19 pandemic.

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