BackInterGlobe posts ₹871 crore loss in January-March on surge in cost
Even before India announced the lockdown on 25 March, Indigo's international operations had taken a hit, especially routes to China, given the emergence of the pandemic which saw counties around the world close borders and ban travel
PremiumNEW DELHI: InterGlobe Aviation Ltd, which operates India’s largest airline IndiGo, reported a consolidated net loss of ₹871 crore for January-March, compared with a ₹596 crore profit in the year-ago quarter, because of a surge in cost amid tepid revenue growth.
The company's consolidated income rose 4.5% year-on-year to ₹8,635 crore for the March quarter, while costs soared by nearly a third to ₹9,924 crore.
This was reflected in the company’s 0.5% growth in revenue per available seat kilometre at ₹3.65 while cost metrics were up 26% at ₹4.21 per available seat kilometre. The airline’s yield rose 1% at ₹3.74 per kilometre.
“Closure of flight operations during national lockdown on account of covid-19 significantly impacted revenue for the quarter," the company said in a filing with exchanges.
India had suspended domestic and international flights in the last week of March as the country went into a lockdown to prevent the spread of covid-19. But even before India announced the lockdown on 25 March, Indigo's international operations had taken a hit, especially routes to China, given the emergence of the pandemic which saw counties around the world close borders and ban travel.
The company refused to give a guidance due to "the prevailing uncertainty due to pandemic."
With the lockdown restrictions extended to April and May, the impact of the lockdown will likely be more acutely felt in the April-June quarter.
A detailed commentary from the company is awaited.
IndiGo has a fleet of 262 aircraft, which includes 123 Airbus A320ceos, 100 A320neos, 14 A321 nco and 25 ATRs. The company added five aircraft to its fleet during the quarter.
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