IndiGo revenue dips 92 pc, posts Q1 net loss of Rs 2,844 crore

InterGlobe Enterprises, the parent company of India's largest airline IndiGo, on Wednesday reported a net loss of Rs 2,844 crore in the quarter ended June compared to a net profit of Rs 1,203 crore in the same period of last year.

Revenue from operations plunged 92 per cent year-on-year to Rs 767 crore on account of Covid-19 and government orders.

"The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority," said Chief Executive Officer Ronojoy Dutta.

"However, we also recognise that major disruptions offer compes 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."

IndiGo said its total income for the quarter ended June was down 88 per cent year-on-year to Rs 1.144 crore. Passenger ticket revenues were Rs 585 crore, down 93 per cent and ancillary revenues slipped 81 per cent to Rs 169 crore.

Basic earnings per share was negative Rs 73.92 for the April to June quarter. The company said it has a strong balance sheet with a total cash of Rs 18,450 crore including free cash of Rs 7,528 crore.

The airline operated a peak of 418 daily flights including charter flights during the quarter. It resumed services to 56 domestic destinations and served 20 international destinations via charter operations.

IndiGo has a fleet of 274 aircraft including 123 A320ceos, 108 A320neos, 18 A321 neo and 25 ATRs.

( With inputs from ANI )