IndiGo posts Rs 620 crore net loss in Q3

In the June and September quarter this fiscal, the airline had incurred a net loss of Rs 2,884 crore and Rs 1,194 crore, respectively.

New Delhi: Budget carrier IndiGo on Thursday reported a net loss of Rs 620 crore for the third quarter ended December 2020. It had posted a net profit of Rs 496 crore in the same quarter of the previous fiscal.

In the June and September quarter this fiscal, the airline had incurred a net loss of Rs 2,884 crore and Rs 1,194 crore, respectively.

The airline’s total income declined 50 per cent year-on-year to Rs 5,142 crore in the third quarter, IndiGo said in a statement.

Its total expenses in the December quarter slipped 41 per cent to Rs 5,765 crore.

“We are glad to be making graduated and measured steps to a full recovery,” IndiGo Chief Executive Officer Ronojoy Dutta said.

The airline is looking forward to a gradual resumption of scheduled international flights as increased aircraft utilisation is critical to its return to profitability, he added.

The airline said its occupancy rate or load factor during the quarter was 72 per cent, compared to 87.6 per cent a year ago.

Scheduled domestic flight services were suspended in India from March 25 to May 24 due to the lockdown. The domestic flights resumed operations from May 25 but in a curtailed manner.

As on December 31, it is providing flight services to 60 domestic cities, IndiGo said.

India’s largest carrier had a total cash balance of Rs 18,365 crore, comprising Rs 7,444 crore of free cash and Rs 10,920 crore of “restricted cash”. Restricted cash is not immediately available to the company and it is kept separate for a specific purpose.