Budget carrier IndiGo on Saturday reported consolidated net loss of Rs 1,147 crore for the March quarter (Q4FY21) as higher fuel costs and coronavirus-related disruptions weighed on the earnings. It had reported a net loss of Rs 871 crore all over the same quarter a year earlier (Q4FY20) and Rs 620 crore loss in the preceding quarter (Q3FY21).
After a close washout in operations final year, the gradual recovery seen in domestic passenger demand waned from early March with the onslaught of second wave of coronavirus.
The country’s largest airline’s revenue from operations fell 25 per cent to Rs 6,223 crore as in comparison to Rs 8,299 crore in the corresponding quarter of the final year.
Its loss before tax came in at Rs 1,157 crore, in comparison to Rs 1,290 crore reported all over the same period final year.
“While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting final week of May and continuing through June. We see this pandemic as a period of great trial for both our shareholders and our employees,” said Ronojoy Dutta, chief executive officer (CEO) of IndiGo.
“We are focusing all our efforts and all our energies to make stronger the foundations and the pillars of IndiGo in order that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before. While we have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery in spite of everything arrives,” he said.
The earnings before interest, tax, depreciation, amortization and rent (EBITDAR), meantime came in at Rs 648 crore with EBITDAR margin of 10.4 per cent
IndiGo’s fuel costs rose 67 per cent to Rs 1,914 crore all over Q4FY21 as in comparison to Rs 1,142 crore in the previous quarter (Q3FY21)
For the March quarter, passenger ticket revenues stood at Rs 4,974 crore, a decrease of 30.2 per cent and ancillary revenues were Rs 890 crore, a drop of 17.2 per cent in comparison to the same period final year.
For the full year ending March 31, 2021, the airline reported a loss of Rs 5,806 crore as against a loss of Rs 233 crore in the preceding year. The company clocked a revenue of Rs 14,640 crore all over FY21, a fall of 59.1 per cent in comparison to the final year.
At the operating level, IndiGo’s load factor at the end of March quarter stood at 70.2 per cent, down from 82.9 per cent in Q4FY20. Its To be had Seat Kilometer (ASK) declined 16.7 per cent year-on-year to 19.2 billion from 23 billion final year.
The company said it has a strong balance sheet with a complete cash of Rs 18,568 crore at the end of March quarter.
As of March 31, 2021, IndiGo has a fleet of 285 aircraft including 100 A320ceos, 120 A320neos, 39 A321neo and 26 ATRs, with a net discount of 2 aircraft all over the quarter.
The airline operated at a peak of 1,301 day by day flights all over the quarter including non-scheduled flights, providing services and products to 65 domestic destinations and 10 international destinations through air bubble flights.
On Friday, IndiGo’s scrip settled 0.43 per cent lower at Rs 1,757 on NSE.
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