IndiGo reports Q1 loss at Rs 2,844 crore, revenue dips 92% YoY to Rs 768 cr

InterGlobe Aviation-owned IndiGo airline on Wednesday noted a standalone internet loss of Rs two,844.3 crore for the June quarter of FY21 (Q1FY21), in comparison to a revenue of Rs one,203 crore clocked in the preceding-year quarter. On a quarterly basis, the loss widened 226.5 per cent from a internet loss of Rs 871 crore incurred in the March quarter of FY20.

“Closure of scheduled functions until May perhaps 24, 2020 and reduced potential deployment thereafter on account of Covid-19, noticeably impacted the quarterly outcomes. lndiGo experiences internet loss of Rs two,844.3 crore,” said the airline in a statement. The loss just before tax stood at Rs two,842.six crore for Q1FY21.

The Gurugram-dependent airline’s income from functions arrived in at Rs 766.7 crore for the quarter below income, down 91.8 per cent year-on-year (YoY), from Rs nine,420.one crore noted in Q1FY20. It declined 90.7 per cent from income of Rs 8,299.one crore acquired in Q4FY20. Which includes other revenue of Rs 377.one crore, complete income arrived in at Rs one,143.8 crore, down 88.3 per cent YoY, from Rs nine,786.nine crore noted in Q1FY20.

“Several point out governments continue on to limit flight functions which impression our functions. As a outcome, our revenues had been materially impacted throughout this interval. Government authorized partial resumption of flights from twenty fifth May perhaps 2020 and we resumed with a great deal much less flights,” it said.

EBITDAR (earnings just before fascination, tax, depreciation, amortisation, and rent charges) loss arrived in at Rs one,421.two crore, down 151.two per cent YoY, from Rs two,778.5 crore in the June quarter of the preceding fiscal. The EBITDAR margin was (-) 29.5 per cent.

Hard cash and Hard cash Equivalents

At the conclude of the June quarter of FY21, the airline’s dollars and dollars equivalents stood at Rs 18,449.8 crore, as in opposition to Rs 17,337.one crore at the conclude of June quarter of FY20. Of this, free of charge dollars reserve was Rs 7,527.six crore.

“We have taken measures to minimize our unit charges and improve our liquidity by building our fleet additional successful with continuing to substitute more mature CEO plane with NEO’s, prioritizing traveling with our NEOs above more mature CEO, placing on hold discretionary fees, deferring selected cash expenses, and so on. In buy to maintain functions, we also had to consider actions to slice employee charges via fork out cuts, depart without the need of fork out and reduction in workforce,” the airline said.

The financial debt, on the other hand, stood at Rs 23,551.six crore, the fiscal statements exhibit.

“Airlines have been monetarily bleeding with a regular monthly internet dollars melt away of above Rs five hundred crore for IndiGo, as per our estimate. The very first set of steps carried out by the company these as fork out cuts, depart without the need of fork out and different other price initiatives had been clearly not ample to off-set the drop in revenues. The marketplace leader has now decided to layoff a tenth of its workforce. As the dollars reserves dwindle (Rs 8,930 crore unrestricted as at Mar’20), IndiGo will have to resize its company (existing fleet energy at 250) and re-align charges in tandem,” analysts at JM Fiscal had created in their outcomes preview note.

Fleet size

For the quarter finished June 2020, IndiGo has noted fleet of 274 plane like 123 A320ceos, 108 A320neos, 18 A321 neo and twenty five ATRs, foremost to a internet improve of 12 plane throughout the quarter.