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 during the same quarter a year earlier (Q4FY20) and Rs 620 crore loss in the previous quarter (Q3FY21).
After a near washout in operations last 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 compared to Rs 8,299 crore in the corresponding quarter of the last year.
Its loss before tax came in at Rs 1,157 crore, compared to Rs 1,290 crore reported during the same period last year.
“While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last 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 strengthen the foundations and the pillars of IndiGo
so 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 finally arrives," he said.
The earnings before interest, tax, depreciation, amortization and rent (EBITDAR), meanwhile 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 during Q4FY21 as compared to Rs 1,142 crore in the preceding 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 compared to the same period last 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 previous year. The company clocked a revenue of Rs 14,640 crore during FY21, a fall of 59.1 per cent compared to the last 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 Available Seat Kilometer (ASK) declined 16.7 per cent year-on-year to 19.2 billion from 23 billion last year.
The company said it has a strong balance sheet with a total 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 reduction of 2 aircraft during the quarter.
The airline operated at a peak of 1,301 daily flights during the quarter including non-scheduled flights, providing services 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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