Interglobe Aviation, the parent company of IndiGo Airlines, today revealed its Q3 results reporting a huge net loss of Rs 620 crore at the end of the December 2020 quarter.
Total capacity was down by 40.8% in the October-December quarter as compared to the same quarter last year while the revenue obtained from all operations of IndiGo (India’s biggest carrier) was at Rs 4,910 crore in this quarter which is nearly half of what it was an year ago.
IndiGo is anticipating the capacity of the fourth quarter of fiscal 2021 to be around 75-80% of fourth quarter fiscal 2020 capacity.
At the end of Q3, its passenger ticket revenues were at Rs 4,069 crore, which was 53.6% less than what it was in the same period last year and the ancillary revenues were down by 22.1% at Rs 807 crore.
lndiGo reported that its total cash balance was at Rs 18,365 crore out of which Rs 7,444 crore was free cash while Rs 10,920 crore was restricted cash.
Ronojoy Dutta, Chief Executive Officer, Interglobe Aviation stated, “The high level of consumer confidence in our product has indeed been heartening and we are glad to be making graduated and measured steps to a full recovery. We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilization are so very critical for our return to profitability. We had promised to come out of the crisis stronger than we went in and with the full commitment of all our employees, we are beginning to deliver on that promise.”
Last year, the aviation industry was hit hard as the COVID-19 pandemic restrictions caused the shutdown of all international and domestic flights for several weeks and the imposition of several restrictions even after flights were allowed to continue.