IndiGo posts ₹620 crore net loss in Q3
Budget carrier IndiGo on Thursday reported a net loss of ₹620 crore for the third quarter ended December 2020.
It had posted a net profit of ₹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 ₹2,884 crore and ₹1,194 crore, respectively.
The airline's total income declined 50% year-on-year to ₹5,142 crore in the third quarter, IndiGo said in a statement.
Its total expenses in the December quarter slipped 41% to ₹5,765 crore.
"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," 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%, compared to 87.6% 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 ₹18,365 crore, comprising ₹7,444 crore of free cash and ₹10,920 crore of "restricted cash". Restricted cash is not immediately available to the company and it is kept separate for a specific purpose.
Scheduled international flights have been suspended in India since March 23. However, special international passenger flights have been operating in India under the Vande Bharat Mission since May and under bilateral air bubble arrangements between India and other countries since July.
IndiGo said it is providing flight services to six international destinations, under the air bubble arrangements as on December 31.