IndiGo’s Q2 Net Loss Widens

India's largest airline IndiGo has posted a net loss of Rs 1,194.80 crore for the quarter ended September 30, compared with a loss of Rs 1,062 a year ago, reflecting a drop of 10 per cent. IndiGo said that revenue from operations stood at Rs 2741 crore for the quarter, a decrease of 66.2% against a 63.3% reduction in capacity compared to same period last year.

“We are pleased that we are slowly but surely stair-stepping our way back to normal capacity. While we are very much focused on managing the crisis of the present, we are also reimagining the promise of the future. Once we are back at 100 percent capacity, we will have lower unit costs, a stronger product, a more efficient fleet and a robust network. We are impatient for the arrival of the future,” Ronojoy Dutta, CEO, IndiGO, said.

For the quarter, IndiGo’s passenger ticket revenues were Rs 2208 crore, a decrease of 68.9 per cent and ancillary revenues were Rs 506 crore, a reduction of 45.5 per cent compared to the same period last year.

As of 30th September 2020, IndiGo had a total cash balance of Rs 17931.8 crore comprising Rs 6973.4 crore of free cash and Rs 10958.4 CRORE of restricted cash. The capitalized operating lease liability was Rs 22931.9 crore. The total debt (including the capitalized operating lease liability) was Rs 25419.4 crore.

Currently, IndiGo has a fleet of 282 aircraft including 117 A320 CEOs, 116 A320 NEOs, 24 A321 NEOs and 25 ATRs; a net increase of 8 aircraft during the quarter. It operated at a peak of 823 daily flights during the quarter including charter flights and providing services to 59 domestic destinations and 5 international destinations through Air bubbles.