BackIndiGo Q1 net loss widens to ₹3,174 cr as revenue hit by severe second Covid wave
The company's revenue from operations plunged 48% quarter-on-quarter (QoQ) to ₹3,007 crore in Q1FY22 as against ₹6,223 crore in Q4FY21The company saw a 59% rise in total expenses in the quarter to ₹6,344 crore
PremiumDomestic budget carrier Interglobe Aviation Limited on Tuesday posted a consolidated year-on-year net loss of ₹3174.17 crore in the quarter ended 30 June, 2021. The aviation company had posted a loss of ₹2,844 crore in the year-ago period.
The company's revenue from operations plunged 48% quarter-on-quarter (QoQ) to ₹3,007 crore in Q1FY22 as against ₹6,223 crore in Q4FY21.
However, on year-on-year basis, the carrier's revenues zoomed 292% as against ₹767 crore in the corresponding quarter in the previous year, IndiGo said in a regulatory filing.
It also saw a 59% rise in total expenses in the quarter to ₹6,344 crore.
IndiGo has reported losses ever since the pandemic brought global travel to a near-halt and battered airlines worldwide. Just as the airline showed recovery signs last year, the sector was hit by the renewed travel restrictions.
Capacity for the quarter was up by 433.2% compared to the same period last year, the airline said.
"During the current quarter, the country was under a severe impact of second wave of Covid-19. As a result, all state Governments reintroduced measures including lockdown to curtail spread of the virus. This has led to a significant drop in air traffic thereby severely impacting our revenues and profitability for the quarter," the airline said in a statement.
"Starting last week of May’21, with decrease in number of covid cases, the air traffic has again shown signs of recovery. While there remains uncertainty in the revenue environment in the near term, with the push from Government to vaccinate as many people as possible, we expect that the traffic and the revenue environment will normalise in the medium to long term," IndiGo's parent company further stated.
Shares of Interglobe Aviation Limited on BSE closed 1.40% lower at ₹1,716 apiece on Tuesday.
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