IndiGo reports Q3 loss of Rs 620 crore as revenue drops to half

New Delhi: Budget carrier IndiGo on Thursday reported a net loss of Rs 620 crore for the October to December quarter (Q3 FY21) as against a net profit of Rs 496 crore in the year-ago period.

The pre-tax loss came in at Rs 623 crore compared with Rs 557 crore in Q3 FY20.

The airline’s revenue came in at Rs 4,910 crore, down 50.6 per cent from Rs 9,932 crore revenue reported in the previous year quarter.

Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) stood at Rs 987 crore in Q3 FY21 as against Rs 1,961 crore in Q3 FY20.

“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 full recovery,” said Chief Executive Officer Ronojoy Dutta.

“We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilisation are so very critical for our return to profitability,” he said.

“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,” added Dutta.

As on December 31, 2020, lndiGo had a total cash balance of Rs 18,365 crore comprising Rs 7,444 crore of free cash and Rs 10,921 crore of restricted cash.

The company added five aircraft during the quarter. The airline has a fleet of 287 aircraft including 111 A320 CEOs, 120 A320 NEOs, 30 A321 NEOs and 26 ATRs.