IndiGo posted a loss of Rs 3,179 crore in the first quarter
Due to the second wave of COVID-19, the country’s largest airline IndiGo has suffered a loss of Rs 3,179.27 crore in the first quarter ended June 30 of the current financial year.
There was a sharp drop in passenger numbers in the first quarter due to the COVID-19-related lockdown and stringent air travel conditions by several states. Due to this the company’s loss almost tripled as compared to the loss of Rs 1,154 crore for the quarter ended March 31, 2021.
The financial results were approved in the meeting of the Board of Directors of IndiGo held today. According to this, the company’s total income in the first quarter was Rs 3,170.06 crore, which is less than half of the fourth quarter of the previous financial year (Rs 6,362.14 crore). The proportion of expenditure as compared to income did not decrease. The total expenditure of the company stood at Rs 6,349.33 crore.
Ronojoy Dutta, CEO, IndiGo, on the company’s Q1 performance, said, “Our Q1 financial results have been severely impacted by the second wave of COVID-19. There was a sharp drop in the number of passengers in May and June. After the second wave slowed down, bookings for July and August are now gradually improving.
The company said that its balance sheet is very strong. It has cash in hand of Rs 17,068 crore which includes free cash of Rs 5,621 crore.
