Coronavirus Pandemic: Indigo records loss of Rs 2,849 crore in Q1FY21
Mumbai/IBNS: Hit by nationwide lockdown and continuous flight restrictions, India's largest airline Indigo reported a net loss of Rs 2,849 crore for the quarter ended June 30, compared with a profit of Rs 1,200 crore a year earlier.
The company's earnings before interest, taxes, depreciation, amortisation and rentals (EBITDAR) loss stood at Rs 1,421.2 crore while EBITDAR margin, which is a measure of a company's operating profit as a percentage of its revenue, was also negative at 185.4 per cent for the quarter.
The company had an EBITDAR of Rs 2,778.5 crore with an EBITDAR margin of 29.5 per cent for the same period last year.
The airline said its revenue from operations plunged 92 per cent to Rs 767 crore.
"Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results," IndiGo said in an exchange filing.
"The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognize that major disruptions offer companies opportunities for improvement in product, customer preference, costs and employee engagement. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever," IndiGo CEO Ronojoy Dutta said in a statement.
IndiGo shares traded 0.45 per cent lower at Rs 909.80, outperforming the Sensex which closed 1.01 per cent lower.
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