New Delhi: InterGlobe Aviation, IndiGo's parent firm, on Wednesday reported a net loss of Rs 2,844.3 crore for the quarter ended on June 30, compared with the profit of Rs 1,203 crore for the same quarter a year earlier.
"Closure of scheduled operations till May 24 2020 at lower capacity deployment thereafter on account of Covid-19, significantly impacted the quarterly results," the airline said in an exchange filing.
The revenue from operations plunged 91.9% year-on-year to Rs 766.7 crore during the June quarter.
"The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognise 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," said Ronojoy Dutta, CEO of the company.
IndiGo said it had a total cash balance of Rs 18,449.8 crore comprising Rs 7,527.6 crore of free cash and Rs 10,922.2 crore of restricted cash.
As of June 30, 2020, IndiGo said that it has a fleet of 274 aircrafts including 123 A320ceos, 108 A 320neos and 25 ATRs; a net increase of 12 aircrafts during the quarter.
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The airline operated a peak of 418 daily flights including charter flights during the quarter and resumed services 256 domestic destinations and served 20 International destinations why are charter operations.
India had suspended all schedule all domestic and international passenger flights on March 23 due to the coronavirus pandemic. During this period, hundreds of airlines were grounded.
After nearly two months, domestic flights in India started operating in a calibrated manner from May 25 and the airlines have been facing a severe cash crunch due to the disruption caused by Covid-19 outbreak.
