New Delhi: InterGlobe Aviation Limited-owned IndiGo airline has posted a net loss of Rs 3,174.17 crore in the April-June quarter of FY 2021-22 as against a net loss of Rs 2,844.3 crore during the same period last year on account of dwindling revenues amid the ferocious Covid-19 second wave. However, announcing the financial results on Tuesday for the first quarter of the current financial year, India's largest airline expressed confidence that recovery is likely in the coming weeks.
"Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers travelling declined sharply in the months of May and June. With the second covid wave receding, we are seeing a measured recovery in bookings for July and August," said company's CEO Ronjoy Dutta.
During the April-June quarter, the country was under a severe impact of the 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 company said in a statement.
Indigo's passenger ticket revenue during April-June was at Rs 2,297.6 crore, which is an increase of 292.5 percent over the last year, and ancillary revenues were at Rs 668.3 crore, which is 296 percent higher compared to the same period last year. However, these triple digit growth numbers are on account of lower base as the aviation industry was severely hit during the first wave of the pandemic last year.
"Notwithstanding the industry's present challenges, we remain firmly optimistic about IndiGo's future. Our entire focus during this pandemic has been to manage our cash balances, run a high-quality airline and to continue to build our capabilities and be prepared for the post Covid environment," Ronjoy Dutta added.
