IndiGo logs Rs 620cr loss in Q3 FY21

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The airline had reported a net profit of Rs 496 crore during the Q3FY20. Besides, the company said the capacity for the quarter was down by 40.8 per cent compared to the same period last year…reports Asian Lite News

Airline major IndiGo’s net loss narrowed during the third quarter of FY21 on a sequential basis.

Accordingly, InterGlobe Aviation, which runs the airline, reported a quarterly net loss of Rs 620.1 crore from a net loss of Rs 1,194.8 crore posted during the second quarter of 2020-21.

The airline had reported a net profit of Rs 496 crore during the Q3FY20. Besides, the company said the capacity for the quarter was down by 40.8 per cent compared to the same period last year.

The ‘Revenue from Operations’ declined by 50.6 per cent to Rs 4,910 crore for the quarter compared to the same period last year.

“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,” IndiGo CEO Ronojoy Dutta said.

The company added that it maintained a string balance sheet with a total cash of Rs 18,365.3 crore including free cash of Rs 7,444.5 crore.

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