NEW DELHI: InterglobE Aviation, the operator of IndiGo, on Thursday has reported a loss of Rs 620 crore for the quarter ended December 2020. While the Q3 earnings are much better than the previous quarters, the airline is far from returning to profitability.
The airline reported a profit of Rs 496 crore in the same period last year. In the June and September quarter this fiscal, when restrictions on air travel were more severe, the airline had incurred a net loss of Rs 2,884 crore and Rs 1,194 crore, respectively.
The airline said that it operated 40.8 per cent less seats during the quarter as compared to the same period last year. Lower capacity impacted its revenues, which came down by 50.2 per cent to Rs 5,142 crore, but expenses decreased by 41 per cent to Rs 5,765.9 crore over the same quarter last year. For the quarter, revenue per available seat-kilometer fell to Rs 3.27 from Rs 3.91, a drop of 16.4 per cent year-on-year, Gurugram-based airline said in a statement.
“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,” said CEO Ronojoy Dutta.
The airline added five new aircraft to its fleet, taking total count to 287 aircraft. IndiGo informed that it had a cash reserve of Rs 18,365.3 crore on December 31, 2020. Although the cash reserve has declined from Rs 20,068 crore by the end of December 2019, analysts say this still makes IndiGo a formidable player in the Indian aviation industry.
Scheduled international flights have been suspended in India since March 23. However, special international passenger flights have been operating in India under the Vande Bharat Mission since May and under bilateral air bubble arrangements between India and other countries since July.
TVS Motor posts record profit in Q3
Chennai-based TVS Motor on Thursday reported its highest-ever profit after tax (PAT) at Rs 266 crore for the quarter ended December 31, 2020. The company also clocked its highest-ever revenue in a single quarter at Rs 5,404 crore in Q3FY21 on account of robust sales. Overall, the two-wheeler sales of the company in the third quarter, including exports, grew by 23 per cent to 9.52 lakh units from
7.73 lakh units in the quarter ended December 2019.
Maruti Suzuki Q3 net profit grows 24%
India’s largest carmaker Maruti Suzuki (MSIL) has reported net profit of Rs 1,941.4 crore for the third quarter ended December 31, up 24 per cent year-on-year. The company sold 495,897 vehicles during the quarter, higher by 13.4 per cent compared to the same period previous year. Sales in the domestic market stood at 467,369 units, growing by 13 per cent. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth.
