Hit hard by the Covid-19 pandemic, Intergloble Aviation, the operator of IndiGo - India's largest airline by market share, has reported a net loss of Rs 5,806.4 crore for the financial year 2021, up 2,384.8 per cent year-on-year. The private carrier had reported a net loss of just Rs 233.7 crore in FY20.
IndiGo's revenue from operations declined by 59.1 per cent during the fiscal to 14,640.6 crore as against Rs 35,756 crore in FY20, the company informed in a regulatory filing.
For the March-ended quarter of FY21, IndiGo reported net loss of Rs 1,147. 2 crore compared to a net loss of Rs 870.8 crore in the same period last year. Revenue from operations stood at Rs 6,222.9 crore in Q4FY21, a decrease of 25 per cent compared to the same period last year.
The Company’s CEO, Ronojoy Dutta said, "This has been a very difficult year with our revenues slumping hard due to covid, showing some signs of recovery during the period December to February and then slumping again with the second wave of the covid. While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June."
He added, "We see this pandemic as a period of great trial for both our shareholders and our employees. We are focusing all our efforts and all our energies to strengthen the foundations and the pillars of IndiGo so that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before. While we haveproduced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives."
IndiGo informed that it had a total cash balance of Rs 18,568.5 crore as on March 31st 2021 comprising of Rs 7099.7 crore of free cash and Rs 11,468.8 crore of restricted cash. The capitalized operating lease liability was Rs 25,738.7 crore on the same date while total debt (including the capitalized operating lease liability) was Rs 29,859.7 crore, it said.