Airline major IndiGo's net loss narrowed to Rs 620 crore during the third quarter of FY21 on a sequential basis. 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 reported a net profit of Rs 556.5 crore during the same period last year. Besides, the company said the capacity for the quarter was down by 40.8% compared to the same period last year.
The 'Revenue from Operations' declined by 50.6% to Rs 4,910 crore for the quarter compared to the same period last year.
IndiGo said that its income for the quarter declined by 50.2% year-on-year. Passenger revenues were down 53.6%, and ancillary revenues were down 22.1%
“The high level of consumer confidence in our product has indeed been heartening and we are glad to be making graduated and measured steps to a full recovery. We look forward to a gradual opening up of international scheduled flights during the next few months because increased capacity and aircraft utilization are so very critical for our return to profitability. We had promised to come out of the crisis stronger than we went in and with the full commitment of all our employees, we are beginning to deliver on that promise,” IndiGo CEO Ronojoy Dutta said.
The company added that it maintained a strong balance sheet with a total cash of Rs 18,365.3 crore including free cash of Rs 7,444.5 crore.
The airline added five aircraft during the quarter, and has a fleet of 287 aircraft — 111 A320 CEOs, 120 A320 NEOs, 30 A321 NEOs and 26 ATRs.