InterGlobe Aviation, which operates Indigo Airlines, reported a net loss of ₹1,147 crore during the fourth quarter ended March 31, 2021.. The loss is 32 per cent higher than reported net loss of ₹870.8 crore during corresponding period of last fiscal.
The company’s revenue during the period saw a decline of 25 per cent to ₹6,222 crore as against ₹8,299 crore during Q4 of FY 2019-20. For the 12 months period of FY 2020-21, net loss widened to around ₹5,806.4 crore against a loss of ₹233.7 crore during FY 2019-20.
Commenting on the results, Chief Executive Officer of InterGlobe, 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 termed the pandemic as a period of great trial for both shareholders and 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 have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives,” he said.
Syndicated news from The Hindu Business Line