IndiGo posts Rs 620-crore loss in Dec quarter, plans to ramp up capacity
InterGlobe Aviation, which operates the country’s largest domestic airline IndiGo, reported a net loss of Rs 620 crore in the third quarter of pandemic-struck 2020-21 financial year, against a net profit of Rs 496 crore in the year-ago period.
This is the fourth consecutive quarterly loss for the airline. In the June and September quarter, it had incurred a net loss of Rs 2,884 crore and Rs 1,194 crore, respectively.
While revenue from operations improved sequentially to Rs 4,910 crore it was still 50 per cent lower on year-on-year (YoY) basis.
The airline was able to control its costs better, reducing its cash burn to Rs 15 crore a day from Rs 30 crore in the first quarter. It has decided to not pursue a qualified institutional placement (QIP) offering and will fund its operations from internal accruals.
