IndiGo, SpiceJet deep in the red
InterGlobe Aviation on Wednesday reported a net loss of Rs 2,844.3 crore for the June quarter — its sharpest quarterly loss in at least five years — as coronavirus-related restrictions hit its operations hard.
The parent of the country’s largest airline IndiGo had recorded a net profit of Rs 1,203.1 crore a year ago.
IndiGo CEO Ronojoy Dutta said, “The aviation industry is going through a crisis of survival and, therefore, our cash balance remains our number one priority.”
The airline’s total income declined 88 per cent to Rs 1,143.8 crore. In the year-ago period, income stood at Rs 9,786.9 crore.
Revenue from operations declined 91.9 per cent to Rs 766.7 crore in the quarter under review compared with the same period a year ago.
