MUMBAI: It was a foregone conclusion that the March performance of InterGlobe Aviation Ltd would be miserable. InterGlobe runs India’s largest airline, IndiGo.
The company’s March quarter net loss at Rs1,160 crore is worse than analysts’ expectations. For instance, analysts from Kotak Institutional Equities and Prabhudas Lilladher Pvt. Ltd were expecting losses at Rs639 crore and Rs900 crore, respectively. The Street expected IndiGo to report a loss as the recovery in domestic passenger traffic that the Indian aviation sector was witnessing till February, was stalled due to the second wave covid-19 cases and related restrictions. Higher aviation turbine fuel (ATF) prices did not help either.
