IndiGo Q1 net loss widens to Rs 3,174 crore

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InterGlobe Aviation, parent of the country’s largest airline IndiGo, on Tuesday reported a net loss of Rs 3,174 crore for the three months to June. The airline incurred a net loss of Rs 2,844 crore in the year-ago period.

Its consolidated total income increased by 177.2% to Rs 3,170 crore in the first quarter of the current fiscal, it said in a statement. The total income stood at Rs 1,143 crore in the first quarter of the previous financial year.

The airline’s total expenses increased by 59.2% to Rs 6,344 crore in Q1 of 2021-22, compared to Rs 3,986 crore earlier.

The company’s CEO Ronojoy Dutta said, “Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers travelling declined sharply in the months of May and June.”

“Notwithstanding the industry’s present challenges, we remain firmly optimistic about IndiGo’s future. Our entire focus during this pandemic has been to manage our cash balances, run a high-quality airline and to continue to build our capabilities and be prepared for the post-Covid environment,” he stated.