InterGlobe Aviation (IndiGo) today reported a net loss of Rs. 2844.3 crore and a negative EBITDAR of Rs. 1421.2 crore for the quarter ended June 2020. The scheduled operations suspended till May 24, 2020, and lower capacity due to COVID-19, significantly impacted the quarterly results, IndiGo said. 

The following results were observed

• Revenue from Operations of Rs. 766.7 crore for the quarter, a decrease of 91.9% against a 90.9% reduction in capacity compared to the same period last year.
• BITDAR of negative Rs. 1421.2 crore with a negative EBITDAR margin of 185.4% for the quarter, compared to EBITDAR of Rs. 2778.5 million with EBITDAR margin of 29.5% for the same period last year
• Loss before tax of Rs. 2842.6 crore, compared to profit before tax of Rs. 1509.4 crore during the same period last year
• Net loss of Rs. 2844.3 crore compared to a net profit of RS. 1203.1 crore in the same period last year.
• Strong balance sheet with total cash of Rs. 18449.8 crore including free cash of Rs. 7527.6 crore
• Basic earnings per share were negative Rs. 73.92 for the quarter

Revenue and Cost Comparisons

• Total income for the quarter ended in June 2020 was Rs. 1143.8 crore, a decrease of 88.3% over the same period last year. For the quarter, our passenger ticket revenues were Rs. 585.4 crore, a decrease of 93.1% and ancillary revenues were Rs. 1,688 million, a reduction of 81.3% compared to the same period last year.
• Total expenses for the quarter ended in June 2020 were Rs. 39,864 million, a decrease of 51.8% over the same quarter last year. CASK excluding fuel for the quarter was Rs. 17.09.

Cash and Debt

As of 30th June 2020:

• IndiGo had a total cash balance of Rs. 18449.8 crore comprising Rs. 527.6 million of free cash and Rs. 10922.2 crore of restricted cash.
• The capitalized operating lease liability was Rs. 21177.9 crore. The total debt (including the capitalized operating lease liability) was Rs. 23551.6 crore.

Network and Fleet

As of 30th June 2020:

• Fleet of 274 aircraft including 123 A320ceos, 108 A320neos, 18 A321neo, and 25 ATRs; a net increase of 12 aircraft during the quarter
• Operated a peak of 418 daily flights including charter flights during the quarter
• Resumed services to 56 domestic destinations and served 20 international destinations via charter operations.

Operational Performance

• For the period April-June 2020, the Company had a Technical Dispatch Reliability of 99.83%.
• For June 2020, the Company had an on-time performance of 95.5% at four key metros for June and a flight cancellation rate of 1.8%.

The airline said that in the future, they expect Q2 fiscal 2021 ASKs to be around 40% of their Q2 fiscal 2020 ASKs.

Also Read: IATA: The Airline Industry Will Not Recover Until 2024