IndiGo FY21 net loss widens to Rs 5,806 crore, revenue declines 59%

InterGlobe Aviation, the parent company of country's largest airline IndiGo, on Saturday reported widening of its consolidated net loss to Rs 5,806.4 crore during financial year 2020-21 from Rs 233.7 crore in FY20.

Hit by the COVID-19 pandemic, the company's revenue from operations declined 59.1 per cent to Rs 14,640.6 crore in FY21 as against a capacity decrease of 52.8 per cent during the year.

For January-March quarter, the airline's net loss widened to Rs 1,147.2 crore from Rs 870.8 crore in the corresponding quarter of previous year. Revenue from operations fell 25 per cent to Rs 6,222.9 crore during the quarter under review.

IndiGo's total expenses slipped 24.2 per cent to Rs 7,519.3 crore during March quarter. The airline said its occupancy rate or load factor during the quarter stood at 70.2 per cent, as compared with 82.9 per cent in the year-ago period.

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FY21 was a very difficult year for the company with revenues slumping hard due to COVID-19, showing some signs of recovery during December to February and then slumping again with the second wave of pandemic, IndiGo CEO Ronojoy Dutta said in a release.

"While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June," he added.

As of March 31, the airline had a fleet of 285 aircraft, providing services to 65 domestic destinations and 10 international destinations through air bubble flights.

Its net debt stood at Rs 29,859.7 crore at the end of the year, while total cash balance was at Rs 18,568.5 crore, comprising Rs 7,099.7 crore of free cash and Rs 11,468.8 crore of restricted cash.

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