IndiGo Parent InterGlobe Aviation Posts Rs 871 Crore Loss In Fourth Quarter

The company did not provide a forecast on capacity either, due to a hit to operations from the COVID-19 pandemic

IndiGo Parent InterGlobe Aviation Posts Rs 871 Crore Loss In Fourth Quarter

IndiGo's parent company InterGlobe Aviation posted Rs 871 crore loss in March quarter

InterGlobe Aviation Ltd, parent company of India's largest airline IndiGo reported a consolidated loss of Rs 871 crore in the fourth quarter (January-March), as against profit of Rs 596 crore in the same quarter last year, as expenses rose. The company did not provide a forecast on capacity either, due to a hit to operations from the COVID-19 pandemic. According to the quarterly results submitted to the exchanges, InterGlobe Aviation's repair and maintenance expenses for the fourth quarter rose 75.6 per cent to Rs 1,681 crore. Consolidated income rose 4.5 per cent to Rs 8,635 crore for the quarter, while costs soared by nearly a third to Rs 9,924 crore.

Revenue from operations rose 5.3 per cent to Rs 8,299 crore, while revenue per available seat kilometer (RASK) rose marginally by 0.5 per cent, though the company said the nationwide lockdown significantly impacted revenue for the quarter. The company, like all other airlines in the country, had to ground all its planes as India went into a lockdown in March to curb the spread of the coronavirus.

After a two-month halt, India last week allowed domestic airlines to start a third of their operations until August 24.

Indigo, which dominates the domestic market, in April asked its employees to go on leave without pay for a few days every month, while some of its senior management took pay cuts.

InterGlobe Aviation shares ended 0.83 per cent lower at Rs 945.55 ahead of its earnings announcement which came after market hours.