"Closure of flight operations during national lockdown on account of Covid-19 significantly impacted revenue for the quarter. IndiGo reports net loss of Rs 8,70.8 crore and EBITDAR of INR 86.7 crore for the quarter ended March 2020. With the prevailing uncertainty due to pandemic, we are not in a position to provide capacity growth guidance," the airline said in a statement.
The airline added just 5 aircraft in the recently concluded quarter to take the tally at 262 from 257 (December 2019).
The airline's load factor declined to 82.8 per cent for the recently concluded quarter, as against 86 per cent in Q4FY29.
On the cost front, the airline's fuel expenses rose 3 per cent YoY to Rs 2,860.4 crore from Rs 2,781.3 crore in Q4FY19. Besides, its supplementary rental and aircraft repair costs jumped a staggering 75.6 per cent YoY to Rs 1,681 crore.
The country’s largest airline, said in a post-earnings analysts' call, that it will not pay any dividend to its shareholders for the financial year ended 2020. This, along with other cost-saving steps, would help the company generate liquidity of around Rs 4,000 crore to withstand the Covid-19 crisis, it said on Tuesday.
Among the many steps that will help the airline generate savings include cost renegotiation with suppliers and vendors, deferment of supplementary lease rentals to lessors and restructuring employee cost.
“We have approached all our suppliers and vendors to reduce the purchase service cost and I should tell you that we have already successfully renegotiated many of those,” said Ronojoy Dutta, CEO of the airline.
At the end of the March quarter, the airline has free cash reserves of Rs 8,928.1 crore, compared to Rs 6,079.6 crore in Q4FY19. The restricted cash reserves stand at Rs 11,448.8 crore, up 24 per cent YoY, from Rs 9,228.5 crore.
The company's total debt, however, jumped a massive 835 per cent YoY to Rs 22,719.2 crore from Rs 2,429.2 crore in Q4FY19.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in