InterGlobe Aviation (IndiGo) reported a consolidated net loss of Rs 870.81 crore in Q4 March 2020 as against consolidated net profit of Rs 595.83 crore in Q4 March 2019.
Pre-tax loss stood at Rs 1,289.77 crore in Q4 FY20 as against pre-tax profit of Rs 626.07 crore in Q4 FY19. Net sales during the quarter rose 5.3% YoY (year-on-year) to Rs 8,299.06 crore. Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter.
The company reported an EBITDAR of Rs 86.7 crore with EBITDAR margin of 1% in the fourth quarter as compared to EBITDAR of Rs 2,201.9 crore with EBITDAR margin of 27.9% for the same period last year. The result was announced after market hours today (02 June 2020).
Consolidated net loss stood at Rs 233.68 crore in the year ended March 2020 (FY20) compared with net profit of Rs 157.25 crore in the year ended March 2019 (FY19). Net sales during the year jumped 25.5% on a YoY basis to Rs 35,756 crore. Pre-tax loss stood at Rs 255.67 crore in FY20 as against a pre-tax loss of Rs 147.38 crore in FY19.
"Our operations have been severely impacted due to the COVID -19 pandemic. The Government of India declared a national lockdown with effect from 24 March 2020. As a result, no scheduled passenger flights were operated between 24 March 2020 and 24 May 2020. Our revenues were materially impacted by the shutdown of air traffic during this period. During the same period, we continued to incur committed expenditure with respect to our employees, aircraft related expenditures such as lease rentals and other expenditures. This has significantly impacted our profitability", the company said in its notes to accounts.
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"We have taken several actions to mitigate the effect of Covid-19 on our business. We have taken steps to reduce our unit costs and increase our liquidity by making our fleet more efficient, ensuring our capacity is right sized to the market, putting on hold discretionary expenses, deferring certain capital expenditures, etc. The unprecedented nature of the pandemic makes the future business environment uncertain, however, we will continue to carry out the impact assessment on our assets and closely monitor any material changes to future economic conditions," it added.
As of 31 March 2020, IndiGo had a total cash balance of Rs 20376.90 crore comprising of Rs 8928.10 crore of free cash and Rs 11448.80 crore of restricted cash. The capitalized operating lease liability was Rs 20284.90 crore. The total debt (including the capitalized operating lease liability) was Rs 22719.20 crore.
IndiGo is a low cost carrier. With its fleet of 262 aircraft as of 31 March 2020, the airline offered 1,674 peak daily flights during the quarter and connected 62 domestic destinations and 24 international destinations.
Shares of IndiGo slipped 0.83% to end at Rs 945.55 on Tuesday. It had traded in the range of Rs 935.15 and Rs 963.70 during the day.
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