NEW DELHI: IndiGo has reported a loss of Rs 2,844 crore in the April-June 2020 period — the highest-ever quarterly loss for an Indian airline, with no scheduled flights in 60% of Q1. In contrast, IndiGo had reported its highest-ever quarterly profit of Rs 1,203 crore in Q1 of the previous fiscal, mainly on account of higher fares following the collapse of Jet Airways.
The low-cost carrier saw its operating revenue fall 92% to Rs 767 crore from Rs 9,420 crore with a similar reduction in capacity from the previous year. While operations came to a virtual standstill for almost two months, the fixed cost of 274 aircraft was to be borne, leading to a daily loss of Rs 31 crore in Q1.
IndiGo CEO Ronojoy Dutta described the Covid impact as “the aviation industry going through a crisis of survival”. IndiGo still remains the best placed to survive with a “strong balance sheet with a total cash of Rs 18,450 crore”.