News
IndiGo reports US$797.6 million annual net loss
June 7th 2021
India’s IndiGo has reported a net loss of 58.1 billion rupees (US$797.6 million) for the 12 months to March 31, 2021 compared with a net loss of 2.3 billion rupees a year ago. Read More » Revenue declined 58%, to 156.8 billion rupees, IndiGo said in a regulatory filing to the local stock exchange, BSE. IndiGo CEO, Ronojoy Dutta, said it had been a very difficult year for the group because of the pandemic. While there were some signs of recovery between December and February, the situation then took a turn for the worst due to a fresh wave of COVID-19 infections, he said. "While we have seen a sharp decline in revenue from March to May, we are encouraged by the modest revenue improvements starting in the last week of May and continuing through June," Dutta said, "We have produced disappointing financial results this year, but we have positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives.”
