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India's IndiGo reports US$426 million quarterly loss
July 28th 2021
IndiGo CEO, Ronojoy Dutta, said the airline was focused on adding capacity to get back to pre-COVID-19 levels as quickly as possible. Read More » He said the devastating wave of COVID-19 infections across India had severely impacted revenues in the second quarter of calendar 2021 at the LCC. The company reported a 31.74 billion rupee (US$426 million) net loss for the three months to June 30, a deterioration from a net loss of 28.44 billion rupees 12 months ago. In an indication of the impact of the sharp rise in COVID-19 infections for the quarter, revenue fell 50%, to 31.70 billion rupees, in the three months to June 30, from 63.62 billion rupees in the quarter to March 31. "In the near term, our primary focus is adding capacity so we can return to pre-COVID levels as quickly as possible," Dutta said during IndiGo's financial results presentation. He added the company was talking with the government about the current 65% capacity restriction on carriers. "Given the vaccination rates a reasonable scenario is the third wave will be relatively flat. As such, we hope to be at 100% of pre-COVID domestic capacity by the end the year, after which we hope to return to normalcy on revenues," he said.
