Wednesday, March 11, 2020

IndiGo says January-March quarterly profit to be hit by coronavirus outbreak

Reeling under the impact of the coronavirus outbreak, the country's largest airline IndiGo on March 11 said its earnings are set to take a hit.

"We experienced modest impact from coronavirus in January and February. We cancelled flights to China, Hong Kong and reduced frequency to certain other South-East Asian markets. Capacity was redeployed in other markets without having a material impact on our revenues. We also witnessed a 15-20 percent decline in daily bookings in the past few days. We expect quarterly earnings to be materially impacted," the airline said.
The airline also said the fall in the rupee will also have an adverse impact on  numbers.

"The rupee has also depreciated sharply, which will have an adverse impact on our dollar denominated liabilities primarily on account of capitalised operating leases," it said.
11/03/20 Moneycontrol
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