Mumbai: IndiGo said its net loss widened on year but narrowed sequentially as demand for flying improved.
India's biggest airline by market share posted a net loss of Rs 1,436 crore in July-September compared to Rs 1,199 crore. The loss in the previous quarter was Rs 3,175 crore.
In a conference call with analysts, CEO Ronojoy Dutta said the green shoots of demand are showing as average revenue booked per day in October has reached the pre-Covid levels of January 2020. Corporate travel demand has risen and is expected to further improve after Diwali. He said there is still no decision on the planned qualified institutional placement of shares to raise Rs 3,000 crore.
IndiGo posted total revenue of Rs 5,799crore in the September quarter compared to Rs 3,029 crore a year earlier. Yield or average ticket price increased 20.4% on year.
We are encouraged by the pace of revenue recovery. We continue to work towards a return to profitability in order to strengthen our balance sheet. With a modern fleet, dedicated employees and a stronger economic environment we are well-positioned to leverage all the growth opportunities around us.” said CEO Dutta.
As of end September, IndiGo had total cash of Rs 16,554 crore and debt of Rs 32,335 crore on its books.
Chief financial officer Jiten Chopra said the airline is burning Rs 20 crore cash daily, down 39% from the corresponding quarter. He said it has raised cash of Rs 1,200 crore and more is coming via growth in the advanced booking.
Chief operating officer Wolfgang Prock-Schauer said the airline replace 100 Airbus A320 Ceo planes (the older version of the airliner) with A320 Neos by March 2022.
29/10/21 Economic Times
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