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COVID 19 Impact: IndiGo Reports Q1 Net Loss of Rs 2,844 crore

InterGlobe Aviation (IndiGo) today reported its first quarter fiscal year 2021 results. The airline says that closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results. IndiGo reports net loss of INR 2844.3 crore and a negative EBITDAR of INR 1421.2 crore for the quarter ended June 2020.

·         Revenue from Operations of INR 766.7 crore for the quarter, a decrease of 91.9% against a 90.9% reduction in capacity compared to same period last year.

·         BITDAR of negative INR 1421.2 crore with negative EBITDAR margin of 185.4% for the quarter, compared to EBITDAR of INR 2778.5 million with EBITDAR margin of 29.5% for the same period last year

·         Loss before tax of INR 2842.6 crore, compared to profit before tax of INR 1509.4 crore during the same period last year

·         Net loss of INR 2844.3 crore compared to a net profit of INR 1203.1 crore in the same period last year.

·         Strong balance sheet with a total cash of INR 18449.8 crore including free cash of INR 7527.6 crore

·         Basic earnings per share was negative INR 73.92 for the quarter

 “The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognize that major disruptions offer companies opportunities for improvement in product, customer preference, costs and employee engagement. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever,” Ronojoy Dutta, CEO, IndiGo, said.

Revenue and Cost Comparisons

·         Total income for the quarter ended June 2020 was INR 1143.8 crore, a decrease of 88.3% over the same period last year. For the quarter, our passenger ticket revenues were INR 585.4 crore, a decrease of 93.1% and ancillary revenues were INR 1,688 million, a reduction of 81.3% compared to the same period last year.

·         Total expenses for the quarter ended June 2020 were INR 39,864 million, a decrease of 51.8% over the same quarter last year. CASK excluding fuel for the quarter was INR 17.09

Cash and Debt

As of 30th June 2020:

·         IndiGo had a total cash balance of INR 18449.8 crore comprising INR 7527.6 million of free cash and INR 10922.2 crore of restricted cash.

·         The capitalized operating lease liability was INR 21177.9 crore. The total debt (including the capitalized operating lease liability) was INR 23551.6 crore.

Network and Fleet

As of 30th June 2020:

·         Fleet of 274 aircraft including 123 A320ceos, 108 A320neos, 18 A321neo and 25 ATRs; a net increase of 12 aircraft during the quarter

·         Operated a peak of 418 daily flights including charter flights during the quarter

·         Resumed services to 56 domestic destinations and served 20 international destinations via charter operations.

Operational Performance

·         For the period April-June 2020, the Company had a Technical Dispatch Reliability of 99.83%.

·         For June 2020, the Company had an on-time performance of 95.5% at four key metros for June and flight cancellation rate of 1.8%.

 

Future Capacity Growth

We expect Q2 fiscal 2021 ASKs to be around 40% of our Q2 fiscal 2020 ASKs.

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