IndiGo airline slams in lockdown, loss of Rs 871 crore in fourth quarter

Jun 03 2020 08:36 AM
IndiGo airline slams in lockdown, loss of Rs 871 crore in fourth quarter

New Delhi: The country's largest airline IndiGo reported a net loss of Rs 870.81 crore in the fourth quarter of the last financial year ended March 31 due to a ban on flights due to Corona. The financial results were approved at a meeting of the airline's board of directors today. The company has incurred a loss of Rs 233.68 crore during the entire financial year 2019-20 due to losses in the last quarter.

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Significantly, due to coronavirus, international flights started to be banned on many routes from February last year and from March 25, passenger flights in the country were completely banned. The airline's total revenue decreased by 16.41 percent to Rs 8,634.62 crore as compared to a year ago, while the total cost increased by 1.54 percent to Rs 9,9243.93 crore. Due to this the company suffered. However, the cost of aircraft fuel was reduced from Rs 3,341.94 crore to Rs 2,860.36 crore due to ban on flights.

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Reacting to the results, IndiGo CEO Ronjoy Dutt expressed confidence that the company would be strengthened by recovering from the crisis. He said, "There is also an opportunity in the midst of every crisis. We are committed to emerge stronger from this crisis. We are moving towards building a more efficient fleet and developing a lower cost structure." He further said that due to coronavirus and lockdown the airline has got a lot to learn as well.

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