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Covid: IndiGo reports 7th straight quarterly loss of Rs 1,436 crore this Q2


NEW DELHI: The pandemic has sent what was once India’s only profitable airline, IndiGo, in deep red. The low cost carrier (LCC) on Tuesday reported its events straight quarterly loss of Rs 1,435.7 crore in July-September, 2021, widening from a loss of Rs 1,195 crore in same period last year. The airline’s scrip closed 0.6% lower at Rs 1,996.8 on BSE Thursday, when the broader market fell 1.9%. IndiGo’s last quarterly profit was in pre-pandemic October-December, 2019, at Rs 496 crore. After that, Covid cast its shadow. The Q2 loss has shrunk sharply from its highest ever quarterly loss reported in April-June, 2021, at Rs 3,174.2 crore. With Covid situation easing, IndiGo saw its net income increase to Rs 5,798.7 crore this Q2, up 91.4% from Rs 3,029.2 crore last Q2. Revenue from operations in Q2 were Rs 5,608.5 crore, up by 104.6% against a 78.3% increase in capacity compared to same period last year. The airline has total cash reserves of Rs 16,553.9 crore — Rs 6,351.6 crore of free cash and Rs 10,202.3 crore as restricted cash at the end of September 2021. IndiGo’s total debt at that time was Rs 32,335.3 crore. While cash reserves this Q2 has fallen by 7.7% from a year ago, debt has risen by 27.2%. IndiGo CEO Ronojoy Dutta said: “We are encouraged by the pace of revenue recovery. We continue to work towards 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.”


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