Airline major IndiGo's net loss widened on a year-on-year basis in Q1FY22, growing to Rs 3,174.2 crore from Rs 2,844.3 crore in the year-ago quarter.
The airline's total income for the quarter ended June 2021 was Rs 3,170.3 crore, representing an increase of 177.2 percent over the same period last year.
"Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers travelling declined sharply in the months of May and June. With the second Covid wave receding, we are seeing a measured recovery in bookings for July and August," CEO Ronojoy Dutta said.
"Notwithstanding the Industry's present challenges, we remain firmly optimistic about IndiGo's future. Our entire focus during this pandemic has been to manage our cash balances, run a high-quality airline, to continue to build our capabilities and be prepared for the post Covid environment."
Indigo maintains strong balance sheet
Furthermore, the airline said it has a "strong balance sheet" with a total cash of Rs 17,067.9 crore including free cash of Rs 5,620.7 crore.
It further said that given the current cash position, the company continues to evaluate the timing and the size of any QIP.
"As of June 30, 2021, fleet of 277 aircraft including 85 A320 CEOs, 122 A320 NEOs, 41 A321 NEOs and 29 ATRs; a net decrease of 8 aircraft during the quarter," the airline said.
"Operated a peak of 1,262 daily flights and a minimum of 318 flights during the quarter including non-scheduled flights. During the quarter, provided scheduled services to 66 domestic destinations and various international locations through passenger charters and air bubble flights."
(WIth inputs from IANS)