Budget passenger carrier IndiGo on Saturday reported a wider net loss for the fourth quarter of 2020-21 on a year-on-year basis.
Accordingly, the airline’s net loss widened by 31.7 per cent to Rs 1,147.2 crore in the three months ended March 31, 2021, from Rs 870.8 crore in the same period a year ago.
Similarly, on a YoY basis, the company’s revenue from operations declined by 25 per cent to Rs 6,222.9 crore in the last quarter.
On the fiscal year basis, the airline’s net loss widened by a massive 2,384.8 per cent to Rs 5,806.4 crore in FY21 from Rs 233.7 crore reported for the previous fiscal.
“This has been a very difficult year with our revenues slumping hard due to Covid, showing some signs of recovery during the period December to February and then slumping again with the second wave of the Covid.
While we have seen a sharp decline in revenues in March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June,” said company’s CEO Ronojoy Dutta.
“While we have produced disappointing financial results this year, we have also positioned ourselves to be the best-in-class airline when the inevitable recovery finally arrives.”