India’s biggest airline by market share posted a net loss of Rs 1,436 crore in July-September compared to Rs 1,199 crore. The loss in the previous quarter was Rs 3,175 crore.
In a conference call with analysts, CEO Ronojoy Dutta said the green shoots of demand are showing as average revenue booked per day in October has reached the pre-Covid levels of January 2020. Corporate travel demand has risen and is expected to further improve after Diwali. He said there still no decision on the planned qualified institutional placement of shares to raise Rs 3,000 crore.
IndiGo posted a total revenue of Rs 5,799 crore in the September quarter compared to Rs 3,029 crore a year earlier. Yield or average ticket price increased 20.4% on year.
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.” said CEO Dutta.
As of end September, IndiGo had total cash of Rs 16,554 crore and debt of Rs 32,335 crore on its books.
Chief financial officer Jiten Chopra said the airline is buring Rs 20 crore cash daily, down 39% from the corresponding quarter. He said it has raised cash of Rs 1,200 crore and more is coming via a growth in advanced booking.
Chief operating officer Wolfgang Prock-Schauer said the airline replace 100 Airbus A320 Ceo planes (the older version of the airliner) with A320 Neos by March 2022.
During the conference call, Dutta said that while there is space for a full service carrier, the entry of Rakesh Jhunjhunwala promoted ultra low cost carrier Akasa will “crowd” the LCC space. He said Tata’s new airline entity after it bought Air India will increase non stop flights internationally, as will IndiGo leading to growth in this space.
As of September 30, its fleet comprised 279 aircraft including 72 A320 CEOs, 130 A320 NEOs, 44 A321 NEOs and 33 ATRs; a net increase of two aircraft during the quarter.
