IndiGo reports net loss of INR 8,708 million and EBITDAR of INR 867 million for the quarter ended March 2020

Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter. IndiGo reports net loss of INR 8,708 million and EBITDAR of INR 867 million for the quarter ended March 2020. Reported net loss of INR 2,337 million and EBITDAR of INR 50,824 million for the full fiscal year.

Gurgaon, June 06, 2020: InterGlobe Aviation Ltd. (“IndiGo”) today reported its fourth quarter and fiscal year 2020 results

For the quarter ended March 31, 2020

• Revenue from Operations of INR 82,991 million, an increase of 5.3% compared to the same period last year
• EBITDAR of INR 867 million with EBITDAR margin of 1.0% compared to EBITDAR of INR 22,019 million with EBITDAR margin of 27.9% for the same period last year
• Loss before tax of INR 12,898 million, compared to a profit before tax of INR 6,261 million during the same period last year
• Net loss of INR 8,708 million compared to a net profit of INR 5,958 million in the same period last year
• Basic earnings per share of negative INR 63

For the year ended March 31, 2020

• Revenue from Operations of INR 357,560 million, an increase of 25.5% compared to the last year against a capacity increase of 18.8% during the year
• EBITDAR of INR 50,824 million with EBITDAR margin of 14.2%, compared to EBITDAR of INR 52,261 million with EBITDAR margin of 18.3% for the last year
• Loss before tax of INR 2,557 million, compared to INR 1,474 in the last year
• Net loss of INR 2,337 million, compared to net profit of INR 1,572 in the last year
• Basic earnings per share of negative INR 07
• Strong balance sheet with a total cash of INR 203,769 million including free cash of INR 89,281 million

Profitability Metrics 

 Operational Metrics 

The Company’s CEO, Mr. Ronojoy Dutta said “In the midst of every crisis, lies great opportunity. At IndiGo we are determined to emerge from this crisis stronger and more energized than ever. We are positioning ourselves to be a stronger brand, to have a more efficient fleet and a lower cost structure. We fully intend to deliver for India, the best air transportation system in the world. 

Revenue and Cost Comparisons

Total income for the quarter ended March 2020 was INR 86,346 million, an increase of 4.5% over the same period last year. For the quarter, our passenger ticket revenues were INR 71,309 million, an increase of 1.3% and ancillary revenues were INR 10,757 million, an increase of 30.2% compared to the same period last year.

* Net of finance income of INR 2,404 million and INR 2,402 million for quarter ended Mar ‘20 and Mar’19 respectively, and INR 10,084 million and INR 8,945 million for full year ended Mar ‘20 and Mar’19 respectively

Total expenses for the quarter ended March 2020 were INR 99,244 million, an increase of 30.0% over the same quarter last year. CASK excluding fuel was INR 2.97, an increase of 42.1% over the same quarter last year. Excluding foreign exchange loss due to weakening of rupee, primarily comprising of mark to market loss on capitalized operating lease, CASK ex fuel has increased by 20% for the quarter on a YoY basis.

• Net of finance income of INR 2,404 million and INR 2,402 million for quarter ended Mar ‘20 and Mar’19 respectively, and INR 10,084 million and INR 8,945 million for full year ended Mar ‘20 and Mar’19 respectively

Cash and Debt

As of 31st March 2020:

• IndiGo had a total cash balance of INR 203,769 million comprising of INR 89,281 million of free cash and INR 114,488 million of restricted cash
• The capitalized operating lease liability was INR 202,849 million. The total debt (including the capitalized operating lease liability) was INR 227,192

Network and Fleet

As of 31st March 2020:

• Fleet of 262 aircraft including 123 A320ceos, 100 A320neos, 14 A321neo and 25 ATRs; a net increase of 5 aircraft during the quarter
• Operated a peak of 1,674 daily flights including international operations during the quarter
• Service to 86 destinations including 24 international cities; added 1 international and 1 domestic destination during the quarter

Operational Performance

• For the period January-March 2020, the Company had a Technical Dispatch Reliability of 99.86%, on- time performance of 80.8% at the four key metros and flight cancellation rate of 96%

Future Capacity Growth

• With the prevailing uncertainty due to pandemic, we are not in a position to provide this

Awards and Accolades

• IndiGo was recognized as one of the top 50 most valuable and strongest airlines as per the Brand Finance Airlines 50 report for 2020
• IndiGo was felicitated with two Trophies and Certificates as ” Safety Champion ” in Hazard Reporting for the Year 2019 by DIAL during 58th Airside Safety Committee

Conference Call

The Company will conduct a live audio earnings call today, June 02 at 5 pm IST which will be available to the public on a listen only mode followed by Q&A session. The dial-in details are given below:

Corporate Comm India (CCI Newswire)