IndiGo reports net loss of INR 11,472 million for the quarter ended March 2021

InterGlobe Aviation Ltd. (IndiGo) has reported its fourth quarter and fiscal year 2021 results.

For the quarter ended March 31, 2021

  • Revenue from Operations of INR 62,229 million, a decrease of 25% compared to the same period last year.
  • EBITDAR of INR 6,483 million with EBITDAR margin of 10.4% compared to EBITDAR of INR 867 million with EBITDAR margin of 1.0% for the same period last
  • Loss before tax of INR 11,575 million, compared to a loss before tax of INR 12,898 million during the same period last
  • Net loss of INR 11,472 million compared to a net loss of INR 8,708 million in the same period last
  • Basic earnings per share of negative INR 8

For the year ended March 31, 2021

  • Revenue from Operations of INR 146,406 million, a decrease of 59.1% compared to the last year against a capacity decrease of 52.8% during the
  • EBITDAR of INR 6,227 million with EBITDAR margin of 3%, compared to EBITDAR of INR 50,824 million with EBITDAR margin of 14.2% for the last year.
  • Loss before tax of INR 58,181 million, compared to loss before tax of INR 2,557 for the last
  • Net loss of INR 58,064 million, compared to net loss of INR 2,337 in the last
  • Basic earnings per share of negative INR 9
  • A strong balance sheet with total cash of INR 185,685 million including free cash of INR 70,997

Profitability Metrics

Particulars (INR mn)

Quarter ended

Full year

Mar ‘21

Mar ‘20

Change

Mar ‘21

Mar ‘20

Change

EBITDAR

6,483

867

647.6%

6,227

50,824

-87.7%

PBT

(11,575)

(12,898)

10.3%

(58,181)

(2,557)

-2,175.6%

PAT

(11,472)

(8,708)

-31.7%

(58,064)

(2,337)

-2,384.8%

 

Operational Metrics*

 

Particulars

Quarter ended

Full year

Mar ‘21

Mar ‘20

Change

Mar ‘21

Mar ‘20

Change

ASK (billion)

19.2

23.0

-16.7%

45.4

96.3

-52.8%

RPK (billion)

13.5

19.1

-29.4%

31.5

82.6

-61.8%

Load Factor

70.2%

82.9%

-12.7 pts

69.4%

85.8%

-16.4 pts

*Includes non-scheduled operations. Excludes cargo charters

The Company’s CEO, Mr. Ronojoy Dutta said, “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 from March through May, we are encouraged by the modest revenue improvements starting last week of May and continuing through June.

We see this pandemic as a period of great trial for both our shareholders and our employees. We are focusing all our efforts and all our energies to strengthen the foundations and the pillars of IndiGo so that we emerge from this trial significantly stronger structurally and even more customer responsive than ever before. 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.”

Revenue and Cost Comparisons

Total income for the quarter ended March 2021 was INR 63,618 million, a decrease of 26.3% over the same period last year. For the quarter, our passenger ticket revenues were INR 49,741 million, a decrease of 30.2% and ancillary revenues were INR 8,907 million, a decrease of 17.2% compared to the same period last year.

 

Particulars (INR mn)

Quarter ended

Full year

Mar ‘21

Mar ‘20

Change

Mar ‘21

Mar ‘20

Change

Revenue from Operations

62,229

82,991

-25.0%

146,406

357,560

-59.1%

Other Income

1,389

3,356

-58.6%

10,370

15,355

-32.5%

Total Income

63,618

86,346

-26.3%

156,776

372,915

-58.0%

RASK* (INR)

3.26

3.65

-10.6%

3.30

3.77

-12.4%

Yield (INR/Km)

3.70

3.74

-1.2%

3.76

3.81

-1.4%

* Net of finance income of INR 1,083 million and INR 2,404 million for the quarter ended Mar ‘21 and Mar’20 respectively, and INR 6,812 million and INR 10,084 million for full-year ended Mar ‘21 and Mar’20 respectively

Total expenses for the quarter ended March 2021 were INR 75,193 million, a decrease of 24.2% over the same quarter last year. CASK excluding fuel was INR 2.87, a decrease of 3.3% over the same quarter last year.

 

Particulars (INR mn)

Quarter ended

Full-year

Mar ‘21

Mar ‘20

Change

Mar ‘21

Mar ‘20

Change

Fuel Cost

19,145

28,604

-33.1%

38,313

124,538

-69.2%

Other Costs excluding fuel

56,049

70,640

-20.7%

176,644

250,934

-29.6%

Total Cost

75,193

99,244

-24.2%

214,957

375,472

-42.8%

CASK* (INR)

3.86

4.21

-8.2%

4.58

3.80

20.7%

CASK ex fuel* (INR)

2.87

2.96

-3.3%

3.74

2.50

49.4%

  • Net of finance income of INR 1,083 million and INR 2,404 million for quarter ended Mar ‘21 and Mar’20 respectively, and INR 6,812 million and INR 10,084 million for full year ended Mar ‘21 and Mar’20 respectively

Cash and Debt

As of 31st March 2021:

  • IndiGo had a total cash balance of INR 185,685 million comprising of INR 70,997 million of free cash and INR 114,688 million of restricted
  • The capitalized operating lease liability was INR 257,387 The total debt (including the capitalized operating lease liability) was INR 298,597 million.

Network and Fleet

As of 31st March 2021:

  • A fleet of 285 aircraft including 100 A320ceos, 120 A320neos, 39 A321neo and 26 ATRs; a net reduction of 2 aircraft during the
  • Operated at a peak of 1,301 daily flights during the quarter including non-scheduled
  • Providing services to 65 domestic destinations and 10 international destinations through air bubble

Operational Performance

For the period January-March’21

  • The Company had a Technical Dispatch Reliability of 93%.
  • The Company had an on-time performance of 95.17% at the four key metros and a flight cancellation rate of 0.89%.

Awards and Accolades

  • IndiGo is now a Great Place to Work-certified. This recognition, from the ‘Great Place to Work Institute’, reinforces our commitment to a high-trust, high-performance culture at IndiGo. It further strengthens our position as one of the best workplaces in India that offers a safe and inclusive work
  • IndiGo won a Silver award at the SAMMIE Best Social Media Brands Award by Social Samosa for our ‘Lean, clean flying machine’ campaign under the ‘Covid-19 category’.
  • IndiGo won three awards at the AVA Digital Awards 2021: A Platinum award, for our ‘Micro-Influencer Campaign’, focused on improving sentiments and brand /product awareness, in the web-based production and Social Media category, a Gold for our ‘Emailer Campaign’ on personalised fare drop and discount, in the digital marketing and content marketing category and another Gold for ‘Improving SEO Ranking’.
  • IndiGo won four awards at Stevie Awards for Sales & Customer Service 2021: A Gold award for the ‘Contact Centre of the Year’ (over 100 Seats), a Silver award for ‘Best Use of Technology in Customer Service’, and a Bronze award for both ‘Best Customer Feedback Strategy’ and ‘Customer Service Complaints Team of the Year’.
  • IndiGo won two awards at the 7th edition of the ‘Indian Marketing Awards’ 2021 felicitated by ‘exchange4media’: A Gold award for the ‘Best use of PR’ for the campaign ‘Flying high despite cockpit battle’ and a Silver award for ‘Customer experience’ for our Marketing campaign ‘Lean Clean Flying Machine’
  • IndiGo Singapore won the ‘Let’s Talk Cargo’ trophy and ‘Changi Airlines Award 2020’ trophy at an event held on 25 February 2021 at Changi
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