Business

IndiGo Records Rs 3,174 Crore Loss In June Quarter

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Indigo airlines reported its sixth consecutive quarterly loss for April-June period of 2021-22InterGlobe Aviation Limited, which owns IndiGo airlines, reported its sixth consecutive quarterly loss mainly due to flight restrictions induced by the second wave of the Coronavirus pandemic across the country.

Its June quarter net loss stood at Rs 3,174.2 crore.Rupee depreciation, reduced air traffic and rising oil prices also affected the company's financials for the first quarter of 2021-22 (April-June period).The budget carrier had posted a net loss of Rs 1,160 crore in the fourth quarter of 2020-21.“During the current quarter, the country was under a severe impact of second wave of Covid-19.

As a result, all state governments reintroduced measures including lockdown to curtail spread of the virus.

This has led to a significant drop in air traffic thereby severely impacting our revenues and profitability for the quarter,” the company said in a statement.The airline's revenue fell by 51.6 per cent to stand at Rs 3,006 crore during the April-June quarter of the current financial year, compared to the revenue of Rs 6,223 crore which it had recorded in the January-March quarter of 2020-21.




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