InterGlobe Aviation Ltd. (IndiGo) reported its first-quarter fiscal year 2022 results. The second wave of Covid-19 significantly impacted revenue for the quarter. IndiGo reports a net loss of INR 31,742 million and a negative EBITDAR of INR 13,602 million for the quarter ended June 2021.
- Capacity for the quarter up by 433.2% compared to the same period last year
- Revenue from Operations of INR 30,069 million for the quarter, an increase of 292.2% compared to the same period last year
- Negative EBITDAR of INR 13,602 million with EBITDAR margin of negative 45.2% for the quarter, compared to negative EBITDAR of INR 14,212 million with EBITDAR margin of negative 185.4% for the same period last year
- Loss before tax of INR 31,742 million, compared to a loss before tax of INR 28,426 million for the same period last year
- Basic earnings per share were negative INR 82.47 for the quarter
- A strong balance sheet with total cash of INR 170,679 million including free cash of INR 56,207 million. Given the current cash position, the Company continues to evaluate the timing and the size of any QIP.
Profitability Metrics
Particulars (INR mn) | Quarter ended | ||
Jun‘21 | Jun‘20 | Change | |
EBITDAR | (13,602) | (14,212) | 4.3% |
PBT | (31,742) | (28,426) | -11.7% |
PAT | (31,742) | (28,443) | -11.6% |
Operational Metrics*
Particulars | Quarter ended | ||
Jun‘21 | Jun‘20 | Change | |
ASK (billion) | 11.2 | 2.1 | +433.2% |
RPK (billion) | 6.6 | 1.3 | +410.9% |
Load Factor | 58.7% | 61.3% | -2.6 pts |
*Includes non-scheduled operations. Excludes cargo charters
The Company’s CEO, Mr Ronojoy Dutta said, “Our financial results for the first quarter were severely impacted by the second covid wave. The number of passengers travelling declined sharply in the months of May and June. With the second covid wave receding, we are seeing a measured recovery in bookings for July and August. Notwithstanding the Industry’s present challenges, we remain firmly optimistic about IndiGo’s future. Our entire focus during this pandemic has been to manage our cash balances, run a high-quality airline and continue to build our capabilities and be prepared for the post covid environment.”
Revenue and Cost Comparisons
Total income for the quarter ended June 2021 was INR 31,703 million, an increase of 177.2% over the same period last year. For the quarter, our passenger ticket revenues were INR 22,976 million, an increase of 292.5% and ancillary revenues were INR 6,683 million, an increase of 296.0% compared to the same period last year.
Particulars (INR mn) | Quarter ended | ||
Jun‘21 | Jun‘20 | Change | |
Revenue from Operations | 30,069 | 7,667 | +292.2% |
Other Income | 1,633 | 3,771 | -56.7% |
Total Income | 31,703 | 11,438 | +177.2% |
RASK* (INR) | 2.73 | 4.19 | -35.0% |
Yield (INR/Km) | 3.48 | 4.54 | -23.2% |
*Net of finance income of INR 1,110 million and INR 2,607 million for the quarter ended Jun‘21 and Jun’20 respectively
Total expenses for the quarter ended June 2021 were INR 63,444 million, an increase of 59.2% over the same quarter last year.
Particulars (INR mn) | Quarter ended | ||
Jun‘21 | Jun‘20 | Change | |
Fuel Cost | 12,159 | 1,275 | +853.7% |
Other Costs excluding fuel | 51,285 | 38,589 | +32.9% |
Total Cost | 63,444 | 39,864 | +59.2% |
CASK* (INR) | 5.55 | 17.70 | -68.6% |
CASK ex fuel* (INR) | 4.47 | 17.09 | -73.8% |
*Net of finance income of INR 1,110 million and INR 2,607 million for the quarter ended Jun‘21 and Jun’20 respectively
Cash and Debt
As of 30th June 2021
- IndiGo had a total cash balance of INR 170,679 million comprising INR 56,207 million of free cash and INR 114,472 million of restricted cash.
- The capitalized operating lease liability was INR 259,335 million. The total debt (including the capitalized operating lease liability) was INR 316,901 million.
Network and Fleet
As of 30th June 2021, the fleet of 277 aircraft including 85 A320 CEOs, 122 A320 NEOs, 41 A321 NEOs and 29 ATRs; a net decrease of 8 aircraft during the quarter. Operated a peak of 1,262 daily flights and a minimum of 318 flights during the quarter including non-scheduled flights. During the quarter, providing scheduled services to 66 domestic destinations and various international locations through passenger charters and air bubble flights.
2. Operational Performance
For the period April-June’21
- The Company had a Technical Dispatch Reliability of 99.94%.
- The Company had an on-time performance of 98.2% at four key metros and flight cancellation rate of 2.54%.
Awards and Accolades
- IndiGo was ranked as the third (3rd) most punctual airline in the world for Jan’21 to Jun’21 by the Official Aviation Guide (‘OAG’).
- IndiGo has been recognized as one of India’s Best Workplaces in Transportation by the Great Place to Work Institute.
- IndiGo received the ‘Catalyst Awards 2021’ from the ‘Global CIO Forum’ for leading the transformation journey in various operational areas.
- IndiGo won a Gold award for the ‘Innovation in the Brand Renovation / Re-Branding’ category and a Bronze award for ‘Marketing Campaign of the Year – COVID-19-related Information’ at the Asia Pacific Stevie Awards 2021.
- IndiGo and Genesis BCW won a Gold at the PR Asia Awards 2021 – for Crisis Management of their campaign ‘Lean Clean Flying Machine’.
