Q1 FY21IndiGo’s Financial Results
Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results. IndiGo reports net loss of INR 28,443 million and a negative EBITDAR of INR 14,212 million for the quarter ended June 2020.
Gurgaon, July 29, 2020: InterGlobe Aviation Ltd. (“IndiGo”) today reported its first quarter fiscal year 2021 results
- Revenue from Operations of INR 7,667 million for the quarter, a decrease of 9% against a 90.9% reduction in capacity compared to same period last year.
- EBITDAR of negative INR 14,212 million with negative EBITDAR margin of 185.4% for the quarter, compared to EBITDAR of INR 27,785 million with EBITDAR margin of 29.5% for the same period last year
- Loss before tax of INR 28,426 million, compared to profit before tax of INR 15,094 million during the same period last year
- Net loss of INR 28,443 million compared to a net profit of INR 12,031 million in the same period last
- Strong balance sheet with a total cash of INR 184,498 million including free cash of INR 75,276 million
- Basic earnings per share was negative INR 92 for the quarter
Profitability Metrics
| Particulars (INR mn) | Quarter ended | ||
| Jun ‘20 | Jun ‘19 | Change | |
| EBITDAR | (14,212) | 27,785 | -151.2% |
| PBT | (28,426) | 15,094 | -288.3% |
| PAT | (28,443) | 12,031 | -336.4% |
Operational Metrics*
| Particulars | Quarter ended | ||
| Jun ‘20 | Jun ‘19 | Change | |
| ASK (billion) | 2.1 | 23.3 | -90.9% |
| RPK (billion) | 1.3 | 20.7 | -93.8% |
| Load Factor | 61.3% | 88.9% | -27.6 pts |
*Includes unscheduled operations. Excludes cargo charters
The Company’s CEO, Mr. Ronojoy Dutta said, “The aviation industry is going through a crisis of survival and therefore, our cash balance remains our number one priority. However, we also recognize that major disruptions offer companies opportunities for improvement in product, customer preference, costs and employee engagement. We have built a strong team which is working on multiple fronts to ensure that we emerge from this crisis stronger than ever.”
Revenue and Cost Comparisons
Total income for the quarter ended June 2020 was INR 11,438 million, a decrease of 88.3% over the same period last year. For the quarter, our passenger ticket revenues were INR 5,854 million, a decrease of 93.1% and ancillary revenues were INR 1,688 million, a reduction of 81.3% compared to the same period last year.
| Particulars (INR mn) | Quarter ended | ||
| Jun ‘20 | Jun ‘19 | Change | |
| Revenue from Operations | 7,667 | 94,201 | -91.9% |
| Other Income | 3,771 | 3,669 | +2.8% |
| Total Income | 11,438 | 97,869 | -88.3% |
| RASK* (INR) | 4.19 | 4.10 | +2.2% |
| Yield (INR/Km) | 4.53 | 4.08 | +11.1% |
*Net of finance income of INR 2,607 million and INR 2,448 million for quarter ended June’20 and June’19 respectively
Total expenses for the quarter ended June 2020 were INR 39,864 million, a decrease of 51.8% over the same quarter last year. CASK excluding fuel for the quarter was INR 17.09
| Particulars (INR mn) | Quarter ended | ||
| Jun ‘20 | Jun ‘19 | Change | |
| Fuel Cost | 1,275 | 31,361 | -95.9% |
| Other Costs excluding fuel | 38,589 | 51,415 | -24.9% |
| Total Cost | 39,864 | 82,775 | -51.8% |
| CASK* (INR) | 17.69 | 3.45 | +412.3% |
| CASK ex fuel* (INR) | 17.09 | 2.11 | +711.7% |
*Net of finance income of INR 2,607 million and INR 2,448 million for quarter ended June’20 and June’19 respectively.
Cash and Debt
As of 30th June 2020:
- IndiGo had a total cash balance of INR 184,498 million comprising INR 75,276 million of free cash and INR 109,222 million of restricted
- The capitalized operating lease liability was INR 211,779 million. The total debt (including the capitalized operating lease liability) was INR 235,516
Network and Fleet
As of 30th June 2020:
- Fleet of 274 aircraft including 123 A320ceos, 108 A320neos, 18 A321neo and 25 ATRs; a net increase of 12 aircraft during the quarter
- Operated a peak of 418 daily flights including charter flights during the quarter
- Resumed services to 56 domestic destinations and served 20 international destinations via charter operations.
Operational Performance
- For the period April-June 2020, the Company had a Technical Dispatch Reliability of 83%.
- For June 2020, the Company had an on-time performance of 95.5% at four key metros for June and flight cancellation rate of 8%.
Future Capacity Growth: expect Q2 fiscal 2021 ASKs to be around 40% of our Q2 fiscal 2020 ASKs.
Awards and Accolades
- IndiGo has been recognized among the most valuable and strongest airline brands, as per the Brand Finance Airlines 50 report for 2020. IndiGo is the only airline from India to make it to this
- IndiGo in conjunction with PR Consultant – Genesis BCW wins the PR Awards Asia 2020 in the ‘Reputation and Issues Management’ campaign
- IndiGoReach, the CSR arm of IndiGo, bags the 7th edition of ‘enabling North East Award 2019’ for its ongoing project, ‘Livelihood Improvement of Tribal Communities’ in Guwahati (Assam).
