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InterGlobe Aviation Edges Lower After Reporting 6th Consecutive Quarterly Loss In June Quarter

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InterGlobe Aviation Edges Lower After June Quarter Results

Shares of InterGlobe Aviation were last trading 1.86per cent lower at Rs 1,675 on the BSE.

Share price of InterGlobe Aviation edged lower by around two per cent on Wednesday, July 28, a day after the aviation company announced its April-June quarter results for the financial year 2021-22. On Wednesday, InterGlobe Aviation opened on the BSE at Rs 1,670, inching to an intra day high of Rs 1,690 and an intra day low of Rs 1,627, in the trading session so far. The company which owns IndiGo airlines, reported its sixth consecutive quarterly loss in the first quarter of the current fiscal, due to losses amid the COVID-19 pandemic which induced flight restrictions.

IndiGo airlines reported a net loss of Rs 3,174.2 crore in the June quarter, compared to a loss of Rs 2,849.4 crore in the year-ago period and a loss of Rs 1,160 crore in the preceding January-march quarter of the financial year 2020-21. The company’s net loss widened due to muted air traffic, higher oil prices, and depreciation of the rupee.

The budget carrier’s revenue slipped 51.6 per cent to Rs 3,006.9 crore in the June quarter, compared to a revenue of Rs 6,223 crore in the January-March quarter. The revenue in the June quarter was higher than Rs 766.7 crore registered in the year-ago period.

On the NSE, InterGlobe Aviation opened at Rs 1,681, inching to an intra day high of Rs 1,699.75 and an intra low of Rs 1,626.45, in the session so far. It was last trading 1.62 pe rcent lower at Rs 1,677.15 on the NSE.

Shares of InterGlobe Aviation were last trading 1.86 per cent lower at Rs 1,675 on the BSE.

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