InterGlobe Aviation shares soar nearly 14 pc

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The operator of the Mumbai international airport said on Sunday it will resume commercial passenger services on domestic routes from May 25.
Airline stocks, Representative image, Photo by Pixabay on Pexels.com

New Delhi, Jun 3 (PTI) Shares of InterGlobe Aviation rallied nearly 14 per cent on Wednesday amid positive sentiments about the future trajectory of the company.

The company on Tuesday reported a net loss of Rs 870.8 crore in the three months ended March, as higher expenses and suspension of flight operations due to coronavirus pandemic took a toll.

Asserting that the company has a healthy balance sheet, energised workforce, efficient fleet, strong cost position and firm market position in India and in neighbouring countries, IndiGo CEO Ronojoy Dutta said the firm is determined to emerge stronger from this crisis.

Bucking the weak March quarter earnings, the company’s stock jumped 12.62 per cent to Rs 1,064.95 on BSE.

It rallied 13.87 per cent to Rs 1,076.70 on NSE.

The parent of the country’s largest airline IndiGo had a profit after tax of Rs 595.8 crore in the year-ago period.

“Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter,” it said in a regulatory filing.

Domestic flight services remained suspended for two months from March 25 when the lockdown was imposed to curb spreading of coronavirus infections. While domestic flights resumed operations on May 25, overseas flights are yet to recommence services.

Source: PTI

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