Go Airlines record net loss of ₹470 crore in first nine months of FY2021 May 14, 2021 Files DRHP to raise ₹3,600 crore even as business gets hammered by Covid-19 Go Airlines Ltd has recorded a net loss of ₹ 470 crore in the nine months ended December 31, 2020 as the aviation industry faces significant business challenges as a result of the Covid-19 pandemic's effects. “For the month of December 2020, our departures were at approximately 63 per cent of the departures during December 2019 and our growth ASKs were at approximately 72 per cent of the pre-Covid-19 levels.This has led to a sudden and significant decline in our revenues and profitability from late February 2020 and as a result, we recorded a net loss of ₹4,706.9 million in the nine months ended December 31, 2020,” the company said in its DRHP filing to raise ₹3,600 crore through an initial public offering. The airline plans to use ₹2,015 crore for prepayment or scheduled repayment of all or a portion of certain outstanding borrowings, ₹279 crore for replacement of letter of credits, which are issued to certain aircraft lessors towards securing lease rental payments and future maintenance of aircraft, with cash deposit, and ₹254 crore for repayment of dues to Indian Oil Corporation Limited, in part or full, for fuel supplied.