SpiceJet reports net loss of Rs 837.8 crore

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New Delhi– Airline SpiceJet reported a net loss of Rs 837.8 crore (Rs 577.7 crore excluding forex adjustment) for the quarter ending September 30, as compared to a net loss of Rs 561.7 crore (Rs 568.7 crore excluding forex adjustment) in the same quarter last year, as business was hit by record high fuel prices, and depreciating rupee in the traditionally weak quarter.

Total revenue for the reported quarter was Rs 2,104.7 crore as against Rs 1,538.7 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,942.6 crore as against Rs 2,100.4 crore. On an EBITDA basis, loss was Rs 413.59 crore for the reported quarter as against a loss of Rs 106.4 crore for the quarter ended September FY2022.

SpiceJet Chairman and Managing Director, Ajay Singh, said: “The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs 1,500 crore by the government, recognising these challenges, will go a long way in providing the much needed stability to the sector. I am confident that SpiceJet will only grow stronger than ever with brand new planes, providing an unparalleled experience for its passengers.”

“A near to normal business environment and an upturn in business and leisure travel coupled with government aid are giving hope to positivity. The high ATF prices and depreciating rupee continue to be a downer for the industry but the overall outlook for the sector remains positive. Having completed a series of settlements with most of our major partners and the upcoming hive-off of our cargo and logistics arm, we expect significant improvements in our operating environment and are well placed to script a new phase of accelerated growth and meet the resurgent demand from passenger and cargo customers,” he said.

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 85 per cent for the quarter.

The airline launched 12 new routes and operated 215 charter flights in the quarter. (IANS)

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