SpiceJet Posts Standalone Loss of Rs 57 Crore

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SpiceJet

On the expected line SpiceJet has reported a standalone loss of Rs 56.95 crore for the December quarter against a profit of Rs 73.22 crore in the year-ago period. Total income declined by 51.36 percent to Rs 1,907 crore during the quarter as compared to Rs 3,921 crore clocked in Q3 FY20. However the company, in a statement, said it has narrowed losses on a quarter-on-quarter basis. The company had reported losses to the tune of Rs 112.6 crore in Q2 FY 21. But SpiceJet yet again recorded the industry’s highest domestic load factor and has also demonstrated market leadership in passenger RASK (revenue per available seat kilometer) amongst listed Indian peers.

To ensure seamless delivery of the COVID-19 vaccines both within and outside the country, SpiceJet has tied up with multiple partners including Brussels Airport, GMR Hyderabad Air Cargo (GHAC), Adani Ahmedabad International Airport, among others. Providing a major boost to tourism, SpiceJet launched its seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat.

In a statement, SpiceJet’s Chairman and Managing Director Ajay Singh said, “I am glad that 2020 is finally behind us. The pandemic has, undoubtedly, been the biggest crisis to hit the aviation industry and we are confident that things will only get better for us from now on. We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand. With our cargo business proving its true potential, the passenger business getting back on track significantly, and tight control on costs, we have managed to reduce our losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway I see a strong revival across sectors.”

During the quarter, SpiceJet carried India’s first consignment of COVID-19 vaccines on January 12 and has transported 13.2 million doses till date. In terms of operational parameters, SpiceJet had the best domestic passenger load factor of 76.8 percent amongst all airlines in the country during the quarter. The airline introduced 92 new domestic and 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination. In line with its commitment to enhancing regional connectivity, the airline added Darbhanga and Nashik as its latest UDAN destinations.

 

About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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