SpiceJet cuts down net loss QoQ to ₹562 cr in Q22 min read . Updated: 13 Nov 2021, 06:28 AM IST
- SpiceJet Q2 results: Its revenue from operations rose 23% to ₹1,342 crore for the reported quarter as against ₹1,089 crore in the last quarter.
Listen to this article
SpiceJet Ltd cut down its net loss to ₹561 crore for the second quarter ending September (Q2FY22). The airline had posted a loss of ₹729 crore in the previous June quarter (Q1FY22) and ₹112 crore in the September quarter of last year.
Its revenue from operations rose 23% to ₹1,342 crore for the reported quarter as against ₹1,089 crore in the last quarter.
For the same comparative period, operating expenses increased to ₹2,100 crore when compared with ₹1,995 crore.
The company reported an EBITDA (earnings before interest, tax, depreciation and amortisation) loss of ₹106 crore for the reported quarter as against loss of ₹244 crore for the June quarter.
SpiceJet has posted an EBIDTAR profit of ₹50 crore, which is a 149% growth quarter-on-quarter.
"We have made excellent progress in our recovery and I expect this trend to continue forward in the coming quarters. With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery," Ajay Singh Chairman and Managing Director of SpiceJet said.
Spicejet said it has finalised settlements terms with Avolon and CDB Aviation – two of its major lessors of MAX aircraft and that positive discussions are underway with other lessors as well.
The company has also said 737 MAX will return in the third quarter of current financial year.
“The return of the 737 MAX comes at the perfect time for us with passenger traffic picking-up and the government allowing airlines to operate at full capacity. We look forward to inducting additional capacity in the form of our 737 MAX aircraft that will upswing our operational efficiencies and provide significant cost saving capabilities," Ajay Singh said.
The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very significant
announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans, Singh added further.
The airline showed strength in passenger business, with the highest domestic load factor of 78%, and increase in passenger revenue by 53%,
The yields were up by 30% and flight departures increased by 39% during the second quarter as compared to Q1FY22.
Meanwhile, capacity (in terms of Seat Kilometres) rose by 7% as compared to the last quarter.
SpiceXpress continued with its upward performance reporting increased revenue of ₹497 crore for the reported quarter as compared to ₹473 crore in the last quarter, a jump of 5%.
However, the reported quarter, the company said, witnessed a negative cash flow as the continuing rise in fuel costs could not be passed on to our customers due to committed long term contracts.
SpiceJet received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Ld, as a going concern, on slump sale basis valued at ₹2,556 crore.
Further, the company's shareholders have also approved a fundraise of up to ₹2,500 Crore through Qualified Institutional Placement (QIP).
On Friday, ahead of the results, SpiceJet shares closed 0.75% higher at ₹73.75 apiece on NSE.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!