SpiceJet Q2 consolidated net loss widens to ₹833.2 cr

The consolidated revenue from operations rose by 45 per cent to ₹1954.4 crore from ₹1345.4 crore in the year ago period.

Out of the total loss, ₹260 crore in losses was due to foreign exchange currency loss, SpiceJet said in a press release.

In April-June the airline had reported a topline of 1,865 crore.

The company reported the industry’s highest load Factor of 85 per cent for domestic scheduled flights, improvement of 8 per cent compared to same quarter last year.

SpiceJet said that it has increased its number of flights by 30 per cent.

SpiceXpress reports a profit of ₹21 Crore in September quarter.

On an EBITDA basis, loss was ₹413.59 crore for the reported quarter as against a loss of ₹106.4 Crore for the quarter ended September FY2022.

“The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs. 1,500 crore by the Government, recognizing 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,” said Ajay Singh, Chairman and Managing Director, SpiceJet

“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 ignificant 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 added.

The company’s scrip ended 0.51 per cent down to ₹38.85 on BSE.