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SpiceJet Q2 net loss widens on high fuel prices, rupee slump

SpiceJet Q2 net loss widens on high fuel prices, rupee slump

SpiceJet Q2 net loss widens on high fuel prices, rupee slump
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By Jomy Jos Pullokaran  Nov 14, 2022 7:40 PM IST (Updated)

Budget carrier SpiceJet on Monday reported a loss of Rs 833 crore against Rs 571 crore in the second quarter last year. The results came after the close of the market hours. Shares of SpiceJet ended at Rs 38.85, down by Rs 0.20, or 0.51 percent on the BSE.

Budget carrier SpiceJet on Monday, November 14, reported a consolidated loss of Rs 833 crore (Rs 577.7 crore, excluding forex adjustment) for the second quarter that ended September 30, 2022.

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The airline said its business was hit by record-high fuel prices and the depreciating rupee in the traditionally weak quarter.
In the corresponding quarter last year, the company posted a loss of Rs 571 crore.
Total revenue for the reported quarter was Rs 2,104.7 crore 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 against Rs 2,100.4 crore.
On an EBITDA basis, the loss was Rs 413.59 crore for the reported quarter compared to a loss of Rs 106.4 crore for the quarter that ended September 2021.
In terms of operational parameters, SpiceJet had the highest passenger load factor among all airlines in the country. The average domestic load factor was 85 percent for the quarter. The airline launched 12 new routes and operated 215 charter flights in the quarter.
Ajay Singh, Chairman and Managing Director of SpiceJet, 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.
"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," Singh said.
"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 added.
The results came after the close of the market hours. Shares of SpiceJet ended at Rs 38.85, down by Rs 0.20, or 0.51 percent on the BSE.
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