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SpiceJet's shares plunge 7% after Q2 net loss widens

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The share price of SpiceJet plunged 7 percent intraday on Thursday after the airlines reported a higher net loss in the July-September quarter this fiscal.

SpiceJet's shares plunge 7% after Q2 net loss widens
The share price of SpiceJet plunged 7 percent intraday on Thursday after the airlines reported a widened net loss in the July-September quarter this fiscal.
At 10:20 am, the shares were trading 4.18 percent lower to Rs 108.95 per share on the NSE, while in intraday, the share price plunged as much as 7.01 percent at Rs 105.80.
India's second-largest domestic airlines' total net loss widened to Rs 462.6 crore on account of grounding of Boeing 737 MAX along with the change in accounting standard.
The company had posted a net loss of Rs 389.4 crore for the same quarter last year.
Operational revenue rose 52 percent year-on-year (YoY) to Rs 2,845.3 crore as it added more destinations and expanded its fleet of passenger and freighter aircraft as against Rs 1,874.8 crore in the same quarter last year.
EBITDAR (Earnings before interest, tax, depreciation, amortization and restructuring costs) came in at Rs 154.1 crore as against the loss of Rs 34.9 crore. Moreover, the current fleet size stands at 118.
In the press release, SpiceJet's Chairman and Managing Director Ajay Singh said, "The continued grounding of the 737MAX has hit our growth plans adversely and resulted in inefficient operations and as a result, increase in costs".
He further added that the airlines have added 37 planes to their fleet in the past six months to ensure smooth operations and continued growth. The likely return to service of the 737 MAX early next year, as indicated by Boeing recently, would mean that SpiceJet has at its disposal more than 25 brand new planes.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions

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