Monday, August 16, 2021

Spicejet skids after Q1 net loss expands to Rs 731 cr

Spicejet dropped 3.96% to Rs 69.05 after the company's consolidated net losses widened to Rs 731.12 crore in Q1 June 2021 (Q1 FY22), higher than net loss of Rs 600.52 crore in Q1 June 2020 (Q1 FY21).

Consolidated net sales surged 121.20% to Rs 1,083.24 crore in Q1 FY22 as against Rs 489.60 crore in Q1 FY21. Pre-tax loss was at Rs 731.12 crore in Q1 FY22 as against a pre-tax loss of Rs 600.52 crore in Q1 FY21. The Q1 earnings were declared after market hours on Friday, 13 August 2021.

On a standalone basis, SpiceJet reported a net loss of Rs 729 crore in the first quarter of FY2022 as against a net loss of Rs 593 crore in the same quarter of the previous year as flight operations were severely impacted due to Covid-19 second wave. Total revenue was Rs 1,266 crore for the reported quarter as against Rs 705 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 1,995 crore as against Rs 1,298 crore. On an EBITDA basis, loss was Rs 244 crore for the reported quarter as against loss of Rs 5 crore for the quarter ended June FY2021.

The company's business operations were significantly hit due to the continued impact of COVID‐19 which has had seriously impacted travel demand during the quarter ended June 2021. However, SpiceXpress's revenue soared 285% to Rs 473 crore for the reported quarter compared with Rs 166 crore in the same quarter last year.

Spicejet registered the industry's highest domestic load factor of 69.5%. The capacity (in terms of seat kilometres) increased by 229% as compared to the same quarter last year. The company reported non-cash (Ind AS 116) impact of Rs 123.09 crore. The EBIDTAR loss stood at Rs 104 crore.

The aviation company operated 309 charters to various countries including UAE, Saudi Arabia, Georgia, Bangladesh, Uzbekistan, Croatia, Sri Lanka transporting over 52,000 passengers.

16/08/21 Capital Market/Business Standard

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