Friday, November 12, 2021

SpiceJet Q2 net loss widens YoY to Rs Rs 561.7 crore, revenue up 27%

Low-cost airline SpiceJet on November 12 reported a loss of Rs 561.7 crore for the quarter ended September 2021 (Q2FY22). The company had posted a loss of Rs 112.5 crore in the year-ago period. In the previous quarter (June 2021), the loss stood at Rs 729 crore.

Revenue from operations came in at Rs 1,301.7 crore, up 28 percent against Rs 1,016.1 crore in the corresponding quarter of the previous fiscal. Total revenue from operations came in at Rs 1342.5 crore, up 27.2 percent against Rs 1,055 crore logged in the September 2020 quarter.

Total expenses increased to Rs 2,100.4 crore in the period under review from Rs 1,405.6 crore in the second quarter of 2020-21. The airline had incurred a net loss of Rs 729 crore in the first quarter of the current financial year.

"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, SpiceJet, said.

Scheduled domestic flight services were suspended in India from March 25, 2020 to May 24, 2020 due to the COVID-triggered lockdown. Scheduled international flights continue to remain suspended in India since March 23 last year. However, limited number of international passenger flights have been operating since July last year under air bubble arrangements formed with approximately 28 countries.

12/11/21 Moneycontrol

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