SpiceJet Posts Q3 Loss Of Rs 57 Crore

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India’s low-cost carrier SpiceJet on February 10 posted a standalone loss of Rs 56.95 crore for the quarter ended December 2020.

According to the company, the loss was because of limited operations and muted demand.

However, the profit in the corresponding period was at Rs 73.2 crore.

“As we report Q3 numbers, I am glad that 2020 is finally behind us. The pandemic has, undoubtedly, been the biggest crisis to hit the aviation industry and we are confident that things will only get better for us from now on,” Ajay Singh, Chairman and Managing Director said.

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“We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand. SpiceJet yet again recorded the industry’s highest domestic load factor and has also demonstrated market leadership in passenger RASK amongst listed Indian peers,” he added.

The company trimmed losses in Q3 from Rs 112.59 crore loss reported in the previous quarter due to the increase in operations and demand.

On a standalone basis, SpiceJet posted a net loss of Rs 57 crore in Q3 FY21 as against a net profit of Rs 73.22 crore in Q3 FY20. Revenue from operations tumbled 53.75% to Rs 1686.61 crore in Q3 FY21 over Q3 FY20.

On an EBITDAR basis, the profit was Rs 518.4 crore in Q3 FY21 as against a profit of Rs 475 crore in Q2 FY21. Despite intense competition and drop in yield, passenger revenue improved by 73% quarter-on-quarter through charters, aggressive network and sales strategies. Despite muted demand, loads sequentially increased from 75% to 78% as compared to Q2 FY21. It registered industry’s highest domestic load factor of 76.8%.

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Revenue from cargo increased by 36% quarter on quarter. The low-cost carrier said that it remained largest air cargo operator in India and carried 41,257 tonnes of cargo in Q3 December 2020.


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