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SpiceJet halves net loss to INR 57 crore in Q3 FY2021

SpiceJet halves net loss to INR 57 crore in Q3 FY2021 1
SpiceJet,First Indian LCC to connect Mumbai with Riyadh and Dhaka and Delhi withDhaka and Jeddah

SpiceJet, the country’s favourite airline, reported a net loss of INR 57 crore for the quarter ending December 31st, 2020 as against a loss of INR 112.6 crore in Q2 FY21.

Total income was INR 1,907 crore for the reported quarter as against INR 1,305 crore in Q2 FY21. For the same comparative period, expenses were INR 1,964 crore as against INR 1,418 crore. On an EBITDA basis, SpiceJet achieved a profit of INR 451.4 crore for the reported quarter as against INR 442 crore. On an EBITDAR basis, the profit was INR 518.4 crore for the reported quarter as against a profit of INR 475 crore in Q2 FY21.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “As we report our Q3 numbers today, 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.”

“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.”

“With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway I see a strong revival across sectors. Our results are reflective of the massive exercise being undertaken by the Company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry.”

“We proudly carried India’s first consignment of Covid-19 vaccine on January 12 and have transported 13.2 million doses till date and will continue to actively participate in the transport of vaccines both within and outside the country in the weeks and months to come.”

SpiceJet continues to engage with Boeing to recover damages incurred by the Company due to the grounding of the MAX and the re-induction of these aircraft in the fleet.

In terms of operational parameters, SpiceJet had the best domestic passenger load factor of 76.8 % amongst all airlines in the country during the quarter.

SpiceJet introduced 92 new domestic & 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination.  In line with its commitment to enhance regional connectivity, the airline added Darbhanga and Nashik as its latest UDAN destinations. Providing a major boost to tourism, SpiceJet launched its seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat.

To ensure seamless delivery of the Covid-19 vaccine both within and outside the country, SpiceJet has tied up with multiple partners including Brussels Airport, GMR Hyderabad Air Cargo (GHAC), Adani Ahmedabad International Airport among others. The airline has also tied-up with global leaders in cold chain solutions offering active and passive packaging and has the capability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°c to +25°c.

SpiceJet operates a fleet of 19 cargo planes which includes five wide-body aircraft. Till date, since March 25, 2020 (when the lockdown began), the airline has operated more than 14,000 cargo flights transporting 1,15,500 tonnes of cargo. SpiceJet is the first and only Indian carrier to introduce dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters.

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