SpiceJet halves net loss sequentially to Rs 57 crore in Q3
Feb 10, 2021
Gurugram (Haryana) [India], February 10 : Low-cost carrier SpiceJet on Wednesday reported a net loss of Rs 57 crore for the quarter ending December 31, 2020 as against a loss of Rs 112 crore in Q2 FY21.
Total income was Rs 1,907 crore as against Rs 1,305 crore while expenses were Rs 1,964 crore as compared to Rs 1,418 crore in the same period.
On an EBITDA basis, SpiceJet achieved a profit of Rs 451 crore as against Rs 442 crore. On an EBITDAR basis, the profit was Rs 518 crore for Q3 FY21 as against a profit of Rs 475 crore in Q2 FY21.
"As we report our Q3 numbers today, I am glad that 2020 is finally behind us," said Ajay Singh, Chairman and Managing Director.
"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," he said in a statement.
Singh said the airline successfully managed to trim down losses considerably with each passing quarter despite limited operations and muted demand.
SpiceJet again recorded the industry's highest domestic load factor and has also demonstrated market leadership in revenue per available seat kilometre among 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," said Singh.
"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."
Singh said the results are reflective of the massive exercise being undertaken by the company to align its cost base, and continues to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry.
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 lakh tonnes of cargo.
It introduced 92 new domestic and 16 international flights during the quarter and added Ras Al Khaimah as its 12th international destination.
