SpiceJet’s Q2 net loss widens to Rs 562 crore; increase in total income

SpiceJet’s Q2 net loss widens to Rs 562 crore; increase in total income

Budget carrier SpiceJet on Friday reported an increase in net loss to Rs 561.7 crore for the quarter ended September 2021.

It had a net loss of Rs 112.6 crore in the corresponding period of the previous financial year.

The total income in the second quarter of 2021-22 was Rs 1,538.6 crore. This was Rs 1,292.9 crore in the year-ago period, the company said in the release.

Total expenditure increased to Rs 2,100.4 crore during the period under review from Rs 1,405.6 crore in Q2 of 2020-21.

The airline had posted a net loss of Rs 729 crore in the first quarter of the current financial year.

Ajay Singh, Chairman and Managing Director, SpiceJet said, “The vaccination campaign across the country is growing at an unprecedented pace, there has been a significant jump in demand for travel and we are very excited about the recovery in demand.”

“Agreement with major lessors, the return of the 737 MAX in the current quarter (Q3), the relocation of the logistics business and some very important announcements soon are all positive tailwinds that should have a significant impact on our long-term plans,” he said.

Scheduled domestic flight services in India were suspended from March 25, 2020 to May 24, 2020, due to the COVID-triggered lockdown.

Scheduled international flights in India have been suspended since March 23 last year. However, a limited number of international passenger flights have been operating since July last year under the air bubble arrangement formed with around 28 countries.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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