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SpiceJet, regarded as a low-cost carrier, widened its losses on a Y-o-Y basis during the April-June quarter of the current fiscal. It reported a net loss of Rs 789 crore against that of Rs 729 crore a year ago.
Total revenue from operations during the 1st quarter stood at Rs 2,457 crore recording a growth of more than 100% against Rs 1,090 crore in the same period a year ago.
The employee cost of the airline was recorded at Rs 21.63 crore for the quarter that ended June 2022.
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The CFO Sanjeev Taneja of the low-cost carrier resigned on Wednesday. The vacancy is expected to be filled by September by the board.
Going forward, the company has decided to raise capital to stay in the business.
“We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to $200 million,” Singh said.
SpiceJet is also said to be in talks with potential investors for a likely stake sale in the airline. SpiceJet’s promoter Singh and his family hold a 59.4% stake in the airline.
“Our average domestic load factor for the quarter ending March 31, 2022, was 83.3% while for FY2022 it was 80.4%. SpiceJet had the highest PLF of 86.43% in Q1FY2023,” the airline commented.
The aviation turbine fuel prices rose by 105% in the first quarter of the F.Y 2022-23 as compared to the same quarter last year, also affecting the carrier’s financial performance very badly.
The passenger Revenue per Available Seat-Kilometer (RASK) rose by 80% in the quarter ended June 2022 when compared to the same quarter last year. While it only rose by 11% in the quarter ended March 2022.
-by Gautam
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