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SpiceJet announced its quarterly results for the quarter that ended 30 September 2022, reporting a consolidated net loss of ₹833.2 crores while it was ₹570.5 crores for the same period a year ago. Out of the total loss reported, 260 crores was due to the foreign exchange currency loss.
The consolidated revenue from operations rose by 45% to Rs. 1954.4 crores from Rs. 1345.4 crores in the year ago period. The company had booked revenue of Rs. 1,865 crores in the first quarter of the financial year 2022-2023.
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The company reported the industry’s highest load Factor of 85% for domestic scheduled flights, an improvement of 8% compared to the same quarter last year while the number of flights increased by 30%.
As per EBITDA, the loss reported was Rs. 413.59 crore for the quarter ended 30 September 2022 as against a loss of Rs. 106.4 crores for the same quarter a year ago.
“The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs. 1,500 crore by the Government, recognizing these challenges will go a long way in providing the much needed stability to the sector. I am confident that SpiceJet will only grow stronger than ever with brand new planes, providing an unparalleled experience for its passengers," said Ajay Singh, Chairman, and Managing Director, of SpiceJet
“The high ATF prices and depreciating rupee continue to be a downer for the industry but the overall outlook for the sector remains positive. Having completed a series of settlements with most of our major partners and the upcoming hive‐off of our cargo and logistics arm, we expect significant improvements in our operating environment and are well placed to script a new phase of accelerated growth and meet the resurgent demand from passenger and cargo customers," he added.
The share price of the company's scrip is being traded at Rs. 39.80 on Wednesday.
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