SpiceJet posts loss of ₹57 crore in Q3, revenue stood at ₹1687 crore

Low-cost airline SpiceJet posted a standalone loss of ₹56.95 crore for the quarter ended December 2020 amid limited operations and low demand. The company reported ₹73.2 crore profit in the corresponding period last year.

The company reduced losses in Q3 from ₹112.59 crore loss reported in the previous quarter due to the increase in operations and demand.

Standalone revenue from operations fell 53.8 per cent year-on-year to ₹1,686.6 crore in Q3 FY21 but sequentially increased by 60 per cent.

Ajay Singh, Chairman and Managing Director said “As we report Q3 numbers, 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,” he added.

SpiceJet, which operates a fleet of 19 cargo planes including five wide-body aircraft, operated more than 14,000 cargo flights transporting 1,15,500 tonnes of cargo since March 25, 2020, till date.

On an EBITDA basis, SpiceJet achieved a profit of ₹451.4 crore for the December quarter 2020 as against ₹442 crore in Q2FY21 and on an EBITDAR basis, the profit was ₹518.4 crore for the reported quarter as against a profit of ₹475 crore in Q2 FY21.

SpiceJet shares closed at ₹87.85, up 1.15 percent on the BSE.

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